Common use of Termination by Sponsor Clause in Contracts

Termination by Sponsor. (a) Sponsor may, upon notice and opportunity to cure as hereinafter provided, revoke Resident’s right to reside at The Knolls at Goshen and terminate this Agreement upon the occurrence of any of the following events (“Default”): (1) Failure of Resident to pay the Entrance Fee as required by Section V(a) or the Monthly Fee as required by Section V(c). (2) Resident has willfully mismanaged assets needed to pay the balance of the Entrance Fee or Monthly Fee. If it appears to the Sponsor that the resident has mismanaged assets the facility will request updated financial documents, dating back five years, to help determine if mismanagement did occur. If after review of this documentation it appears mismanagement did occur a decision will be made by the CEO of the Sponsor whether or not to terminate the Residency Agreement. (3) Repeated failure of Resident to comply with all covenants and agreements of Resident contained in this Agreement which interfere with the health, safety or welfare of Residents of the Community; or a material misstatement or omission, or a material breach of any representation, made by Resident in this Agreement or in Resident’s Confidential Data Application or during the application process. After two years from the date Resident signed this Agreement, no misstatements, except fraudulent misstatements, made by Resident in filling out the application for admission shall be used to invalidate any of Sponsor’s obligations under this Agreement. (b) In the event of any such Default of Resident, Sponsor shall by certified mail give Resident notice in writing of such Default and Resident shall have thirty (30) days thereafter within which to correct such Default. If Resident corrects such Default within such time, this Agreement shall not be terminated. If Resident fails to correct such Default within such time, this Agreement shall terminate at the expiration of such thirty (30) days and an Entrance Fee Refund, if any, will be made in accordance with Section V(b)(1)(d), Section V(b)(1)(f) and Section V(b)(2). If Resident’s Agreement is terminated, Resident leaves The Knolls at Goshen and Resident subsequently cures the reason for termination, former Resident must reapply for admission under the same procedures as any new person seeking admission.

Termination by Sponsor. (a) Sponsor may, upon notice and opportunity to cure as hereinafter provided, revoke Resident’s right to reside at The Knolls at Goshen Bethel Methodist Home and terminate this Agreement upon the occurrence of any of the following events (“Default”): (1) Failure of Resident to pay the Entrance Fee as required by Section V(a) or the Monthly Fee as required by Section V(c). (2) Resident has willfully mismanaged assets needed to pay the balance of the Entrance Fee or Monthly Fee. If it appears to the Sponsor that the resident has mismanaged assets the facility will request updated financial documents, dating back five years, to help determine if mismanagement did occur. If after review of this documentation it appears mismanagement did occur a decision will be made by the CEO of the Sponsor whether or not to terminate the Residency Agreement. (3) Repeated failure of Resident to comply with all covenants and agreements of Resident contained in this Agreement which interfere with the health, safety or welfare of Residents of the Community; or a material misstatement or omission, or a material breach of any representation, made by Resident in this Agreement or in Resident’s Confidential Data Application or during the application process. After two years from the date Resident signed this Agreement, no misstatements, except fraudulent misstatements, made by Resident in filling out the application for admission shall be used to invalidate any of Sponsor’s obligations under this Agreement. (b) In the event of any such Default of Resident, Sponsor shall by certified mail give Resident notice in writing of such Default and Resident shall have thirty (30) days thereafter within which to correct such Default. If Resident corrects such Default within such time, this Agreement shall not be terminated. If Resident fails to correct such Default within such time, this Agreement shall terminate at the expiration of such thirty (30) days and an Entrance Fee Refund, if any, will be made in accordance with Section V(b)(1)(d), Section V(b)(1)(f) and Section V(b)(2). If Resident’s Agreement is terminated, Resident leaves The Knolls at Goshen Bethel Methodist Home and Resident subsequently cures the reason for termination, former Resident must reapply for admission under the same procedures as any new person seeking admission.

Termination by Sponsor. (a) Sponsor may, upon notice and opportunity to cure as hereinafter provided, revoke Resident’s right to reside at The Knolls at Goshen and terminate this Agreement upon the occurrence of any of the following events (“Default”): (1) Failure of Resident to pay the Entrance Fee as required by Section V(a) or the Monthly Fee as required by Section V(c). (2) Resident has willfully mismanaged assets needed to pay the balance of the Entrance Fee or Monthly Fee. If it appears to the Sponsor that the resident has mismanaged assets the facility will request updated financial documents, dating back five years, to help determine if mismanagement did occur. If after review of this documentation it appears mismanagement did occur a decision will be made by the CEO of the Sponsor whether or not to terminate the Residency Agreement. (3) Repeated failure of Resident to comply with all covenants and agreements of Resident contained in this Agreement which interfere with the health, safety or welfare of Residents of the Community; or a material misstatement or omission, or a material breach of any representation, made by Resident in this Agreement or in Resident’s Confidential Data Application or during the application process. After two years from the date Resident signed signs this Agreement, no misstatements, except fraudulent misstatements, made by Resident in filling out the application for admission shall be used to invalidate any of Sponsor’s obligations under this Agreement. (b) In the event of any such Default of Resident, Sponsor shall by certified mail give Resident notice in writing of such Default and Resident shall have thirty (30) days thereafter within which to correct such Default. If Resident corrects such Default within such time, this Agreement shall not be terminated. If Resident fails to correct such Default within such time, this Agreement shall terminate at the expiration of such thirty (30) days and an Entrance Fee Refund, if any, will be made in accordance with Section V(b)(1)(d), Section V(b)(1)(f) and Section V(b)(2). If Resident’s Agreement is terminated, Resident leaves The Knolls at Goshen and Resident subsequently cures the reason for termination, former Resident must reapply for admission under the same procedures as any new person seeking admission.