Termination by the Lessor. Notwithstanding Section 4(a), but subject to Section 4(d), the Lessor may terminate this Agreement as to any Container by written notice effective upon delivery of the notice to Lessee (except that this Agreement shall automatically terminate without notice in the event of the occurrence under Section 4(c)(5) below), which notice may be given only in the event that:
(1) the Lessee shall fail to pay to the Lessor the Fixed Rent or the Variable Rent required by Section 2(d) and such failure shall continue for a period of ten (10) days after notice thereof by the Lessor to the Lessee;
(2) the Lessee shall assign or transfer any of its rights hereunder without the prior written consent of the Lessor;
(3) the Lessee shall default in the performance or observance of any other covenant, condition, agreement, or duty to be performed or observed by the Lessee under this Agreement and such default shall continue unremedied for a period of thirty (30) days after notice thereof by the Lessor to the Lessee;
(4) any representation or warranty made by the Lessee in Section 1(e) hereof, Section 5 of the Purchase and Sale Agreement, or in any Xxxx of Sale (as defined in the Purchase and Sale Agreement) shall prove to have been false in any material respect at the time made;
(5) the Lessee shall have (i) ceased doing business as a going concern, (ii) made an assignment for the benefit of creditors, admitted in writing its inability to pay its debts as they mature or generally failed to pay its debts as they become due, (iii) initiated any voluntary bankruptcy or insolvency proceeding, (iv) failed to obtain the discharge of any bankruptcy or insolvency proceeding initiated against it by others within 60 days of the date such proceedings were initiated, or (v) requested or consented to the appointment of a trustee or receiver with respect to itself or for a substantial part of its property; or
(6) the Lessee shall make two (2) or more Variable Rent payments in amounts that, together with all other Variable Rent payments theretofore made, fail to aggregate a cumulative annual return to the Lessor of fourteen percent (14%) or more of the aggregate Container Cost of the Containers then under lease hereunder. The events described in Sections 4(c)(l), (2), (3), (4) and (5) above are hereinafter collectively referred to as "Events of Default."
Termination by the Lessor. In the event that the Lessee fails to pay consecutive instalment payments pursuant to Clause 3 within 15 days from the date such payment becomes due in accordance with the Payment Schedule and/or this Agreement through no fault of the Lessor, the Lessor shall be entitled to serve a default notice to Lessee demanding the payment of the outstanding amount. In case within the period of 15 days from the date of receipt of such notification the Lessee ignores such notice, it shall be deemed that Lessee is in default of this entire Agreement whereupon, the Lessor shall be immediately entitled without further notice to the Lessee to terminate this Agreement and confiscate all payments that the Lessee paid to the Lessor hereunder without any right of objection by the Lessee. The Lessor shall not be liable for any damage or expense that may incur and shall no longer be bound to lease of such Leased Property to the Lessee.
Termination by the Lessor. Upon the Lessee committing any Event of Default the Lessor may by giving written notice to the Lessee terminate this Lease.
Termination by the Lessor. Each of the following events shall constitute an “Event of Default” of the Lessee under this Agreement:
(i) the Lessee fails to pay the Rental (or any part thereof) or any payment obligation in accordance with the terms hereof, and such failure is not remedied within 90 days following the delivery of written notice thereof to the Lessee of such failure; or
(ii) the Lessee becomes bankrupt or insolvent, goes into liquidation, has a receiving or administration order made against it, or if any act is done or event occurs which under the PRC laws has a similar effect to any of these acts or events. Lessor may elect to terminate this Agreement by giving a thirty (30)-day prior notice, upon the occurrence of an Event of Default. Such termination being without prejudice to the Lessor's right under this Agreement or applicable laws to indemnification or compensation for damages suffered as a result of such material breach.
Termination by the Lessor. This lease may be terminated by the Lessor to end of lease subject to three months’ notice. The reason for termination could be the sale of the building, recovery to live in, or a serious and legitimate reason. The termination must be notified by registered letter with acknowledgment of receipt or served by a bailiff. In the absence of termination, the lease is automatically renewed for one year. The Lessor may propose a one-year renewal under new terms on condition that Lessee is informed by three months’ notice. If agreed by Lessee, the lease is renewed for one year under new terms. Failing agreement, the lease is terminated.
1. Automatic renewal: Failing termination or renewal proposal, the lease which has reached its maturity is automatically renewed, on the same terms, for a period of three years if the Lessor is a natural or related person, and for six years if it is a legal entity.
Termination by the Lessor. The Lessee acknowledges that the Lessor will undertake a review of the transaction constituted by this Agreement and the other Lease Documents, (taking into account, but without limitation, the return to the Lessor from such transaction and the business, operations, prospects and creditworthiness of the Guarantor, the Lessee, each Payment Bank (including any proposed replacements) and any other Additional Security Provider). Such review shall be carried out during the period of three months commencing 1st July 2012 and if, following such review, the Lessor shall conclude in its absolute discretion (but acting in good faith) that it is not satisfied with such transaction and such factors taken into account or with the security for the actual and contingent obligations (for these purposes disregarding Clause 22.
5.1) of the Lessee provided under the Lease Documents, the Lessor shall be entitled, by notice in writing given not later than 1st September 2012, to require the Lessee to serve a notice of voluntary termination in accordance with Clause 21.5(B), and the Lessee shall comply with any such requirement not later than one month after receipt of the notice from the Lessor.
Termination by the Lessor. The landlord may terminate the contract any time before or after the beginning of the rental period if the tenant has not made the payment due at latest by Arrival Day..
Termination by the Lessor. In the event of the LESSEE’s failure to pay a single rent installment when due, or failure to pay any sum for which the LESSEE is responsible under the terms of this lease, or the LESSEE’s failure to execute any of the conditions of this lease, this financial lease shall be legally terminated, at the LESSOR’s discretion, one month after a simple formal notice has been served to pay or to execute or one month after an order to pay has been served on the LESSEE, without the need for a court ruling.
31. The LESSOR shall reassume full possession of the BUILDING by the sole fact of the eviction of the LESSEE ordered by an emergency court judgment, and no subsequent offers may prevent the effects of this clause. In such a case, the LESSOR shall retain the right to payment of the rent accrued and to reimbursement of any amount for which the LESSEE is responsible. In addition, the LESSEE must pay to the LESSOR, no later than the effective date of the termination, a termination indemnity, the amount of which shall be determined pursuant to paragraph 3 of Clause 8 above. If the premises are sold or released, the stipulations of paragraphs 5 and 6 of Clause 8 above concerning the amounts to be paid to the LESSEE shall apply.
Termination by the Lessor. This Agreement may be terminated by the Lessor, in addition to the causes set forth in the applicable law, including without limitation Article 2483 of the Civil Code for the Federal District (now Mexico City), for any of the following causes:
(a) If an Event of Default occurs in accordance with Clause 10.1 above, and such default is not cured during the respective period of time, if applicable.
(b) If the Lessee uses the Hotel for a purpose other than the Permitted Use under the Operation Agreement.
(c) If the Lessee assigns or transfers by any means the use of the Hotel, in favor of any third party, without the prior written consent of the Lessor.
(d) Due to the termination of the Operation Agreement attributable to the Lessee.
(e) For other causes for termination resulting from the applicable law.
Termination by the Lessor. Without prejudice to the reasons that the relevant provisions of the Turkish Code of Obligations entitle the Lessor to evacuation by terminating the agreement, if the Lessee fails to pay the Rental Fee partially or completely on the payment day agreed in the agreement, late or incomplete payment (without prejudice to the Lessee’s set-off rights arising from the agreement). The Lessor shall notify the Lessee in writing of such delay and incomplete payments through a notary public and the Lessor may unilaterally terminate this agreement without paying any compensation if the failure is not remedied by the Lessee within 15 (fifteen) business days of the notification of the relevant failure.