Common use of Termination of the Lease Agreement Clause in Contracts

Termination of the Lease Agreement. A. In the event the Lease Agreement or any substitute Lease Agreement with an Approved Substitute Tenant terminates for any reason prior to the expiration of the term of this Agreement, whether as a result of the expiration of the term of the Lease Agreement (as it may be extended), the early termination of the Lease Agreement on account of Owner's exercise of its remedies thereunder, including pursuant to Section 2 hereof, or for any other reason (the date of the termination of the Lease being referred to as the "Termination Date"), Owner shall immediately cure any defaults of Owner that may exist pursuant to Owner's obligations under the Lease Agreement and shall on the Termination Date (i) take possession of the Hotels in compliance with the REIT Rules (defined below) or (ii) immediately lease the Hotels to an interim tenant ("Interim Tenant") of Owner's choosing, and then (subject to the right of first offer set forth in Paragraph C below) use its best efforts to as promptly as is practicable lease the Hotels to an Approved Substitute Tenant for a term identical to the remaining term of the current Lease Agreement (including the extension provisions thereof). Any Interim Tenant shall be a Bankruptcy Remote Entity (defined below). If the Interim Tenant defaults in any manner (including by the commencement of voluntary or involuntary bankruptcy proceedings) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to be cured or (ii) terminate the lease agreement with the Interim Tenant and take possession of the Hotels in compliance with the REIT Rules (defined below). If Owner directly assumes the obligations of the Lessee under the Management Agreement, the Management Agreement shall be conformed to reflect the fact that the Owner is the fee owner (or ground lessee) of the Hotels rather than a tenant. In each case, the party in possession of the Hotels (i.e., Owner, Interim Tenant, or Approved Substitute Tenant) shall as of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement. Manager shall recognize such party as the substitute or successor to Westboy LLC under the Management Agreement and shall satisfy all of its obligations and duties as Manager under the Management Agreement in favor of such party. Under no

Appears in 2 contracts

Samples: Owner Agreement (Boykin Lodging Co), Owner Agreement (Red Lion Inns Limited Partnership)

AutoNDA by SimpleDocs

Termination of the Lease Agreement. A. 10.1. This Agreement will terminate upon one of the following cases occurs: (i) Both Parties agree to terminate the Agreement. The rights and obligations of the Parties will be handled according to the agreement of the Parties at the time of termination; (ii) By the expiry of the Lease Term that the Parties fail to agree on extending the Lease Term in writing; (iii) The Factory is severely damaged due to force majeure events or the Lessor/Xxxxxx’s negligence in complying with the obligations stipulated herein (unless otherwise agreed by the Parties); (iv) the Factory is revoked by competent authorities. 10.2. This Agreement may be unilaterally terminated prior to its expiration by either Party in the following cases: (i) Either Party seriously breaches the Agreement and such breach cannot be remedied, or can be remedied but fails to do so within [***] days from the date of the other Party’s written request or within another specified period (if any). In this case, the breaching party leading to the Agreement being unilaterally terminated must pay a penalty equal to [***] months of Rental calculated at the time of termination of the Agreement. (ii) Either Party becomes insolvent, or is in the process of bankruptcy, closure, dissolution, or termination of business operations, or inability to pay its debts when they become due. (iii) The Lessee’s Project is terminated. 10.3. In the event the Lease Agreement of expiration or any substitute Lease Agreement with an Approved Substitute Tenant terminates for any reason termination prior to the expiration of the term of this AgreementAgreement for any reason, whether as a result within [***] days from the date of the expiration of the term of the Lease Agreement or termination (as it may be extended“Return Period”), the early Lessee shall return the current status of the Factory to the Lessor as at the Handover Date except for normal wear and tear and agreed amendments. At the time of return, the Factory must be cleaned of any assets of the Lessee or third party. 10.4. After the Return Period, if any of the Lessee’s assets remain in the Factory, the Lessor may, at its sole discretion, take over and take possession of such assets or dispose of such assets after a reasonable notice period to the Lessee (at least [***] days). 10.5. The Lessor must return all Rental of unused Lease Term paid by Lessee upon termination of the Agreement unless such termination is caused by the Lessee’s fault in non-compliance with obligations set forth in the Agreement. The return of money to the Lessee must be made within [***] days from the date of termination of the Lease Agreement Agreement, if payment is late, the Lessor shall pay interest on account the late payment amount calculated by the interest rate of Owner's exercise [***] months of its remedies thereundercorporate deposits in VND of [***], including pursuant to Section 2 hereof, or for any other reason (calculated from the due date of the termination of the Lease being referred to as the "Termination Date"), Owner shall immediately cure any defaults of Owner that may exist pursuant to Owner's obligations under the Lease Agreement such payment and shall on the Termination Date not exceed [***] percent (i[***]%) take possession of the Hotels in compliance with the REIT Rules (defined below) or (ii) immediately lease the Hotels to an interim tenant ("Interim Tenant") of Owner's choosing, and then (subject to the right of first offer set forth in Paragraph C below) use its best efforts to as promptly as is practicable lease the Hotels to an Approved Substitute Tenant for a term identical to the remaining term of the current Lease Agreement (including the extension provisions thereof). Any Interim Tenant shall be a Bankruptcy Remote Entity (defined below). If the Interim Tenant defaults in any manner (including by the commencement of voluntary or involuntary bankruptcy proceedings) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to be cured or (ii) terminate the lease agreement with the Interim Tenant and take possession of the Hotels in compliance with the REIT Rules (defined below). If Owner directly assumes the obligations of the Lessee under the Management Agreement, the Management Agreement shall be conformed to reflect the fact that the Owner is the fee owner (or ground lessee) of the Hotels rather than a tenant. In each case, the party in possession of the Hotels (i.e., Owner, Interim Tenant, or Approved Substitute Tenant) shall as of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement. Manager shall recognize such party as the substitute or successor to Westboy LLC under the Management Agreement and shall satisfy all of its obligations and duties as Manager under the Management Agreement in favor of such party. Under noper year.

Appears in 2 contracts

Samples: Factory Lease Agreement (VinFast Auto Pte. Ltd.), Factory Lease Agreement (Vinfast Trading & Investment Pte. Ltd.)

Termination of the Lease Agreement. A. In (a) With the event exception of fixed-term Lease Agreements, or if provided otherwise in the Lease Agreement or any substitute Lease Agreement with an Approved Substitute Tenant terminates for any reason prior to the expiration of the term of this Agreement, whether as a result of the expiration of the term of the Lease Agreement (as it each party may be extended), the early termination of the Lease Agreement on account of Owner's exercise of its remedies thereunder, including pursuant to Section 2 hereof, or for any other reason (the date give notice in writing of the termination of the Lease being referred to as the "Termination Date")Agreement, Owner shall immediately cure any defaults in observance of Owner that a notice period of at least seven (7) days. (b) Energyst may exist pursuant to Owner's obligations under unilaterally dissolve part or all of the Lease Agreement with immediate effect, with no further notice of default or the intervention of a court being required, and without being required to pay compensation in that regard, if the Lessee: I. is more than 30 days in arrears with payment of the Lease; or II. fails to implement or to comply with any provision of the Lease Agreement or of these General Terms and Conditions; or III. takes or omits to take any action that results in prejudice to or jeopardisation of the rights of Energyst to and in relation to the Equipment; or IV. applies for bankruptcy, a mandatory winding up order or a moratorium on payments, reaches a settlement with creditors, starts a discontinuation or liquidation process or otherwise becomes the subject of insolvency proceedings or is forced to sell its assets. In the above cases, all Energyst’s receivables from the Lessee become payable on demand in full, the Lessee is required to return the leased Equipment without delay and Energyst has the right to access the sites and buildings of the Lessee, or at least the Location, and to enter these in order to collect and repossess the relevant Equipment. (c) All amounts payable to Energyst by the Lessee shall become payable on demand on the Termination Date (i) take possession termination of the Hotels in compliance with the REIT Rules (defined below) or (ii) immediately lease the Hotels to an interim tenant ("Interim Tenant") of Owner's choosing, and then (subject to the right of first offer set forth in Paragraph C below) use its best efforts to as promptly as is practicable lease the Hotels to an Approved Substitute Tenant for a term identical to the remaining term of the current Lease Agreement (including outside the extension provisions thereofcases referred to in (b). Any Interim Tenant ). (d) If the Lease Agreement is terminated, Energyst shall be a Bankruptcy Remote Entity (defined below)collect the Equipment from the Location. If the Interim Tenant defaults in any manner (including by the commencement of voluntary or involuntary bankruptcy proceedings) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to Equipment must be cured or (ii) terminate the lease agreement with the Interim Tenant and take possession removed for reasons other than termination of the Hotels in compliance with the REIT Rules (defined below). If Owner directly assumes the obligations of Lease Agreement via notification, the Lessee under will be liable for all related costs incurred and damage suffered by Energyst. (e) This Article is without prejudice to the Management rights of Energyst to claim the Lease Agreement, the Management Agreement shall Lessee’s liability to Energyst will be conformed limited to reflect the fact that the Owner is the fee owner (or ground lessee) a maximum of the Hotels rather than a tenantLessee’s excess agreed between the Parties. In each caseThe limitations of liability laid down in this Article do not apply in the event of damage resulting from malicious intent or gross negligence, the party in possession inexpert use and/or use without due care, unauthorised letting or sub-letting or provision of the Hotels (i.e., Owner, Interim TenantEquipment to third parties, or Approved Substitute Tenant) shall as if the Lessee can claim compensation for damage pursuant to other insurance contracted by or on behalf of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement. Manager shall recognize such party as the substitute or successor to Westboy LLC under the Management Agreement and shall satisfy all of its obligations and duties as Manager under the Management Agreement in favor of such party. Under noLessee.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Termination of the Lease Agreement. A. In (a) With the event exception of fixed-term Lease Agreements, or if provided otherwise in the Lease Agreement or any substitute Lease Agreement with an Approved Substitute Tenant terminates for any reason prior to the expiration of the term of this Agreement, whether as a result of the expiration of the term of the Lease Agreement (as it each party may be extended), the early termination of the Lease Agreement on account of Owner's exercise of its remedies thereunder, including pursuant to Section 2 hereof, or for any other reason (the date give notice in writing of the termination of the Lease being referred to as the "Termination Date")Agreement, Owner shall immediately cure any defaults in observance of Owner that a notice period of at least seven (7) days. (b) Energyst may exist pursuant to Owner's obligations under unilaterally dissolve part or all of the Lease Agreement with immediate effect, with no further notice of default or the intervention of a court being required, and shall on without being required to pay compensation in that regard, if the Termination Date (i) take possession Lessee: I. is more than 30 days in arrears with payment of the Hotels Lease; or II. fails to implement or to comply with any provision of the Lease Agreement or of these General Terms and Conditions; or III. takes or omits to take any action that results in compliance prejudice to or jeopardisation of the rights of Energyst to and in relation to the Equipment; or IV. applies for bankruptcy, a mandatory winding up order or a moratorium on payments, reaches a settlement with creditors, starts a discontinuation or liquidation process or otherwise becomes the REIT Rules (defined below) subject of insolvency proceedings or (ii) immediately lease is forced to sell its assets. In the Hotels above cases, all Energyst’s receivables from the Lessee become payable on demand in full, the Lessee is required to an interim tenant ("Interim Tenant") return the leased Equipment without delay and Energyst has the right to access the sites and buildings of Owner's choosingthe Lessee, or at least the Location, and then to enter these in order to collect and repossess the relevant Equipment. (subject c) All amounts payable to the right of first offer set forth in Paragraph C below) use its best efforts to as promptly as is practicable lease the Hotels to an Approved Substitute Tenant for a term identical to the remaining term of the current Lease Agreement (including the extension provisions thereof). Any Interim Tenant shall be a Bankruptcy Remote Entity (defined below). If the Interim Tenant defaults in any manner (including Energyst by the commencement of voluntary or involuntary bankruptcy proceedings) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to be cured or (ii) terminate Lessee shall become the lease agreement with the Interim Tenant and take possession of the Hotels in compliance with the REIT Rules (defined below). If Owner directly assumes the obligations of the Lessee under the Management Lease Agreement, the Management Agreement shall Lessee’s liability to Energyst will be conformed limited to reflect the fact that the Owner is the fee owner (or ground lessee) a maximum of the Hotels rather than a tenantLessee’s excess agreed between the Parties. In each caseThe limitations of liability laid down in this Article do not apply in the event of damage resulting from malicious intent or gross negligence, the party in possession inexpert use and/or use without due care, unauthorised letting or sub-letting or provision of the Hotels (i.e., Owner, Interim TenantEquipment to third parties, or Approved Substitute Tenant) shall as if the Lessee can claim compensation for damage pursuant to other insurance contracted by or on behalf of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement. Manager shall recognize such party as the substitute or successor to Westboy LLC under the Management Agreement and shall satisfy all of its obligations and duties as Manager under the Management Agreement in favor of such party. Under noLessee.

Appears in 1 contract

Samples: Lease Agreement

AutoNDA by SimpleDocs

Termination of the Lease Agreement. A. In (a) With the event exception of fixed-term Lease Agreements, or if provided otherwise in the Lease Agreement or any substitute Lease Agreement with an Approved Substitute Tenant terminates for any reason prior to the expiration of the term of this Agreement, whether as a result of the expiration of the term of the Lease Agreement (as it each party may be extended), the early termination of the Lease Agreement on account of Owner's exercise of its remedies thereunder, including pursuant to Section 2 hereof, or for any other reason (the date give notice in writing of the termination of the Lease being referred to as the "Termination Date")Agreement, Owner shall immediately cure any defaults in observance of Owner that a notice period of at least seven (7) days. (b) Pon Energy Rental may exist pursuant to Owner's obligations under unilaterally dissolve part or all of the Lease Agreement with immediate effect, with no further notice of default or the intervention of a court being required, and without being required to pay compensation in that regard, if the Lessee: I. is more than 30 days in arrears with payment of the Lease; or II. fails to implement or to comply with any provision of the Lease Agreement or of these General Terms and Conditions; or III. takes or omits to take any action that results in prejudice to or jeopardisation of the rights of Pon Energy Rental to and in relation to the Equipment; or IV. applies for bankruptcy, a mandatory winding up order or a moratorium on payments, reaches a settlement with creditors, starts a discontinuation or liquidation process or otherwise becomes the subject of insolvency proceedings or is forced to sell its assets. In the above cases, all Pon Energy Rental’s receivables from the Lessee become payable on demand in full, the Lessee is required to return the leased Equipment without delay and Pon Energy Rental has the right to access the sites and buildings of the Lessee, or at least the Location, and to enter these in order to collect and repossess the relevant Equipment. (c) All amounts payable to Pon Energy Rental by the Lessee shall become payable on demand on the Termination Date (i) take possession termination of the Hotels in compliance with the REIT Rules (defined below) or (ii) immediately lease the Hotels to an interim tenant ("Interim Tenant") of Owner's choosing, and then (subject to the right of first offer set forth in Paragraph C below) use its best efforts to as promptly as is practicable lease the Hotels to an Approved Substitute Tenant for a term identical to the remaining term of the current Lease Agreement (including outside the extension provisions thereofcases referred to in (b). Any Interim Tenant ). (d) If the Lease Agreement is terminated, Pon Energy Rental shall be a Bankruptcy Remote Entity (defined below)collect the Equipment from the Location. If the Interim Tenant defaults in any manner Equipment must be removed for reasons other than termination of the Lease Agreement via notification, the Lessee will be liable for all related costs incurred and damage suffered by Pon Energy Rental. (including e) This Article is without prejudice to the rights of Pon Energy Rental to claim compliance and/or compensation by the commencement Lessee instead of voluntary or involuntary bankruptcy proceedingsopting for (out-of-court) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to be cured or (ii) terminate the lease agreement with the Interim Tenant and take possession dissolution of the Hotels in compliance with Lease Agreement. damage and/or loss of the REIT Rules (defined below)Equipment of Pon Energy Rental. If Owner directly assumes LDW insurance with an excess is agreed in the obligations of the Lessee under the Management Lease Agreement, the Management Agreement shall Lessee’s liability to Pon Energy Rental will be conformed limited to reflect the fact that the Owner is the fee owner (or ground lessee) a maximum of the Hotels rather than a tenantLessee’s excess agreed between the Parties. In each caseThe limitations of liability laid down in this Article do not apply in the event of damage resulting from malicious intent or gross negligence, the party in possession inexpert use and/or use without due care, unauthorised letting or sub-letting or provision of the Hotels (i.e., Owner, Interim TenantEquipment to third parties, or Approved Substitute Tenant) shall as if the Lessee can claim compensation for damage pursuant to other insurance contracted by or on behalf of the Termination Date take assignment of and shall assume in writing on a prospective basis all of the rights and obligations of Lessee under the Management Agreement. Manager shall recognize such party as the substitute or successor to Westboy LLC under the Management Agreement and shall satisfy all of its obligations and duties as Manager under the Management Agreement in favor of such party. Under noLessee.

Appears in 1 contract

Samples: Lease Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!