Last Updated:
December 8, 2019
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Matt Dolf
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General J. Termination
- Early Termination by the City. Notwithstanding anything stated to the contrary in this Agreement, the parties agree that the City will have the right at any time, by giving 24 hours written notice to the Co-op and CHF BC, to terminate this Agreement in any of the following events, unless the parties otherwise agree in writing:
- upon the bankruptcy and/or receivership of the Co-op;
- upon termination of the Lease, except upon the City's default;
- upon an Event of Default by the Co-op having occurred (see Clause 1.2above);
- upon the Co-op ceasing to carry out its operations without profit to itself or its members;
- upon the failure by the Co-op to maintain its corporate status and remain in good standing under the applicable laws of the Province of British Columbia;
- upon the failure by the Co-op to restrict its activities and undertakings to those authorized or permitted under its constating documents; or
- upon the failure of the Co-op without adequate justification, to comply with the requirements of any applicable law, regulations, bylaw or other directive having the force of law and enacted or promulgated by or under the authority of the Government of Canada and/or the Province of British Columbia.
- Early Termination by the Co-op and CHF BC. Notwithstanding anything stated to the contrary in this Agreement, the parties agree that the Co-op and CHF BC will each have the right at any time, by giving 24 hours written notice to the City, to terminate this Agreement in any of the following events, unless the parties otherwise agree in writing:
- upon termination of the Lease, except upon the Co-op's default;
- upon an Event of Default by the City having occurred without curing following ten days' notice of default by the Co-op or CHF BC;
- upon the failure of the City, without adequate justification, to comply with the requirements of any applicable law, regulations by-law or other directive having the force of law and enacted or promulgated by or under the authority of the Government of Canada and/or the Province of British Columbia.
- Adjustments on Termination. Upon the termination of this Agreement, however effected, the parties will forthwith complete all necessary accounting and adjustments between them to effectively reconcile and finalize their obligations pursuant to this Agreement. Such adjustments will include. without limitation:
- the delivery or transfer by the Operator to the City. effective as of the termination date. of the Capital Maintenance Reserve and the Co-op Operating Reserve, in each case including all accumulated interest; after payment of any Co-op expenses or liabilities contemplated by this Agreement; and
- use or division of any unexpended surplus accrued pursuant to Schedule B, Clause 0. 1.c, including all accumulated interest, in accordance with Schedule B, Clause C.3.b.i or C.3.b.ii, as applicable.
- Costs Resulting From Termination. All Development resident relocation costs, if any, resulting from termination of this Agreement will be borne by the Operator, unless otherwise specified in this Agreement or the Lease.
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