Lessor Default definition

Lessor Default has the meaning specified in Section 21.

Lessor Default shall have the meaning set forth in Section 15.5.

Lessor Default shall occur upon the (a) failure of Lessor to perform any of its material obligations under this Land Lease which materially adversely affects, (x) the operation of the Lessee Business or (y) the Environment as it materially affects the Leased Premises, within thirty (30) days after written notice from Lessee, except that if the failure to perform is capable of being corrected but cannot reasonably be corrected within such thirty (30)-day period, and Lessor begins corrective action during such period, then Lessor shall not be deemed in default if it diligently, continuously and expeditiously pursues and completes the actions necessary to cure the failure to perform within no more than ninety (90) days from the date of Lessee’s original written notice with respect to such default, provided, further, that such ninety (90)-day cure period may be extended to one hundred eighty (180) days in the aggregate from the date of the notice of such default; provided that all the following conditions are met: (a) any Transfer or other act or failure to act by Lessor in violation of the provisions of Article 14; (b) an insolvency or bankruptcy default similar in nature to those in Section 15.1(d) or (e) as applicable to Lessor; or (c) the filing of a lien or encumbrance against the Leased Premises as a result of Lessor’s or Lessor’s Agents’ act or omission, which is not discharged or “handed over” within sixty (60) days after the date Lessor receives notice that such lien has been filed, provided that all of the following conditions are met:

Examples of Lessor Default in a sentence

• If Lessor does not cure any such failure within the applicable time period as aforesaid, Lessee may declare the existence of a "Lessor Default" by a second Notice to Lessor.

• Adler Value Fund (the “Fund”) is a non-diversified series of Ultimus Managers Trust (the “Trust”), an open-end investment company established as an Ohio business trust under a Declaration of Trust dated February 28, 2012.

• Except as otherwise expressly provided in this Lease or in the event of a constructive eviction by Lessor, Lessee shall have no right to terminate this Lease for any Lessor Default and no right, for any such Lessor Default, to offset or counterclaim against any Rent or other charges due hereunder.

• If the Lessor Default is a result of a monetary breach by Lessor in the payment of any amounts due hereunder, County may withhold such amount from the next scheduled Rent payment.

• Lessor shall not be deemed in Lessor Default hereunder unless and until such notice is actually received by Lessor and Lessor fails within thirty (30) days of receipt of such notice to commence to make a good faith effort to cure the failure or thereafter ceases to pursue such cure to completion.

More Definitions of Lessor Default

Lessor Default means the occurrence of an uncured “Lessor Default” under, and as defined in, the Master Lease Agreement. A Lessor Default may be cured if, within forty (45) days, the applicable default is waived in writing by the Lessee or is otherwise cured without the exercise of remedies by the Lessee.

Lessor Default. LESSOR shall be deemed in breach of this Lease if: a) in the event of any Monetary Breach of this Lease by LESSOR, COUNTY shall notify LESSOR in writing of such breach, and LESSOR shall have ten (10) days from such notice in which to cure said breach or b) in the event of any Non-Monetary Breach of this Lease, XXXXXX fails within fifteen (15) days after receipt by LESSOR of written notice specifying wherein such obligation of LESSOR has not been performed; provided however, that if the nature of LESSOR's obligation is such that more than fifteen (15) days after such notice are reasonably required for its performance, then LESSOR shall not be in breach of this Lease if performance is commenced as soon as reasonably possible within such fifteen (15) day period and thereafter diligently pursued to completion (each, a “LESSOR Default").

Lessor Default whenever used herein, shall mean any of the following events and any such event shall continue to be a the Lessor Default if and for so long as it shall not have been remedied:

Lessor Default means an event that with the giving of notice or the lapse of time, or both, would constitute a Lessor Event of Default.

Lessor Default by Lessor: A. If Lessor shall breach any provision of this Lease and fail to remedy such breach within sixty (60) days after written notice of such breach; or

Lessor Default shall have the meaning assigned to such term in Section 5.06 of the Participation Agreement.

Lessor Default has the meaning set forth in Section 12.2.