Common use of With Fault Clause in Contracts

With Fault. Should Tenant secure its Permits and Approvals during the above noted period but, thereafter suffer a loss thereof but only if such loss arises by reason of either a loss of local zoning approval or a revocation or loss of any of the Permits and Approvals where such loss or revocation so arises through fault, inaction, omission, or other conduct or action of Tenant which conduct or action is in breach of this Lease or breach by Tenant of the State rules and regulations and laws which govern under the Permits and Approvals, such event shall be called an “Unexcused Loss of Approvals”. In case of an Unexcused Loss of Approvals, Tenant shall immediately notify Landlord in writing upon written receipt of same and Landlord may thereafter at any time until such lost Permits and Approvals have been re-secured, terminate this Lease upon delivery of written notice of such termination (an “Unexcused Termination”); provided, such an Unexcused Termination shall not be effective until the ninetieth (90th) day after the giving of written notice of such termination. During such 90-day period, if Tenant is able to re-secure such lost Permits and/or Approvals, as applicable, the Unexcused Termination will not take effect. In case of an Unexcused Termination, same shall also constitute a breach and default of this Lease for which all remedies of Landlord shall be cumulative.

Appears in 3 contracts

Samples: Lease Agreement (Power REIT), Lease Agreement (Power REIT), Lease Agreement (Power REIT)

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With Fault. Should Tenant secure its Permits and Approvals during the above noted period but, thereafter suffer a loss thereof but only if such loss arises by reason of either a loss of local zoning approval or a revocation or loss of any of the Permits and Approvals where such loss or revocation so arises through fault, inaction, omission, or other conduct or action of Tenant which conduct or action is in breach of this Lease or material breach by Tenant of the State rules and regulations and laws which govern under the Permits and Approvals, such event shall be called an “Unexcused Loss of Approvals”. In case of an Unexcused Loss of Approvals, Tenant shall immediately notify Landlord in writing upon written receipt of same and Landlord may thereafter at any time until such lost Permits and Approvals have been re-secured, terminate this Lease upon delivery of written notice of such termination (an “Unexcused Termination”); provided, such an Unexcused Termination shall not be effective until the ninetieth (90th) day after the giving of written notice of such termination. During such 90-day period, if Tenant Txxxxx is able to re-secure such lost Permits and/or Approvals, as applicable, the Unexcused Termination will not take effect. In case of an Unexcused Termination, same shall also constitute a breach and default of this Lease for which all remedies of Landlord shall be cumulative.

Appears in 1 contract

Samples: Lease Agreement (Power REIT)

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