Common use of DEFAULT AND ABANDONMENT Clause in Contracts

DEFAULT AND ABANDONMENT. If the Lessee defaults in any of its obligations hereunder and fails to correct said default within three days after written notice thereof from the Lessor, or, if such breach is not in payment of money, has not within said three-day period of time commenced substantial efforts to cure said breach and thereafter continued its efforts to cure said breach with due diligence, then the Lessor shall have the right to declare this agreement terminated and to re-enter and take immediate possession of the demised Premises, or, without in any way being obligated so to do, the Lessor may elect to retake possession of said Premises and rent the same for such rent and pursuant to such conditions as the Lessor believes best, making such changes and repairs as may be required, and giving credit for the amount of rent so received less all expenses for reletting, advertising, cleaning, removal or storage of Lessee's property, and repairs, and in such event, said Lessee shall be liable for the balance of the rent herein reserved until the expiration of the term of this lease. The Lessee shall pay unto the Lessor additional rent for late rent payments as to all rental payments not made on or before the fifth (5th) day of the month in which they are due, said additional rent to be five percent (5%) of the rent payment so delinquent for each month or fraction thereof that such payment is late. The parties agree that this late charge is reasonable liquidated damages taking into account the time spent by Lessor, its agents and employees because of such late rent payments, processing and accounting charges, and late charges that may be imposed on Lessor under the trust deed covering the Premises. In the event of a default by the Lessee in the performance of any of its duties and obligations hereunder, the Lessee shall pay all costs incurred by the Lessor in the

DEFAULT AND ABANDONMENT. If the Lessee defaults in any of its obligations hereunder and fails to correct said default within three days after written notice thereof from the Lessor, or, if such breach is not in payment of money, has not within said three-day period of time commenced substantial efforts to cure said breach and thereafter continued its efforts to cure said breach with due diligence, then the Lessor shall have the right to declare this agreement terminated and to re-enter and take immediate possession of the demised Premises, or, without in any way being obligated so to do, the Lessor may elect to retake possession of said Premises and rent the same for such rent and pursuant to such conditions as the Lessor believes best, making such changes and repairs as may be required, and giving credit for the amount of rent so received less all expenses for reletting, advertising, cleaning, removal or storage of Lessee's property, and repairs, and in such event, said Lessee shall be liable for the balance of the rent herein reserved until the expiration of the term of this lease. The Lessee shall pay unto the Lessor additional rent for late rent payments as to all rental payments not made on or before the fifth (5th) day of the month in which they are due, said additional rent to be five percent (5%) of the rent payment so delinquent for each month or fraction fraction, thereof that such payment is late. The parties agree that this late charge is reasonable liquidated damages taking into account the time spent by Lessor, its agents and employees because of such late rent payments, processing and accounting charges, and late charges that may be imposed on Lessor under the trust deed covering the Premises. In the event of a default by the Lessee in the performance of any of its duties and obligations hereunder, the Lessee shall pay all costs incurred by the Lessor in theand