Common use of TERMINATION BY THE OWNER Clause in Contracts

TERMINATION BY THE OWNER. The Owner shall have the right to terminate this Agreement upon written notice to the Licensee in the event of the occurrence of any of the following: (a) the Licensee defaults in the payment of the License Fee or any other sum due under this Agreement, and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee; (b) the Licensee defaults in the observance or performance of any of the Licensee’s obligations under this Agreement and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee, unless such default cannot reasonably be cured within such thirty (30) day period, in which event the period for curing such default shall be extended for the minimum period of time reasonably required to effect such cure, provided that the Licensee promptly commences such cure with reasonable diligence; or (c) the Licensee makes an assignment for the benefit of creditors or becomes bankrupt, or takes the benefit of, and becomes subject to, the legislation in force relating to bankruptcy or insolvency, it being understood that the appointment of a receiver, receiver/manager or trustee of the property and the assets of the Licensee is conclusive evidence of insolvency.

TERMINATION BY THE OWNER. The Owner shall have the right to terminate this Agreement upon written notice to the Licensee in the event of the occurrence of any of the following: (a) the Licensee defaults in the payment of the License Fee or any other sum due under this Agreement, and such default continues for more than thirty fifteen (3015) days after receipt of written notice of such default by the Owner to the Licensee; (b) the Licensee defaults in the observance or performance of any of the Licensee’s obligations under this Agreement other than payment of the License Fee and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee, unless such default cannot reasonably be cured within such thirty (30) day period, in which event the period for curing such default shall be extended for the minimum period of time reasonably required to effect such curesure, provided that the Licensee promptly commences such cure with reasonable diligence; or (c) the Licensee makes an assignment for the benefit of creditors or becomes bankrupt, or takes the benefit of, and becomes subject to, the legislation in force relating to bankruptcy or insolvency, it being understood that the appointment of a receiver, receiver/manager manager, or trustee of the property and the assets of the Licensee is conclusive evidence of insolvency.

TERMINATION BY THE OWNER. The Owner shall have the right to terminate this Agreement upon written notice to the Licensee in the event of the occurrence of any of the following: (a) the Licensee defaults in the payment of the License Fee or any other sum due under this Agreement, and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee; (b) the Licensee defaults in the observance or performance of any of the Licensee’s obligations under this Agreement and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee, unless such default cannot reasonably be cured within such thirty (30) day period, in which event the period for curing such default shall be extended for the minimum period of time reasonably required to effect such cure, provided that the Licensee promptly commences such cure with reasonable diligence; or (c) the Licensee makes an assignment for the benefit of creditors or becomes bankrupt, or takes the benefit of, and becomes subject to, the legislation in force relating to bankruptcy or insolvency, it being understood that the appointment of a receiver, receiver/manager or trustee of the property and the assets of the Licensee is conclusive evidence of insolvency. (d) The Owner shall have the right, at any time following the first year of Term, to terminate this Agreement upon 120 days written notice to the Licensee.

TERMINATION BY THE OWNER. The Owner shall have the right to terminate this Agreement upon written notice to the Licensee in the event of the occurrence of any of the following: (a) the Licensee defaults in the payment of the License Fee or any other sum due under this Agreement, and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee; (b) the Licensee defaults in the observance or performance of any of the Licensee’s obligations under this Agreement and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee, unless such default cannot reasonably be cured within such thirty (30) day period, in which event the period for curing such default shall be extended for the minimum period of time reasonably required to effect such cure, provided that the Licensee promptly commences such cure with reasonable diligence; or (c) the Licensee makes an assignment for the benefit of creditors or becomes bankrupt, or takes the benefit of, and becomes subject to, the legislation in force relating to bankruptcy or insolvency, it being understood that the appointment of a receiver, receiver/manager or trustee of the property and the assets of the Licensee is conclusive evidence of insolvency. (d) After the end of the second year of the Term, if the services provided by the Licensee to the tenants in the Building are no longer required, either the Owner or the Licensee may terminate this Agreement by providing 90 days advance notice to the other party.

TERMINATION BY THE OWNER. The Owner shall have the right to terminate this Agreement upon written notice to the Licensee in the event of the occurrence of any of the following: (a) the Licensee defaults in the payment of the License Fee or any other sum due under this Agreement, and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee; (b) the Licensee defaults in the observance or performance of any of the Licensee’s obligations under this Agreement and such default continues for more than thirty (30) days after receipt of written notice of such default by the Owner to the Licensee, unless such default cannot reasonably be cured within such thirty (30) day period, in which event the period for curing such default shall be extended for the minimum period of time reasonably required to effect such curesure, provided that the Licensee promptly commences such cure with reasonable diligence; or (c) the Licensee makes an assignment for the benefit of creditors or becomes bankrupt, or takes the benefit of, and becomes subject to, the legislation in force relating to bankruptcy or insolvency, it being understood that the appointment of a receiver, receiver/manager manager, or trustee of the property and the assets of the Licensee is conclusive evidence of insolvency.