Owner Event of Default definition

Owner Event of Default shall have the meaning set forth in Section 18.3.

Owner Event of Default has the meaning indicated in Section 12.

Owner Event of Default has the meaning specified in Section 16.2.

Examples of Owner Event of Default in a sentence

• If any termination for cause by Owner pursuant to this Section 9.1(b) is ultimately determined to have been wrongful, then such termination shall be deemed a termination for an Owner Event of Default pursuant to Section 9.2(b), and O&M Contractor’s sole remedy shall be the receipt of the amounts set forth in Section 9.2(b).

• Unless Contractor terminates this Agreement pursuant to the foregoing provisions, Contractor shall not suspend or delay performance of the Work because of any Owner Event of Default.

• In the event of a Owner Event of Default, Manager shall have the right to institute any and all proceedings permitted by law or equity, including, without limitation, actions for specific performance and/or damages, provided except as expressly provided in this Agreement, Manager shall have no right to terminate this Agreement by reason of a Owner Event of Default.

• The cost of preparing the Final Statement shall be a Deduction, unless the termination occurs as a result of a Manager Event of Default or a Owner Event of Default, in which case the defaulting party shall pay such cost.

• Manager agrees that in no event shall Owner’s liability to Manager with respect to lost or future Management Fees upon any Owner Event of Default exceed the amount of the termination fee that would be payable to Manager under Section 16.4.2 upon a termination of this Agreement as of the date of such Owner Event of Default.

More Definitions of Owner Event of Default

Owner Event of Default shall have the meaning set forth in Section 12.3 hereof

Owner Event of Default. As defined in Section 13.3.

Owner Event of Default means any one or more of the following events or circumstances:

Owner Event of Default shall have the meaning set forth in Section 9.2(a). “Owner’s Property” shall have the meaning set forth in Section 7.5. “Owner’s Representative” shall have the meaning set forth in Section 7.3. “Party” and “Parties” shall have the meanings set forth in the preamble.

Owner Event of Default shall exist and Xxxxxx shall have the following remedies, which shall be cumulative rather than exclusive: ● the right to terminate this Agreement, and the grant of the Lease hereunder, which termination right may be exercised by written notice by Xxxxxx to Owner, and which termination shall be effective as of the date of such notice; ● the right to immediately enter upon and repossess the Designated Item Space and all appurtenances thereto, by forcible entry and detainer suit, or otherwise; ● the right to remove Owner’s Item (and any personal property then inside Owner’s Item from its mooring, and to store Owner’s Item (and such personal property), with all risk of loss belonging solely to Owner, and with no liability whatsoever to Marina, and with all costs of storage being deemed to be including among the past due Monthly Rental under this Agreement; ● the right to make any required repairs to the Designated Item Space, or to expend any other sums required to cure any defaults by Owner under this Agreement, with all such sums expended being deemed to be included among the past due Rental under this Agreement; ● the right to terminate Owner’s rights of possession with regard to the Designated Item Space and all appurtenances thereto, without demand or notice of any kind an without terminating this Agreement, in which event Xxxxxx xxx, but shall be under no obligation to, relet all or any part of the Designated Item Space for credit to Owner’s account, on such terms and conditions as Xxxxxx in its sole discretion shall deem appropriate; and ● the right to exercise Xxxxxx’s rights under the Michigan Uniform Commercial Code with regard to the security interest granted to Xxxxxx in the Secured Property. In the event of any Owner Event of Default, Xxxxxx shall have the right to recover from Owner, whether by way of sale of the Secured Property, or by means of execution and levy on a judgment, or by means of voluntary payment by Owner, or by some combination thereof: (a) all Rental that is past due, including any late payment fees due in connection therewith, (b) all Rental to come due during the remainder of the Term (assuming that Xxxxxx has not terminated this Agreement and the Lease hereunder), (c) Xxxxxx’s reasonable and necessary attorneys’ fees and costs of court, (d) pre-judgment at the lesser of 8% per annum or the maximum allowed by law, and

Owner Event of Default shall have occurred if Owner shall fail to observe or perform any term, covenant or condition of this Agreement, which failure materially and adversely affects User, and such failure is not cured within thirty (30) days after written notice thereof from User, provided, however, if such failure cannot reasonably be cured within such thirty (30) day period and Owner shall have commenced to cure such failure within such thirty (30) day period and thereafter diligently proceeds to cure the same, then such thirty (30) day period shall be extended for such time as is reasonably necessary for Owner in the exercise of due diligence to cure such failure, provided that, with respect to any failure to perform (i) that is still continuing on or after the first day of the sixth (6th) Usage Year such cure period shall not extend beyond the later of such first day of the sixth (6th) Usage Year or one hundred eighty (180) days in the aggregate, and (ii) that is first arising on or after the first day of the sixth (6th) Usage Year, such cure period shall not exceed one hundred eighty (180) days in the aggregate; provided, further, however, that no Owner Event of Default under this clause (a) shall be deemed to exist under this Agreement during any time the curing thereof is prevented by an Unavoidable Delay, provided that upon the cessation of the Unavoidable Delay, Owner remedies the default within the time periods otherwise required hereunder.

Owner Event of Default has the meaning set forth in Section 12.2. “Owner Indemnified Party” has the meaning set forth in Section 10.1.1.