Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"): A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days; B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee; C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition; D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 3 contracts
Sources: Lease Agreement (Simmons Media Group Inc), Lease Agreement (Simmons Media Group Inc), Lease Agreement (Simmons Media Group Inc)
Default by Lessee. The If Lessee fails to make payment of any Monthly Rental within five days of delivery by Lessor of notice of any Monthly Rental that is past due, or fails to cure any other default under this Agreement within ten days of delivery by Lessor of such default, then a “Lessee Event of Default” shall exist and Lessor shall have the following events remedies, which shall be cumulative rather than exclusive:
(a) the right to terminate this Agreement, and the grant of the Lease hereunder, which termination right may be exercised by written notice by Lessor to Lessee, and which termination shall be effective as of the date of such notice;
(b) the right to immediately enter upon and repossess the Designated Boat Slip and all appurtenances thereto, by forcible entry and detainer suit, or otherwise;
(c) the right to remove Lessee’s Craft (and any personal property then inside Lessee’s Craft from its mooring, and to store Lessee’s Craft (and such personal property), with all risk of loss belonging solely to Lessee, and with no liability whatsoever to Lessor, and with all costs of storage being deemed to be events of default including among the past due Monthly Rental under this Agreement;
(d) the right to make any required repairs to the Designated Boat Slip, or to expend any other sums required to cure any defaults by Lessee under this Agreement (each Agreement, with all such event of default is hereinafter referred sums expended being deemed to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money be included among the past due hereunder and such failure shall continue for a period of ten daysMonthly Rental under this Agreement;
B. Lessee shall fail (e) the right to comply terminate Lessee’s rights of possession with any provision of this Agreement not requiring regard to the payment of moneyDesignated Boat Slip and all appurtenances thereto, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written without demand or notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option kind and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate terminating this Agreement, in which event Lessee Lessor may, but shall immediately surrender possession be under no obligation to, relet all or any part of the Premises Designated Boat Slip for credit to Lessee’s account, on such terms and conditions as Lessor in its sole discretion shall deem appropriate; and
(f) the right to exercise Lessor; (B) enter upon ’s rights under the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, Texas Uniform Commercial Code with or without having terminated this Agreement; and (C) change or re-key all locks to entrances regard to the Site and security interest granted to Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to in the SiteSecured Property. The exercise by Lessor In the event of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option right to relet the whole or any portion recover from Lessee, whether by way of sale of the Premises for Secured Property, or by means of execution and levy on a judgment, or by means of voluntary payment by Lessee, or by some combination thereof: (a) all Monthly Rental that is past due, including any period late payment fees due in connection therewith, (b) all Monthly Rental to any tenant come due during the remainder of the Term (assuming that Lessor has not terminated this Agreement and for any use the Lease hereunder), (c) Lessor’s reasonable and purposenecessary attorneys’ fees and costs of court, (d) pre-judgment at the lesser of 8% per annum or the maximum allowed by law, and (e) post-judgment interest at lesser of 10% per annum or the maximum allowed by law.
Appears in 3 contracts
Sources: Boat Slip Lease Agreement, Boat Slip Lease Agreement, Boat Slip Lease Agreement
Default by Lessee. The Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default" (sometimes referred to herein as a "):default") by Lessee and a material breach of this Lease:
A. (a) Lessee shall fail to timely pay make any monthly rental payment owed by Lessee under this Lease, as referenced and when due, and the Lessor shall have delivered a Notice to Pay or Quit. Any such notice shall be in paragraph 3 above lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure;
(b) Lessee shall fail to observe, keep or perform any of the terms, covenants, agreements or conditions under this Lease that Lessee is obligated to observe or perform, other sum of money due hereunder and such failure shall continue than that described in subsection (a) above, for a period of ten days;
B. (10) days after notice to Lessee of said failure; provided, however, that if the nature of Lessee's default is such that more than ten (10) days are reasonably required for its cure, then Lessee shall fail not be deemed to comply with be in default under this Lease if Lessee shall commence the cure of such default so specified within said ten (10) day period and diligently prosecute the same to completion within thirty (30) days after the original notice to Lessee of said failure. Such notice shall be in lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure.
(c) Lessee shall (i) make any general arrangement or assignment for the benefit of creditors; (ii) become a "debtor" as defined in 11 U.S.C. Section 101 or any successor statute thereto (unless, in case of a petition filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where possession is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged within 30 days. Provided, however, in the event that any provision of this Agreement not requiring the payment of moneysubparagraph is contrary to any applicable law, all of which provisions such provision shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent no force or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedeffect; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 3 contracts
Sources: Lease Agreement (Advanced Communications Technologies Inc), Lease Agreement (Advanced Communications Technologies Inc), Lease Agreement (Hawthorne Financial Corp)
Default by Lessee. The following events shall be deemed to be are events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):Lease:
A. Lessee shall fail fails to timely pay pay, within ten (10) days of when due, any monthly rental payment as referenced in paragraph 3 above installment of rent or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail payment required pursuant to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed materialLease, and such failure shall continue for a period of twenty be continuing five (5) days after following written notice of such default is delivered (which notice may include the cancellation notice described in Section 11.02(E) hereof) thereof from Lessor to Lessee; provided, however, in no event shall Lessee have the right to receive or Lessor have the obligation to provide, as a prerequisite to an event of default, more than two (2) written notices within any twelve (12) month period;
B. Lessee fails to comply with any term, provision or covenant of this Lease, other than the payment of rent and fails to cure the failure within thirty (30) days of receipt of written notice (which notice may include the cancellation notice described in Section 11.02(E) hereof) from Lessor;
C. Lessee shall become or any guarantor of Lessee's obligations hereunder files a petition or is adjudged bankrupt or insolvent under any applicable federal or fail to pay state bankruptcy or insolvency law, or admits that it cannot meet its debts financial obligations as they become due due; or a receiver or trustee is appointed for all or substantially all of the assets of Lessee or such guarantor; or Lessee notifies Lessor that it anticipates either condition;or any guarantor of Lessee's obligations hereunder makes a transfer in fraud of creditors or makes an assignment for the benefit of creditors; or
D. Lessee takes does or permits to be done any action act which results in a lien being filed against the Leased Premises or the Building and Lessee fails to file a petition under any section contest the lien diligently and in good faith or chapter does not prevail, within sixty (60) days of the United States Bankruptcy Code or under any similar law or statute of date the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be lien is filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of its efforts to remove the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposelien.
Appears in 3 contracts
Sources: Commercial Lease (American Telesource International Inc), Commercial Lease (American Telesource International Inc), Commercial Lease (Globalscape Inc)
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in which event Lessee shall immediately surrender Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the Premises by Lesseesole option of LESSOR. Lessee acknowledges that a surrender of the Premises can In addition, LESSEE shall be effected only by a written agreement between Lessor liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Premises, and any reletting shall be done by LESSOR as agent for LESSEE. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease. This Lease shall remain in full force and effect and shall not be terminated unless LESSOR so elects in writing.
Appears in 2 contracts
Sources: Commercial Lease, Commercial Lease
Default by Lessee. The following events shall be deemed to be events If Lessee defaults in the payment of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder to be paid under this Lease and such failure shall continue default continues for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty (10) days after written notice to Lessee of such default is delivered default; or if Lessee fails to perform any covenant or condition required to be performed by Lessee which failure shall not be remedied within ten (10) days after notice thereof by Lessor to Lessee;
C. ; or if Lessee shall become insolvent dissolve, make or fail to pay its debts as they become due commit any act of bankruptcy, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if any action to file a petition proceeding under any section bankruptcy or chapter insolvency statute of any laws relating to relief of debtors is commenced by Lessee, or if any such proceeding is commenced against Lessee and same shall not have been removed within thirty (30) days of the United States Bankruptcy Code or under any similar law or statute date of the United States filing thereof, or any state thereof if a receiver, trustee or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be liquidator is appointed for Lessee's leasehold interest in the Premises Lessee or for all or a substantial part of Lessee's assets. Upon ’s assets with Lessee’s consent, or if, without Lessee’s consent, the occurrence same shall not have been removed within thirty (30) days of the date of the appointment thereof; or if an Event order, judgment or decree be entered by a court of Defaultcompetent jurisdiction and continue unpaid and in effect for any period of thirty (30) consecutive days without a stay of execution; or if a writ of attachment or execution is levied on any car and is not discharged within ten (10) days thereafter, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any exercise one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, following remedies with or without having terminated this Agreement; and (C) change or re-key all locks to entrances respect to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.cars:
Appears in 2 contracts
Sources: Master Indenture (Trinity Industries Inc), Master Indenture (Trinity Industries Inc)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such a) In the event of default is hereinafter referred to as an "Event of Default"):
A. the Lessee shall fail to timely pay at any monthly rental time default in (i) the payment as referenced in paragraph 3 above of any Fixed Rent or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the single rental payment of money, all of which provisions shall be deemed material$50,000 or more, and such failure shall continue default continues for a period of twenty fifteen (15) days after notice from Lessor to Lessee or (ii) the performance of any of the Lessee's covenants, agreements or obligations hereunder, which default continues for forty-five (45) days after receipt of written notice of thereof from Lessor by Lessee, or if such default is delivered not reasonably susceptible of being cured by Lessee within such 45-day period, then if Lessee fails to Lessee;
C. commence with reasonable diligence and continuity to cure such default or breach and complete said cure within a reasonable time, or should the Lessee shall become insolvent make a general assignment for the benefit of creditors or fail to pay its debts as they become due file or Lessee notifies Lessor that have filed against it anticipates either condition;
D. Lessee takes any action to file a bankruptcy petition under any section or chapter of the United States Bankruptcy Code Code, or under if a receiver is appointed to take possession of a substantial portion of Lessee's assets or of any similar law or statute portion of the United States Premises or any state thereof the Improvements or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lesseeinterest, and in addition to all other remedies given hereunder such bankruptcy or by law receivership proceeding is not dismissed or in equitypermanently stayed within sixty (60) days after the filing of such proceeding, do any one or more of should the following: (A) terminate this AgreementLessee abandon the Premises, in which event Lessee shall immediately surrender possession of then the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromLessor may, with or without having terminated notice or demand:
(i) Terminate this Agreement; Lease and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to declare the term of this Lease ended and in any manner permitted by law re-enter the Premises or any part thereof, and take possession thereof, and expel and remove therefrom the Lessee or any or all parties occupying the same, using such termination; (C) force as may be necessary to the extent do so, and repossess and enjoy the same were not paidwithout prejudice to any remedies that might be otherwise used for arrears of rent or other breach hereof; and Lessor may recover the value at the time of such termination of the excess, if any, of the cost amount of repairing, altering or otherwise putting rent reserved in this Lease for the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, remainder of the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) term over the total monthly payments and other benefits which Lessor would have received under this Agreement then reasonable rental value of the Land for the remainder of the term; or
(ii) Without terminating this Lease and without declaring this Lease ended, minus any net sums thereafter received by Lessor through reletting re-enter the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaulttake possession thereof, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Rere-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet let the whole or any portion part thereof for the account of Lessee, and collect said rent and apply it on the amount due from Lessee hereunder after deducting any expense of such reletting, the cost of removal of Lessee, reasonable attorney's fees, and cost of reasonable remodeling, and then or at any time or from time to time recover from Lessee the balance then due (which in the event of a re-letting shall be due from time to time as rent is due). Jd / P.S. --------------------- initials / initials
(b) Lessor's remedies provided in this Lease shall be in addition to all other rights and remedies provided by law or equity, to which Lessor may resort cumulatively or in the alternative.
(c) No re-entering or taking possession of the Premises for any period by Lessor shall be construed as an election on Lessor's part to any tenant and for any use and purposeterminate this Lease unless written notice of such election is given to Lessee or unless a termination is accomplished by operation of law or is declared by a court of competent jurisdiction.
Appears in 2 contracts
Sources: Lease With an Option to Purchase (New York Restaurant Group Inc), Lease With an Option to Purchase (Smith & Wollensky Restaurant Group Inc)
Default by Lessee. The following events shall be deemed to be events are Events of default Default by Lessee under this Agreement Lease:
(each such event 1) Lessee fails to pay, when due, any installment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rent or any other sum payment required pursuant to this Lease that remains unpaid more than five business days after the Lessee receives written notice from Lessor of money due hereunder and the delinquency, provided that Lessor shall only be required to give Lessee two such failure shall continue for a period of ten daysnotices in any twelve month period;
B. (2) [Intentionally left blank]
(3) Lessee shall fail fails to comply with any term, provision or covenant of this Agreement not requiring Lease, other than the payment of moneyrent, all which is not complied with within fifteen (15) business days after Lessee receives written notice from Lessor of which provisions shall the purported failure to comply; provided, however, that if the nature of the failure cannot reasonably be cured within the fifteen (15) business day period, an Event of Default will not be deemed material, to occur provided that Lessee commences the cure within the fifteen (15) business day period and such failure shall continue for a period diligently proceeds to complete the cure but in all events completes the cure within ninety (90) days of twenty days after written receiving notice of such default is delivered to Lesseefrom Lessor;
C. (4) Lessee shall become or any guarantor of Lessee’s obligations hereunder files a petition or is adjudged bankrupt or insolvent under any applicable federal or fail to pay state bankruptcy or insolvency law, or admits that it cannot meet its debts financial obligations as they become due due; or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section receiver or chapter trustee is appointed (and not removed within 60 days thereafter) for all or substantially all of the United States Bankruptcy Code assets of Lessee or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute guarantor; or Lessee or may creditor any guarantor of Lessee notifies Lessor that it knows such Lessee’s obligations hereunder makes a petition will be filed transfer in fraud of creditors or Lessee notifies Lessor that it expects such a petition to be filedmakes an assignment for the benefit of creditors; or
E. A receiver (5) Lessee does or trustee shall permits to be appointed for Lessee's leasehold interest done any act which results in a lien being filed against the Leased Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of DefaultBuilding, Lessor may at its option and without further notice to Lessee, and which is not removed within the time provided in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeSection 6.3.
Appears in 2 contracts
Sources: Sublease (Gevo, Inc.), Sublease (Gevo, Inc.)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Leased Premises, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the case of involuntary proceedings, are not dismissed or stayed within 30 days of the commencement thereof), or if the leasehold estate created hereby shall be taken on execution or by any process of law, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may, at its option, terminate this Lease without notice, and declare all amounts due or to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Leased Premises by reasonably necessary force, summary proceedings, or for otherwise, and remove all persons and properly therein, without being liable to indictment, prosecution, or a substantial damage therefor, and Lessee hereby expressly waives the service of any notice in writing of intention to reenter said Leased Premises. Lessor may, in addition to any other remedy provided by law or permitted herein, at its option, relet the Leased Premises (or any part thereof) on behalf of Lessee's assets, applying any monies collected first to the payment of expenses of resuming or obtaining possession, and, second, to the payment of the costs of placing the premises in rentable condition, including any leasing commission, and, third, to the payment of rent due hereunder, and any other damages due to the Lessor. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice Any surplus remaining thereafter shall be paid to Lessee, and Lessee shall remain liable for any deficiency in addition rental, the amount of which deficiency shall be paid upon demand therefor to all Lessor.
(b) Should Lessor re-enter and terminate according to the provisions of this subparagraph, Lessor may remove and store the Lessee's Property at the expense and for the account of Lessee. Alternatively, Lessor may sell, or cause to be sold, Lessee's Property at public sale to the highest bidder for cash, and remove from the proceeds of such sale any rent or other remedies given hereunder or by law or in equity, do any one or more payment then due Lessor under this Lease. Any disposition of the following: (A) terminate this Agreement, Lessee's Property pursuant thereto shall be subject to the rights of any lender to Lessee holding a mortgage on Lessee's Property and shall be made in which event Lessee shall immediately surrender possession a manner that is commercially reasonable within the meaning of the Premises to Lessor; (B) enter upon Uniform Commercial Code as in effect in the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to State of North Carolina at the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term time of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposedisposition.
Appears in 2 contracts
Sources: Agreement of Sale (Beasley Broadcast Group Inc), Agreement of Sale (Beasley Broadcast Group Inc)
Default by Lessee. The occurrence of any one or more of the following events shall be deemed constitute a default of this Lease by the Lessee:
(a) The vacating or abandonment of the Premises by the Lessee combined with the failure to be events pay rent;
(b) The failure of default by the Lessee under this Agreement (each such event to make any payment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rent or any other sum of money due hereunder payment required to be made by the Lessee hereunder, as and when due, where such failure shall continue for a period of ten daysthree (3) days after written notice thereof from the Lessor to the Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161;
B. (c) The failure by the Lessee shall fail to comply with observe or perform any provision of the covenants, conditions or provisions of this Agreement not requiring Lease (or the payment of moneycovenants, all of which provisions shall conditions and restrictions governing the Project) to be deemed materialobserved or performed by the Lessee, and other than described in Paraaraph l2.1(b) hereof, where such failure shall continue for a period of twenty thirty (30) days after written notice thereof from the Lessor to the Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of such Civil Procedure Section 1161; provided, further, that if the nature of the Lessee's default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay such that more than thirty (30) days are reasonably required for its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of cure, then the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if the Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion; or
(d) The making by the Lessee of any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement general assignment or general arrangement for the remainder benefit of creditors; the filing by or against the Lessee of a petition to have the Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against the Lessee, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of substantially all of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term Lessee's interest in this Lease, where possession is not restored to the Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of this Agreement. Upon termination of this Agreement or repossession substantially all of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet Lessee's assets located at the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLessee's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 2 contracts
Sources: Lease Agreement (Adept Technology Inc), Lease Agreement (Adept Technology Inc)
Default by Lessee. The 15.1 Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as constitute an "Event of Default")::
A. (a) if default shall be made by Lessee shall fail to timely pay in the making of payment of any monthly rental payment as referenced in paragraph 3 above or Rent, Reserve Rate, Agreed Value, and/or of any other sum Supplemental Rent, within 5 Business Days after the date when due and payable under this Lease; or
(i) if default shall be made by Lessee at any time in the procurement or maintenance of money due hereunder and any insurance coverage prescribed herein or (ii) any insurance which may be maintained by Lessor, Head Lessor or Indenture Trustee under Article 11.4 is cancelled or terminated or notice of cancellation is given; or
(c) if default shall be made by Lessee in the observance or performance of any of the other obligations of Lessee contained in this Lease and, if such failure default is in the opinion of Lessor capable of remedy, such default shall continue for a period of ten days;fifteen (15) Business Days after notice from Lessor to Lessee specifying the default and requiring that the same be remedied; or
B. (d) if any representation or warranty made (or deemed to be repeated) by Lessee shall fail in or pursuant to comply with this Lease or in any provision of document or certificate or statement referred to in or delivered under this Agreement not requiring the payment of money, all of which provisions shall Lease is or proves to have been incorrect in any material respect when made or deemed to be deemed material, repeated and such failure incorrectness, if capable of being cured, shall continue for a period of twenty days fifteen (15) Business Days after written notice from Lessor specifying such incorrectness; or
(e) if any borrowed money having an outstanding principal amount in excess of $4,000,000.00 (Dollars Four Million) of Lessee or any of its subsidiaries is not paid when due, or by reason of breach or default under the terms of any instrument evidencing or guaranteeing the same on the part of Lessee or any of its subsidiaries any borrowed money having an outstanding principal amount in excess of $4,000,000.00 (Dollars Four Million) of Lessee or any of its subsidiaries becomes due or capable of being declared due prior to the date when it would otherwise have become due, or the security for any such default borrowed money or any guarantee in respect thereof becomes enforceable; or
(f) if an encumbrancer takes possession or a receiver, administrator, administrative receiver, trustee, liquidator or similar officer is delivered appointed of the whole or any substantial part of the assets, rights or revenues of Lessee or any of its subsidiaries or a distress, execution, sequestration or other process is levied or enforced upon or sued out against all or a substantial part of the assets, rights or revenues of Lessee or any of its subsidiaries and is not discharged within fourteen days, or Lessee applies for or consents to Lessee;the appointment of a receiver, administrator, administrative receiver, trustee, liquidator or similar officer for it or for all or any part of its assets, rights or revenues; or
C. (g) if Lessee shall become insolvent or fail any of its subsidiaries suspends payment of its debts, or is unable or admits its inability to pay its debts as they become due fall due, or shall be adjudicated or found, or becomes, bankrupt or insolvent, or proposes or enters into any composition or other arrangement for the benefit of its creditors generally, or Lessee notifies Lessor that it anticipates either condition;or any of its subsidiaries shall, by voluntary petition, answer or consent, seek relief under the provisions of any bankruptcy, insolvency or other similar law providing for the reorganization, liquidation, administration, dissolution or winding-up of corporations, or providing for an agreement, composition, extension or adjustment with its creditors; or
D. Lessee takes any action to file (h) if a petition against Lessee in a proceeding under any section applicable bankruptcy or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition other insolvency laws shall be filed against Lessee under and shall not be withdrawn or dismissed within 30 days thereafter, or if any such statute order shall be made by any competent court or resolution passed by Lessee or may creditor any of its subsidiaries or their respective board of management or supervisory board, whichever is competent to pass such resolution for the winding-up or dissolution of Lessee notifies Lessor that it knows such or any of its subsidiaries or for the appointment of a petition will be filed liquidator, trustee or Lessee notifies Lessor that it expects such a petition to be filedconservator, save for winding-up or dissolution for the purposes of amalgamation or reorganization (not involving or arising out of insolvency) the terms of which shall have received the prior written approval of Lessor; or
E. A receiver (i) if Lessee or trustee shall be appointed for Lessee's leasehold interest in the Premises or for any of its subsidiaries disposes of all or a substantial material part of Lessee's its assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or whether by law or in equity, do any one or more a series of transactions, related or not, other than for the following: purpose of a reconstruction or amalgamation the terms of which have received the previous consent in writing of Lessor; or
(Aj) terminate this Agreementif any action shall be taken by Lessee which shall impair the rights, title or ownership of Lessor or Head Lessor or the Security Interest of Indenture Trustee, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel Aircraft or remove Lessee and/or Lessee's Equipment therefromthis Lease, with or without having terminated this Agreement; and (C) change Lease is or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof becomes wholly or to provide Lessee with a new key to the Site. The exercise by Lessor of any one partly invalid, ineffective or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement unenforceable by reason of an Event any act or omission of DefaultLessee; or
(k) if any consent, authorization, license, certificate or approval of or registration with or declaration to any Government Entity in connection with this Lease including, without limitation:
(i) Lessee's air carrier operating certificate issued pursuant to Chapter 447 of the Federal Aviation Act; or
(ii) required by Lessee shall pay or as a condition precedent required by Lessor pursuant to Lessor Article 2.3 to authorize, or in connection with, the sum execution, delivery, validity, enforceability or admissibility in evidence of this Lease or the performance by Lessee of its obligations under this Lease; or
(Aiii) the cost registration of recovering the PremisesAircraft; or
(Biv) any airline license or air transport license; is changed such that it materially impairs the unpaid monthly payments and all other indebtedness accrued hereunder ability of Lessee to the term of such termination; (C) to the extent the same were perform its obligations hereunder, or is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not paidrenewed, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable ceases to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses")be in full force; (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.or
Appears in 2 contracts
Sources: Lease Agreement (Midway Airlines Corp), Lease Agreement (Midway Airlines Corp)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten daysdays after written notice of such default is delivered to Lessee;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute site of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may any creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an any Event of Default, Lessor may at its option and without further notice to Lessee, Lessee and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (Ai) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (Bii) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (Ciii) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (Ai) the cost of recovering the Premises; (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to the term date of such termination; (Ciii) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (Div) all expenses incurred by Lesser Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (Bv) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fvi) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (Ai) the cost of recovering the Premises; (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (Ciii) the Reletting Expenses; (Div) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (Bv) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fvi) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor or will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, . Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of LessonLessor's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 2 contracts
Sources: Assignment and Assumption of Lease (L 3 Communications Corp), Assignment and Assumption of Lease (Southern California Microwave Inc)
Default by Lessee. The following events shall If the Lessee fails to pay the rent when due or defaults in the performance of the agreements, conditions, covenants or terms contained herein, then the Lessor may enforce performance of this lease in any of the modes provided by law; and this lease may be deemed to be events of forfeited at Lessor's option if such default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue continues for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty (10) days after written notice the Lessor notifies the Lessee of such default is delivered and of its intention to Lessee;
C. declare the lease forfeited; and thereafter (unless the Lessee shall become insolvent have completely removed or fail cured said default) this lease shall cease and come to pay its debts an end as they become due or Lessee notifies Lessor if that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter were the day originally fixed herein for the expiration of the United States Bankruptcy Code term; and the Lessor, its agent, attorney or those claiming under any similar law or statute of it, shall have the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultright, Lessor may at its option and without further notice or demand, to Lessee, re-enter and in addition to remove all other remedies given hereunder or by law or in equity, do any one or more persons and all of the following: (A) terminate this Agreement, Lessee's property therefrom without being deemed guilty in which event Lessee shall immediately surrender any manner of trespass and without prejudice to any remedies for arrears of rent or breach of covenant. If any of the events described in the preceding paragraph should occur and Lessor resumes possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrompremises, with or without having terminated this Agreement; and (C) change or then Lessor may re-key all locks to entrances to lease the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement premises for the remainder of the term, minus any net sums thereafter received by Lessor through reletting term at the Premises during such period; and (F) any other damages or relief which best rent the Lessor may obtain, and Lessee agrees that, notwithstanding the termination of this lease and possession regained by the Lessor, Lessee will indemnify the Lessor against any and all loss of rent which the Lessor may sustain during the remainder of the term of the lease by reason of such termination. The Lessor shall have a statutory lessor's lien and in addition, Lessor is given an express lien as security for the rent described herein upon all the chattels, implements, fixtures, furniture, tools, machinery, or other personal property which the Lessee now or at any time during the term of the lease may place upon the demised premises. If on account of any breach or default by the Lessee of any of Lessee's obligations contained herein it shall become necessary for the Lessor to employ an attorney to enforce or defend any of the Lessor's rights or remedies hereunder, then Lessor shall be entitled to at law recover a reasonable attorney's fee from the Lessee. In the event the Lessee should default in the performance of any agreement, covenant, condition or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultterm contained herein, then Lessee shall pay to Lessor may perform the sum same for Lessee's account, and any amount paid or any expense of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses liability incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; the performance of same shall be deemed additional rent payable by Lessee with interest at ten (B10%) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder percent from date of the term, minus any net sums thereafter received payment by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry until repayment by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLessee.
Appears in 2 contracts
Sources: Lease Agreement (Flashnet Communications Inc), Lease Agreement (Flashnet Communications Inc)
Default by Lessee. The following events All rights and remedies of Lessor herein enumerated shall be deemed to be events of default cumulative, and none shall exclude any other rights or remedies allowed by law. Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):covenants and agrees that if:
A. Lessee shall fail fail, neglect or refuse to timely pay any monthly rental payment installment of rent at the time and in the amount as referenced in paragraph 3 above herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due and payable under the terms hereof, and if any such default should continue for a period of more than ten (10) days; or
B. Any voluntary or involuntary petition or similar pleading under any section or sections of any bankruptcy act shall be filed by or against Lessee, or any other sum voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Lessee insolvent or unable to pay Lessee's debts, and the same shall not be dismissed or discharged within thirty (30) days thereafter; or
C. Lessee makes any assignment of money due hereunder its property for the benefit of creditors or should the Demised Premises be taken under a levy of execution or attachment in any action against Lessee and such failure levy, attachment or assignment is not dismissed or discharged within thirty (30) days: or
D. Lessee shall cease business operations, abandon or vacate the Demised Premises or shall fail, neglect or refuse to keep and perform any of the other covenants, conditions, stipulations or agreements herein contained, covenanted and agreed to be kept and performed by it, and in the event any such default shall continue for a period of ten days;
B. more than fifteen (15) days after notice thereof given in writing to Lessee by Lessor; provided, however, that if the cause for giving such notice involves the making of repairs or other matters reasonably requiring a longer period of time than the period of such notice, Lessee shall fail be deemed to have complied with such notice so long as it has commenced to comply with any provision of this Agreement not requiring said notice or has taken and continues to diligently pursue all proper steps or proceedings under the payment of moneycircumstances to prevent the seizure, all of which provisions shall be deemed materialdestruction, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent alteration or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of other interference with the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Demised Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.of
Appears in 2 contracts
Sources: Lease Agreement (Security Associates International Inc), Lease (Security Associates International Inc)
Default by Lessee. The following events shall be deemed If and in the event any payment due or to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money become due hereunder shall not be paid when and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring as due, including, without limitation, the payment of moneyrent stipulated herein, all a late payment charge equal to five (5%) percent of which provisions the sum otherwise due shall be deemed materialadded to the payment due from Lessee and, in addition, any delinquent rent shall accrue interest from the due date at the rate of twelve (12%) percent per annum until paid. Nonpayment of rent shall be a default as of the day following the day upon which it is otherwise due pursuant hereto and, at the option of the Lessor, shall be a basis for immediate termination of this Conservation Grazing Lease Agreement and such failure shall continue for a period of twenty days after written the tenancy created hereby by Lessor if notice of such default said termination is delivered to Lessee;
C. . If default is made by Lessee shall become insolvent or fail with respect to pay its debts as they become due or the duties of Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of contained in the United States Bankruptcy Code or under any similar law or statute of the United States Conservation Plan referenced in Paragraph 10 hereof or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition other covenant herein contained to be filed; or
E. A receiver or trustee shall be appointed for kept by Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option provide Lessee written notice of said default in conformance with Paragraph 23 hereof and without further allow Lessee sixty (60) days to cure same. In the event said default is not cured to Lessor’s satisfaction within said sixty (60) day period, Lessor may by notice to Lessee▇▇▇▇▇▇ declare this lease immediately terminated. In the event of termination for reason of default by ▇▇▇▇▇▇, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon demised hereby and, in addition thereto, Lessor may, at its option, pursue the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor recovery of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paidsums due from Lessee including, the cost of repairingwithout limitation, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectivelydelinquent rent, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedieslate charge, including attorneys' fees interest and court costs; (B) the total monthly payments and other benefits which Lessor would any damages it may have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposesuffered.
Appears in 2 contracts
Sources: Conservation Grazing Lease Agreement, Conservation Grazing Lease Agreement
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may any creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an any Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (Ai) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (Bii) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (Ciii) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (Ai) the cost of recovering the Premises; (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to the term date of such termination; (Ciii) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (Div) all expenses incurred by Lesser Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (Bv) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fvi) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (Ai) the cost of recovering the Premises; (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (Ciii) the Reletting Expenses; (Div) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (Bv) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fvi) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, . Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of LessonLessor's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 2 contracts
Sources: Assignment and Assumption of Lease (L 3 Communications Corp), Assignment and Assumption of Lease (Southern California Microwave Inc)
Default by Lessee. The following events 22.1: If LESSEE shall be deemed default in the performance of any of its obligation to be events of default by Lessee under pay the annual fixed rent, security deposit or rent arrearages pursuant to this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee document, or if LESSEE shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and cure such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty default within seven (7) days after written notice from the LESSOR of such default, or if, within thirty (30) days after written notice from the LESSOR to the LESSEE specifying any other default or defaults, LESSEE has not commenced diligently to correct the default or defaults so specified or has not thereafter diligently pursued such correction to completion: or (b) if any assignment shall be made by LESSEE or any guarantor of LESSEE for the benefit of creditors; or (c) if LESSEE’S leasehold interest shall be taken on execution: or (d) if a petition is delivered to Lessee;
C. Lessee shall become insolvent filed by LESSEE or fail to pay its debts any guarantor of tenant for adjudication as they become due a bankrupt , or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes for reorganization or an arrangement under any action to file a provisions of the Bankruptcy act as then in force and effect; or(e) if an involuntary petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute provisions of the United States said bankruptcy act is filed against LESSEE or any state thereof guarantor of LESSEE and such involuntary petition is not dismissed within thirty (30) days thereafter; or a petition (f) if LESSEE shall be filed against Lessee under any such statute declared bankrupt or Lessee insolvent according to law; or may creditor of Lessee notifies Lessor that it knows such (g) if a petition will be filed receiver, trustee or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee assignee shall be appointed for Lessee's leasehold interest the whole or any part of the LESSEE s property and shall not be removed within thirty (30) days thereafter, then, and in any of such cases, LESSOR and the agents and servants of LESSOR lawfully may, in addition to and not in derogation of any remedies for any preceding breach of covenant, immediately or at any time thereafter and without demand or notice and with or without process of law (forcibly, if necessary) enter into and upon the Premises or for all any part thereof in the name of the whole or mail a substantial part notice of Lessee's assets. Upon termination addressed to LESSEE at the occurrence premises, and repossess the same as of an Event LESSOR’S former estate and expel LESSEE and those claiming through or under LESSEE and remove its and their effects (forcibly, if necessary) without being deemed guilty of Default, Lessor may at its option any manner of trespass and without further prejudice to any remedies which might otherwise be used for arrears of rent or prior breach covenant, and upon such entry or mailing as aforesaid, this lease shall terminate, LESSEE hereby waiving all statutory rights (including without limitation rights of redemption, if any, to the extent such rights may be lawfully waived) and LESSOR, with notice to LesseeLESSEE, may store LESSEE’S effects and those of any person claiming through or under LESSEE, at the expense and risk of the LESSEE, and, if LESSOR so elects, may sell such effects at public auction and apply the net proceed to the payment of all sums due to landlord from LESSEE, if any, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances pay over balance to the Site LESSEE.
22.2: The LESSEE shall indemnify the LESSOR against all loss of rent and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to other payments which the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement LESSOR may incur by reason of an Event of Defaultsuch termination due to default by the LESSEE, Lessee shall pay to Lessor during the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration residue of the term of this Agreement. Upon termination lease or any extension thereof.
22.3: If the LESSEE shall default in the observance or performance of any conditions or covenants on LESSEE'S part to be observed or performed under or by virtue of any of the provisions of this Agreement or repossession lease, the LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the Premises due LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the payment of money in connection therewith, including, but not limited to, reasonable attorneys, fees in instituting, prosecuting or defending any action or proceedings, such sums paid or obligations incurred, with interest at the rate of twelve (12) percent per annum and costs, shall be paid to an Event the LESSOR by the LESSEE forthwith as additional rent.
22.4: Failure on the part of Defaultthe LESSOR to complain of any action or non-action on the part of the LESSEE, Lessor no matter how long the same may continue, shall never be deemed to be waiver by the LESSOR of any of its rights hereunder.
22.5: No waiver at any time of any of the provisions hereof by the LESSOR shall be construed as a waiver of any of the other provisions hereof, and a waiver at any time of any of the provisions hereof shall not be obligated to relet or attempt to relet the Premises or construed as a waiver at any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion subsequent time of the Premises same provisions. The consent or approval of the LESSOR to or of any action by the LESSEE requiring the LESSOR'S consent or approval shall not be deemed to waive or render unnecessary the LESSOR'S consent or approval to or of any subsequent similar act by the LESSEE.
22.6: No payment by the LESSEE or acceptance by LESSOR of a lesser amount than shall be due from LESSEE to LESSOR shall be treated otherwise than as a payment on account. The acceptance by the LESSOR of a check for a lesser amount with an endorsement or statement thereon, or upon any period letter accompanying such check, that such lesser amount is payment in full shall be given no effect, and the LESSOR may accept such check without prejudice to any tenant and for any use and purposeother rights or remedies which LESSOR may have against the LESSEE.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default by Lessee. The following events If default shall be deemed made in the payment of any sum to be events of default paid by Lessee under this Agreement (each such event of Lease, and default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten (10) days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions or default shall be deemed materialmade in the performance of any of the other covenants or conditions which Lessee is required to observe and to perform, and such failure default shall continue for a period twenty (20) days, or if the interest of twenty days after written notice of such default is delivered to Lessee;
C. Lessee under this Lease shall become insolvent be levied on under execution or fail to pay its debts as they become due other legal process, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed by or against Lessee under to declare Lessee a bankrupt or to delay, reduce or modify Lessee’s debt or obligations, or if any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will shall be filed or other action taken to reorganize or modify Lessee’s capital structure if Lessee notifies Lessor that it expects such be a petition corporation or other entity, or if Lessee be declared insolvent according to law, or if any assignment of Lessee’s property shall be filed; or
E. A made for the benefit of creditors, or if a receiver or trustee is appointed for Lessee or its property, or if Lessee shall abandon or vacate the Premises during the term of this lease or any renewals or extensions thereof, or if Lessee is a corporation and Lessee shall cease to exist as a corporation in good standing under the laws of the State of Texas or if Lessee is a partnership or other entity and shall be appointed for Lessee's leasehold interest in the Premises dissolved or for all or a substantial part of Lessee's assets. Upon otherwise liquidated, then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: foregoing events as a breach of this lease (A) terminate this Agreementprovided that no such levy, in which event execution, legal process or petition filed against Lessee shall immediately surrender possession constitute a breach of this Lease if Lessee shall vigorously contest the Premises to same by appropriate proceedings and shall remove or vacate the same within thirty (30) days from the date of its creation, service or filing) and thereupon, at Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom’s option, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall may have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of following described remedies in addition to all other rights and remedies available at law or in equity:
(a) Lessor may terminate this Lease and forthwith repossess the Premises by Lessee. Lessee acknowledges that and be entitled to recover forthwith as damages a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of money equal to the total of (Ai) the reasonable cost of recovering the Premises; , (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to rent earned at the term time of such termination; , plus interest thereon at the maximum non-usurious rate per annum from the due date, (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (Biii) the total monthly payments and other benefits which Lessor would have received under this Agreement balance of the rent for the remainder of the term, minus any net sums thereafter received by Lessor through reletting term less the fair market rental value of the Premises during such period; for said period and (Fiv) any other sum of money and damages or relief which owed by Lessee to Lessor.
(b) Lessor may terminate Lessee’s right of possession (but not the lease) and may repossess the Premises by forcible entry or detainer suit or otherwise, without demand or notice of any kind to Lessee and without terminating this lease, in which event Lessor may, but shall be entitled under no obligation to at law do so, relet the same for the account of Lessee for such rent and upon such terms as shall be satisfactory to Lessor. For the purpose of such reletting Lessor is authorized to decorate or to make any repairs, changes, alterations or additions in equity. Lessee or to the Premises that may be necessary or convenient, and (i) if Lessor shall fail or refuse to relet the Premises, or (ii) if the same are relet and a sufficient sum shall not be entitled realized from such reletting after paying the unpaid basic and additional rent due hereunder plus interest at the maximum non-usurious rate thereon, the cost of recovering possession, and all of the costs and expenses of such decorations, repairs, changes, alterations and additions and the expense of such reletting and of the collection of the rent accruing therefrom to any excess satisfy the rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating provided for in this Agreement by reason of an Event of Defaultlease to be paid, then Lessee shall pay to Lessor the as damages a sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder equal to the date amount of the rental reserved in this lease for such period or periods, or if the Premises have been relet, the Lessee shall satisfy and pay any such deficiency upon demand therefor from time to time and Lessee agrees that Lessor may file suit to recover any sums falling due under the terms of Section 38(b) from time to time, and that no delivery to or recovery of any portion due Lessor hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Lessor, nor shall such reletting be construed as an election on the part of Lessor to terminate this lease unless a written notice of such repossession; (C) the Reletting Expenses; (D) all expenses incurred intention be given to Lessee by Lessor in enforcing Lessor's remedies. Notwithstanding any such reletting without termination, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled at any time thereafter elect to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee terminate this Lease for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposesuch previous breach.
Appears in 2 contracts
Sources: Office Lease Agreement (Dexterity Surgical Inc), Office Lease Agreement (Dexterity Surgical Inc)
Default by Lessee. The If at any time subsequent to the date of this lease any one or more of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter herein referred to as an "Event a “Default of Default"):Lessee”) shall happen:
A. (i) Lessee shall fail to timely pay any monthly rental make the due and punctual payment as referenced in paragraph 3 above or any other sum of money due the Base Rent payable hereunder and such failure shall continue for a period of ten days(10) business days after written notice thereof;
B. (ii) Lessee shall fail to comply with any provision of this Agreement not requiring make the due and punctual payment of money, all of which provisions shall be deemed material, any Additional Rent payable hereunder and such failure shall continue for a period of twenty ten (10) business days after written notice thereof;
(iii) Lessee shall neglect or fail to perform or observe any other covenant herein contained on Lessee’s part to be performed or observed and Lessee shall fail to remedy the same within thirty (30) calendar days after written notice to Lessee specifying such neglect or failure, or if such default of Lessee is of such default is delivered a nature that Lessee cannot reasonably remedy the same within a (30) day period, Lessee shall fail to commence promptly to remedy the same and to prosecute such remedy to completion with diligence and continuity and shall complete such remedy in no event later than (60) calendar days after said written notice to Lessee;; or
C. (iv) Lessee shall become insolvent make an assignment for the benefit of creditors; or
(v) Lessee’s leasehold interest in the Leased Premises shall be taken on execution or fail by other process of law; or
(vi) Lessee shall file a voluntary petition in bankruptcy or shall be adjudicated bankrupt or insolvent, or shall file any petition or answer seeking any reorganization arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present of future federal, state of other statue, law or regulation for the relief of debtors, or shall seek the consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or of all of any substantial part its properties or shall admit in writing its inability to pay its debts generally as they become due or Lessee notifies Lessor that it anticipates either condition;due; or
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or (vii) a petition shall be filed against Lessee in bankruptcy or under any such statute other law seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal, state or other statue, law or regulation and shall remain undismissed or unstayed for an aggregate of sixty (60) days (whether or not consecutive), or if any debtor in possession (whether or not Lessee) trustee, receiver or liquidator of Lessee or may creditor of all or any substantial part of its properties or of the Leased Premises shall be appointed without the consent or acquiescence of Lessee notifies Lessor that it knows and such a petition will be filed appointment shall remain unvacated or Lessee notifies Lessor that it expects such a petition to be filedunstayed for any aggregate on sixty (60) days (whether or not consecutive); or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest (viii) Lessor has given Lessee written notice of default and Lessee is in fact in default in the Premises full and timely payment of any sums payable hereunder on two or for all more occasions within the immediately preceding 12 month period (whether or a substantial not such default was cured following the giving of such notice); then in any such case (1) if such Default of Lessee shall occur prior to the Commencement Date, this lease shall, without further act on the part of Lessee's assets. Upon Lessor, terminate, and (2) if such Default of Lessee shall occur after the occurrence of an Event of DefaultCommencement Date, Lessor may at its option and without further terminate this lease by notice to LesseeLessee and this lease shall come to an end on the date such notice is sent as fully and completely as if such date were the date herein originally fixed for the expiration of the Term of this lease, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of Lessee will then quit and surrender the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Leased Premises to Lessor; , but Lessee shall remain liable as hereinafter provided. All costs and expenses incurred by or on behalf of Lessor (Bincluding, without limitation, reasonable attorneys’ fees and expenses) enter upon the Premises and expel or remove occasioned by any default of Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises be paid by Lessee. If this lease shall have been terminated as provided in this Article 24 or if any execution or attachment shall be issued against Lessee acknowledges that a surrender or any of Lessee’s property whereupon the Leased Premises can shall be effected only taken or occupied by a written agreement between someone other than Lessee, then Lessor may, without notice, re-enter the Leased Premises, either by force, by summary proceedings, ejectment or otherwise, and Lesseeremove and dispossess Lessee and all other persons and any and all property from the same, as if this lease had not been made. If Lessor terminates this Agreement by reason In the event of an Event of Defaultsuch termination, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments Base Rent, Additional Rent and all other indebtedness accrued sums payable hereunder up to the term time of such termination; , and thereafter, Lessee until the end of what would have been the Term of the lease in the absence of such termination, and whether or not the Leased Premises shall have been re-let shall be liable to Lessor for, and shall pay to Lessor, as liquidated current damages: LESS
(Ci) to the extent Base Rent, Additional Rent and other sums which would be payable hereunder if such termination had not occurred,
(ii) the same were not paidnet proceeds, if any, of any reletting of the cost of repairing, altering or otherwise putting the Leased Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) after deducting all expenses incurred by Lesser in enforcing Lessor's remediesconnection with such reletting, including including, without limitation, all repossession costs, brokerage commissions, reasonable legal expenses, reasonable attorneys' fees ’ fees, expenses of employees, alteration costs and court costs; (B) expenses of preparation of such reletting. Lessee shall pay such current damages to Lessor monthly on the total monthly payments and other benefits days on which Lessor the Rent would have received under payable hereunder if this Agreement for lease has not been terminated, and the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may shall be entitled to at law receive the same from Lessee, on such day. In the case of any default by Lessee, re-entry, expiration and dispossession by summary proceeding or otherwise, Lessor may (i) re-let the Leased Premises or any part or parts thereof, either in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder name of the termLessor or otherwise, minus any net sums thereafter received by Lessor through reletting for a term or terms which may at Lessor’s option be equal to or less than or exceed the Premises during such period; and (F) any other damages or relief period which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect would otherwise have constituted the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration balance of the term of this Agreement. Upon termination the lease (ii) may make such reasonable alterations, repairs and decorations in the Leased Premises as Lessor in its sole judgment considers advisable and necessary for the purpose of this Agreement or repossession reletting the Leased Premises; and the making of the Premises due to an Event of Defaultsuch alterations, Lessor repairs and decorations shall not operate or be obligated construed to relet or attempt release Lessee from liability hereunder as aforesaid. Lessor, despite making good faith efforts to relet re-let the Premises or Leased Premises, shall in no event be liable in any portion thereof or way whatsoever for failure to collect rent after relettingre-let the Leased Premises, but provided, however, nothing in this article shall be construed to relieve Lessor shall have the option of its obligation to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposemitigate damages as required by Massachusetts law.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this Lease or any other agreement between the parties proves to have been false in which event Lessee shall immediately surrender any material respect when made or furnished.
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the Premises by Lesseesole option of LESSOR. Lessee acknowledges that a surrender of the Premises can In addition, LESSEE shall be effected only by a written agreement between Lessor liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Premises, and any reletting shall be done by LESSOR as agent for LESSEE. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering possession and reletting the same, which difference shall either (a) accrue and be payable monthly, or (b) be accelerated and become payable at once, at LESSOR'S sole option.
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease. This Lease shall remain in full force and effect and shall not be terminated unless LESSOR so elects in writing.
Appears in 2 contracts
Sources: Commercial Lease, Commercial Lease
Default by Lessee. 18.01 The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) Unless cured within ten day period following due date, in which event any failure by Lessee shall immediately surrender possession to pay any rental or any other sum required to be paid by Lessee hereunder, as and when the same becomes due and payable.
(b) Any failure by Lessee to observe and perform any other provision of the Premises this Lease to Lessor; be observed or performed by Lessee, where such failure continues for ten (B10) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such ten (C10) to the extent the same were not paidday period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(c) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the filing by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premises. If Lessor repossesses case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises without terminating or of Lessee's interest in this Agreement by reason of an Lease, where such seizure is not discharged within forty-five (45) days.
18.02 Any notice given under this Article shall specify the Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee shall pay to Lessor perform the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provisions of this AgreementLease, within the applicable period of time. Lessee No such notice shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one deemed a forfeiture or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon a termination of this Agreement or repossession Lease provided Lessee cures the default within the applicable period of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 2 contracts
Sources: Lease Agreement (Catapult Communications Corp), Lease Agreement (Catapult Communications Corp)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. If Lessee shall fail to timely pay any monthly rental payment as referenced default in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyany rents reserved hereunder for more than ten (10) days following the due date, all or in the payment of any additional rental amounts or sums which Lessee agrees to pay pursuant to the terms and provisions of this Lease for more than ten (10) days following the due date (or if no due date is stated, for more than ten (10) days following written demand); or if any execution, attachment or other process shall be deemed materialissued against Lessee or any of Lessee’s property by which the Premises could be taken, occupied or attempted to be taken and such failure shall continue for a period of twenty days after written notice of such default is delivered to occupied by someone other than Lessee;
C. ; or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition default under any section or chapter of the United States Bankruptcy Code or under any similar law or statute terms and conditions of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedthis Lease; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of DefaultLessor, Lessor may at its option and without further notice to Lessee, and in addition to all any other remedies given hereunder or by available at law or in equity, do any one shall be entitled, at Lessor’s election, to the following remedies:
a. Lessor may, in accordance with Florida law, re-enter the Premises and dispossess Lessee or more its legal representatives, successors or assigns, and remove the personal property of the following: (A) terminate this AgreementLessee, at Lessee’s expense, in which event Lessor shall have the right to immediately collect from Lessee shall immediately surrender the full amount of all rent and other charges which are due or are to become due to Lessor for the remaining unexpired term of the Lease; or,
▇. ▇▇▇▇▇▇ may take possession of the Premises and sublease the same for the benefit of Lessee and collect from the Lessee all expenses of Lessor in retaking, repairing, modifying, advertising and re-letting the Premises, together with any shortfall in the amounts due and owing to Lessor; (B) enter upon Lessor pursuant to this Lease. In the event that Lessor shall re-lease the Premises and expel or remove Lessee and/or for the benefit of Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to apply any rents received from any sublessee in the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of following order: (Ai) the cost costs, including court costs and reasonable attorneys’ fees, of recovering expelling Lessee from the Premises; (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to costs of advertising the term of such terminationPremises for rent; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (Biii) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder costs of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages repairs or relief which Lessor may be entitled modifications necessary to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering place a sublessee within the Premises; (Biv) the unpaid monthly payments and all other indebtedness accrued hereunder repair of any damage to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred Premises caused by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such periodLessee; and (Fv) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations payment of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect rental amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of under this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLease.
Appears in 1 contract
Sources: Termination of Lease Agreement (Radiation Therapy Services Holdings, Inc.)
Default by Lessee. The following events shall be deemed to be events of default by Should Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above of the rentals provided for herein, or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. should Lessee shall fail to comply with any provision of the other obligations of this Agreement not requiring Lease, within ten (10) days from the payment mailing, by Lessor of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultdemanding same, Lessor may shall have the right, at its Lessor's option and without further notice (a) to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate cancel this AgreementLease, in which event Lessee there shall immediately surrender possession be due to Lessor as liquidated damages, a sum equal to the amount of the Premises guaranteed rent for one year, or alternatively at Lessor's option to Lessor; (B) enter upon the Premises be reimbursed all actual cost incurred in reentering, renovating and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the reletting said Premises; (Bb) to accelerate all rentals due for the unpaid monthly payments and all other indebtedness accrued hereunder to the unexpired remaining term of such terminationthis Lease and declare same immediately due and payable; or (Cc) to ▇▇▇ for the extent rents in intervals or as the same were not paidaccrues. The foregoing provisions are without prejudice to any remedy which might otherwise be used under the laws of Louisiana for arrears of rent or breaches of contract, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects any lien to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premisesentitled. If Lessee has taken steps to cure any default not curable in ten (10) days, such additional reasonable time as is necessary to cure such default shall be granted Lessee. Should Lessor repossesses the terminate this Lease as provided in this article, Lessor may reenter said Leased Premises and remove all persons, or personal property, without terminating this Agreement legal process, and all claims for damages by reason of such reentry are expressly waived. Lessor's failure to strictly and promptly enforce these conditions shall not operate as a waiver of Lessor's right, Lessor hereby expressly reserving the right to always enforce prompt payment of rent, or to cancel this Lease regardless of any indulgences or extensions previously granted. In the event Lessee defaults in the performance of any of the terms, covenants, agreements or conditions contained in this Lease and Lessor places the enforcement of this Lease, or any part thereof, or the collection of any rent due or to become due hereunder, or recovery of the possession of the Leased Premises in the hands of an Event of Defaultattorney, then or files suit upon the same, Lessee shall agrees to pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses reasonable attorney's fees incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Default by Lessee. The following events If LESSEE fails to repair and maintain the Aircraft, discharge all liens (except for liens created by Owner), secure all licenses or registrations, pay all taxes (except for Owner’s income tax obligations), assessments, licenses, and other fees or charges, pay all costs and expenses to be paid by LESSEE, procure and maintain insurance, all as above provided, or to perform any of the other covenants or obligations of LESSEE, OWNER, at its option, may do so, and all advances and expenses incurred by OWNER in connection therewith shall be deemed repaid by LESSEE to be events OWNER upon demand, together with interest thereon at the highest applicable rate allowed by law (but not more than one and one-half percent (1 1/2%) per month or fraction thereof) until paid. OWNER may enter upon the premises where the Aircraft is located for purpose of default by Lessee under this Agreement (each such event inspection, and may remove the Aircraft forthwith, without notice to LESSEE, if, in the reasonable opinion of default OWNER, the Aircraft is hereinafter referred to as an "Event of Default"):
A. Lessee being improperly used or maintained. If LESSEE shall fail to timely pay make any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent Regular Monthly Rental Payment or fail to pay its debts as they become any other amounts payable hereunder when the same are due and payable, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if LESSEE should default in the performance of any action of the other terms, conditions, or covenants to file a petition be performed by LESSEE hereunder, or if LESSEE should default in the performance of any of the terms, conditions, or covenants to be performed by LESSEE under any section other contracts or chapter of agreements between LESSEE and OWNER at any time, or if the United States Bankruptcy Code insurance required to be maintained hereunder shall expire or under any similar law be canceled and LESSEE shall fail to replace such insurance, or statute of if the United States or any state thereof or a petition Aircraft shall be filed misused or abandoned by LESSEE, or if LESSEE shall become insolvent, commit any act of bankruptcy, or if bankruptcy proceedings are begun by or against Lessee under any such statute LESSEE, or Lessee or may creditor of Lessee notifies Lessor that it knows such if a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest LESSEE, or if for any reason OWNER shall, in the Premises good faith, reasonably deem said Aircraft or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultitself insecure, Lessor may then OWNER, at its option and without further notice to Lesseeoption, and in addition to all and without prejudice to any other remedies given hereunder or by law or in equityremedies, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises premises where the Aircraft is located and expel or take possession of and remove Lessee and/or Lessee's Equipment therefromthe Aircraft, with or without having terminated this Agreement; notice to LESSEE, and (C) change with or re-key all locks to entrances without legal proceedings, and in removing the Aircraft, OWNER may, if permitted by law, use any of LESSEE’s licenses in respect to the Site Aircraft and Lessor OWNER may thereupon terminate this Aircraft Lease. Upon such termination, LESSEE shall have no obligation be liable to give Lessee notice thereof or to provide Lessee with a new key to OWNER and shall forthwith pay OWNER the Site. The exercise amount of OWNER’s damages caused by Lessor of LESSEE’s default(s), including, but not limited to, any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all reasonable costs and expenses incurred by Lesser OWNER in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after relettingAircraft (including, but Lessor not limited to, court costs and reasonable attorneys’ fees, where allowed by law, and transportation and storage expenses). In addition, LESSEE shall have the option to relet the whole or forthwith pay OWNER any portion other sums due under other provisions of the Premises this Aircraft Lease, including, but not limited to, past due Regular Monthly Rental Payments, reserves for any period to any tenant engine replacement, and for any use and purposelate payment fees.
Appears in 1 contract
Sources: Aircraft Lease (Nb Finance Corp)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. 21.1 Upon the occurrence happening of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: events as expressed below the Lessor shall have any and all rights and remedies hereinafter set forth in this Article XXI:
(Aa) If Lessee should fail to pay any one or more monthly installment of rent, or any other sums required to be paid hereunder, whether Additional Rent or otherwise, as and when the same becomes due, after written notice of same to Lessee and reasonable time to cure.
(b) If a petition in bankruptcy (including all proceedings under the Bankruptcy Act) be filed by or against the Lessee and such petition is not dismissed within thirty (30) days from the filing thereof;
(c) If an assignment for the benefit of creditors is made by Lessee;
(d) If any Court appoints a receiver or other Court officer of Lessee's property and such receivership is not dismissed within thirty (30) days from such appointment;
(e) If Lessee without the prior written consent of Lessor, vacates the Demised Premises or abandons possession thereof, or uses the Demised Premises for purposes other than the purposes for which the same are hereby leased, or ceases to use the Demised Premises for the purposes herein required; notwithstanding anything to the contrary in this section 21.1(e), provided Lessee is not in monetary default, is using the Premises for a permitted or Lessor consented use, not to be unreasonably withheld, and is paying rent, this section is null and void.
(f) If Lessee violates any other term, condition or covenant of Lessee herein contained, and fails to commence and proceed with diligence and dispatch to remedy the same within ten (10) days after written notice thereof is given by Lessor to Lessee.
21.2 Upon any such default or breach as specified above, Lessor may terminate this AgreementLease on three (3) days prior notice to Lessee, and re-enter and take possession of the Demised Premises with or without legal process. Upon any such default or breach, Lessor may from time to time, without terminating this Lease, re-enter and re-let the Demised Premises, or any part thereof, with or without legal process, or re-enter and correct any default or breach by Lessee as the agent and for the account of Lessee upon such terms and conditions as Lessor may deem advisable or satisfactory, in which event the rents received on such re-letting and collection including necessary renovations and alterations of the Demised Premises, cleaning expenses, reasonable attorneys' fees and any real estate commissions or any costs of making corrections or repairs shall accrue as Additional Rent. If a sufficient sum shall not be thus realized to pay such sums and other charges, Lessor's may demand, (i) Lessee pay to Lessor any deficiency monthly notwithstanding Landlord may have received rental in excess of the rental stipulated in this Lease in previous or subsequent months, and Lessor may bring an action therefor as such monthly deficiency shall arise, or (ii) the entire unpaid rent and other charges reserved in this Lease for the remaining Term be immediately surrender due and payable by Lessee. Nothing herein, however, shall be construed to require Lessor to pay Lessee any surplus of any sums received by Lessor on a re-letting of the Demised Premises in excess of the rent provided in this Lease.
21.3 Upon termination or breach of this Lease or re-entry upon the Demised Premises for any reason set forth herein or where the same is permitted by law, the Minimum Base Rents for the balance of the Term plus any renewal or extension thereof, plus any Additional Rent or indebtedness due Lessor, plus a 10% surcharge for legal fees and costs of collection, and other indebtedness, if any, shall become immediately due and payable, at the option of the Lessor, and without regard to whether or not possession of the Demised Premises shall have been surrendered to Lessor; (B) enter upon or accepted by Lessor and Lessor may commence action immediately thereupon and recover judgement therefor.
21.4 Lessor shall have the right to remove all or any part of Lessee's property from the Demised Premises and expel or remove Lessee and/or any property so removed may be stored at the cost of and for the account of Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation not be responsible for the care or safekeeping thereof, and Lessee hereby waives claim against Lessor for any and all loss, destruction and/or damage or injury which may be occasioned by any of the aforesaid acts.
21.5 No re-entry or taking possession of the Demised Premises by Lessor shall be construed as an election by Lessor to give Lessee terminate this Lease unless a written notice thereof of such intention is given to Lessee. Notwithstanding any such re-letting without termination, Lessor may at all times thereafter, elect to terminate this Lease for such previous default or breach. Any re-entry shall be allowed without hindrance, and Lessor shall not be liable in damages for any such re-entry, nor guilty of trespass nor forcible entry.
21.6 Any rental which may be due Lessor, whether by acceleration or otherwise, as herein provided in this Article XXI, shall include the rent provided in Article III as well as the Additional Rent payable as provided in this Lease.
21.7 Any and all rights, remedies and options given in this Lease to provide Lessee with a new key Lessor shall be cumulative, in addition to the Site. and without waiver of or in derogation of any right or remedy given to it under any law now or hereafter in effect.
21.8 The exercise waiver by Lessor of any one breach of any term, condition or more remedies hereunder covenant herein contained in a singular instance shall not constitute an acceptance be deemed to be a waiver of such term, condition or covenant for the duration of the surrender Lease. The consent or approval by Lessor to or of the Premises any act by Lessee requiring Lessor's consent or approval in a single instance shall not be deemed to waive or render unnecessary Lessor's consent or approval to or of any subsequent or similar act by Lessee. Lessee acknowledges that a surrender No re-entry hereunder shall bar the recovery of rents or damages for the breach of any of the Premises can be effected only terms, conditions or covenants by a written agreement between Lessor and LesseeLessee herein contained. If Lessor terminates this Agreement by reason The receipt of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering rent after breach or otherwise putting the Premises into a condition acceptable to a new tenant broken, or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received delay by Lessor through reletting the Premises during such period; and (F) to enforce any other damages or relief which Lessor may be entitled to at law or in equity. Lessee right hereunder, shall not be entitled deemed a waiver or forfeiture, or a waiver of the right of Lessor to any excess rent obtained by Lessor reletting annul this Lease or to re-enter the Premises. Demised Premises or to re-let same.
21.9 If Lessor repossesses or Lessee employs an attorney to collect any rents or other sums due hereunder or to enforce the Premises without terminating this Agreement performance of any obligation hereunder, or on account of the breach by reason the other party of an Event of Defaultany term condition or covenant hereof, then Lessee the non-prevailing party shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments all reasonable costs and all other indebtedness accrued hereunder to the date expenses of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remediesaction, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after relettingincluding, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposenot limited to, attorney's fees.
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Tower, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the Premises case of involuntary proceedings, are not dismissed or for stayed within 30 days of the commencement thereof), or if the leasehold estate created hereby shall be taken on execution or by any process of law, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may, at its option, terminate this Lease without notice, and declare all amounts due or a substantial to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Tower by reasonably necessary force, summary proceedings, or otherwise, and remove all persons and properly therein, without being liable to indictment, prosecution, or damage therefor, and Lessee hereby expressly waives the service of any notice in writing of intention to reenter said Tower. Lessor may, in addition to any other remedy provided by law or permitted herein, at its option, relet the Tower (or any part thereof) on behalf of Lessee's assets, applying any monies collected first to the payment of expenses of resuming or obtaining possession, and, second, to the payment of the costs of placing the premises in rentable condition, including any leasing commission, and, third, to the payment of rent due hereunder, and any other damages due to the Lessor. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice Any surplus remaining thereafter shall be paid to Lessee, and Lessee shall remain liable for any deficiency in addition rental, the amount of which deficiency shall be paid upon demand therefor to all Lessor.
(b) Should Lessor re-enter and terminate according to the provisions of this subparagraph, Lessor may remove and store the Lessee's Property at the expense and for the account of Lessee. Alternatively, Lessor may sell, or cause to be sold, Lessee's Property at public sale to the highest bidder for cash, and remove from the proceeds of such sale any rent or other remedies given hereunder or by law or in equity, do any one or more payment then due Lessor under this Lease. Any disposition of the following: (A) terminate this Agreement, Lessee's Property pursuant thereto shall be subject to the rights of any lender to Lessee holding a mortgage on Lessee's Property and shall be made in which event Lessee shall immediately surrender possession a manner that is commercially reasonable within the meaning of the Premises to Lessor; (B) enter upon Uniform Commercial Code as in effect in the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to State of Florida at the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term time of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposedisposition.
Appears in 1 contract
Default by Lessee. The following events actions shall constitute a default by Lessee: (1) failure to make any rental payment, including prorated increases in the cost of Real Estate Taxes, Common Area Maintenance, Insurance and any other payments due hereunder (hereinafter "rents") within fifteen (15) days after the same shall become due; (2) abandonment of the Demised Premises; (3) breach or failure to perform any of the terms or conditions of this Lease other than the payment of rents, as defined in (1) above, which if such breach or failure to perform shall continue after the expiration of thirty (30) days from date the Lessor gives notice to Lessee of such breach or failure to perform; provided, however, that if such breach or failure to perform is of such a nature that it cannot be reasonably corrected within thirty (30) days , then no breach or failure to perform shall be deemed to be events have occurred if the Lessee promptly, upon receipt of the notice, commences the curing of the breach or failure to perform and diligently prosecutes the same to completion. In the event of any default by Lessee as defined herein, the Lessor shall have the immediate right to end Lessee's right of possession under this Agreement Lease, and to re-enter and remove all persons and property from the Demised Premises, and to dispose of any such property, all without service of notice to Lessee or resort to legal process, and without Lessor being liable for any loss which may be occasioned thereby. Should Lessor elect to re-enter, as herein provided, or should Lessor take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Lessor may make such alterations and repairs thereof which Lessor in its sole discretion may deem advisable, and Lessor may re-let the Demised Premises for such term or terms (which may be for a term extending beyond the term of this Lease or any extensions or renewals thereof) and at such rental or rentals and upon such other terms and conditions as Lessor in its sole discretion may deem advisable. Upon each such event of default is hereinafter referred reletting, any rentals received by Lessor from such reletting shall be applied, first, to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyany indebtedness other than rents, all as defined in (1) above, due thereunder from Lessee to Lessor; second, to the payment of which provisions any costs and expenses of such reletting, including brokerage fees, attorney's fees, costs and expenses of litigation reasonably incurred and the cost of alterations and repairs; third, to the payment of rents, as defined in (1) above, due and unpaid hereunder; and the residue, if any, shall be deemed materialheld by Lessor and applied in payment of future rents, and as defined in (1) above, to be paid during that month by Lessee hereunder. Lessee shall pay the cost any deficiency to Lessor. No such failure re-entry or taking of possession of the Demised Premises by Lessor shall continue for be construed as an election on its part to terminate this Lease in its entirety unless a period of twenty days after written notice of such default is delivered termination be given to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file unless the termination be decreed by a petition under any section or chapter court of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under competent jurisdiction. Notwithstanding any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultreletting without termination, Lessor may at any time thereafter elect to terminate this Lease in its option and without further notice to entirely for any default by Lessee. Should Lessor terminate this Lease in its entirety, and for any such default, in addition to all any other remedies given hereunder or by law or in equityit might have, do any one or more of the following: (A) terminate this Agreement, in which event Lessor may recover from Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and damages that Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement may incur by reason of an Event of Defaultsuch default including, Lessee shall pay to Lessor the sum of but not limited to, any then due and unpaid rents, as defined in (A1) above, the cost of recovering the Premises; Demised Premises and reasonable Attorney's fees. Should Lessor at any time end Lessee's right of possession for any default by Lessee, (B) as hereinbefore provided), without termination of the unpaid monthly payments and Lease in its entirety, in addition to any other remedies it might have, Lessor may recover from Lessee all other indebtedness accrued hereunder to the term damages that Lessor may incur by reason of such termination; default, including but not limited to, any then due and unpaid rents, as defined in (C1) to the extent the same were not paidabove, the cost of repairingrecovering the Demised Premises, altering or otherwise putting reasonable attorney's fees, and the Premises into a condition acceptable to a new tenant or tenants balance of the rents as defined in (if Lessor elects to so relet1) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement above unpaid for the remainder of the termterm hereof, minus all of which amounts shall be immediately due and payable from Lessee to Lessor. Further, upon breach or threatened breach by Lessee of any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provision of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the PremisesLease, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option right of injunction as if other remedies were not provided for herein. Notwithstanding anything in this lease as may be contained to relet the whole contrary, in the event of default under this Lease by Lessee, Lessee shall have any and all rights and remedies with respect to default under Florida State, Federal, Municipal, County, City or other applicable law or statutes and in no event shall Lessee waive any portion of those rights or remedies as contemplated herein excepting waiver of trial by jury, and the Premises for right to interplead any period to any tenant and for any use and purposeclaims, notwithstanding that the provisions of this lease shall take precedent.
Appears in 1 contract
Sources: Lease Agreement (Cfi Mortgage Inc)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. If Lessee shall fail at any time be in default in the payment of rent or other charges or in the performance of any of its agreements hereunder, and if such default relates to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty fail to remedy it within seven (7) days after written notice of such default is delivered by Lessor to Lessee;
C. , or if the default relates to matters other than the payment of money, fails to commence to remedy it within fifteen (15) days after written notice of such default by Lessor to Lessee shall become insolvent and thereafter diligently to pursue correction thereof, or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if a receiver of any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor property of Lessee notifies Lessor that it knows such a petition will on the premises be filed appointed, or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold ’s interest in the Premises premises is levied upon by legal process, or Lessee be adjudged bankrupt, and Lessee fails within ten (10) days to commence, and thereafter diligently to pursue, proceedings for the vacation of such appointment, levy, or adjudication, or if Lessee shall dispose of all or substantially all of its assets in bulk in a substantial part transaction not involving an assumption of Lessee's ’s obligations hereunder by the purchaser of such assets. Upon , or make an assignment for the occurrence benefit of an Event of Defaultits creditors then, Lessor may at its option and in any such instance, without further notice to Lessee, Lessor may enter upon the premises notwithstanding the provisions of this Lease, and in addition to all other remedies given hereunder or by law or in equitythe event of such entry, do any one or more of the following: (ALessor may either:
a) terminate Terminate this AgreementLease, in which event the obligations of Lessee hereunder shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromcease, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances prejudice however to the Site and right of Lessor shall have no obligation to give recover from Lessee notice thereof for rent or to provide Lessee with a new key otherwise to the Site. The exercise by Lessor date of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lesseeentry. If Lessee be adjudicated a bankrupt, Lessor terminates this Agreement by reason of an Event of Defaultshall, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term in lieu of such termination; (C) liquidated damages, be allowed a claim in the bankruptcy proceeding for future rent to the extent permitted by bankruptcy laws; or
b) Enter upon the leased premises without terminating this Lease and relet the same were not paid, in its own name for the cost account of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement Lessee for the remainder of the termterm (and thereafter for its own account) at the best rent then attainable, minus and immediately recover from Lessee any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement deficiency for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration balance of the term of this Agreement. Upon termination of this Agreement or repossession of between the Premises due to an Event of Default, Lessor shall not be obligated to amount for which the premises was relet or attempt to relet and the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeprovided hereunder.
Appears in 1 contract
Sources: Lease Agreement (Arhaus, Inc.)
Default by Lessee. The 15.1 Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as constitute an "Event of Default")::
A. (a) if default shall be made by Lessee in the making of any Rent, Reserve Rate, or Supplemental Rent payment within five (5) Business Days after the date when such payment is due and payable under this Agreement; or
(i) if default shall fail to timely pay be made by Lessee at any monthly rental payment as referenced time in paragraph 3 above the procurement or maintenance of any insurance coverage prescribed herein or (ii) any insurance which may be maintained by Lessor, Head Lessor or the Bank under Article 11.4 is canceled or terminated or notice of cancellation is given; or
(c) if default shall be made by Lessee in the observance or performance of any of the other sum obligations of money due hereunder and Lessee contained in this Agreement and, if such failure default is in the opinion of Lessor capable of remedy, such default shall continue for a period of ten days;fifteen (15) Business Days after notice from Lessor to Lessee specifying the default and requiring that the same be remedied; or
B. (d) if any representation or warranty made (or deemed to be repeated) by Lessee shall fail in or pursuant to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall or in any document or certificate or statement referred to in or delivered under this Agreement is or proves to have been incorrect in any material respect when made or deemed to be deemed material, repeated and such failure incorrectness, if capable of being cured, shall continue for fifteen (15) Business Days after notice from Lessor specifying such incorrectness; or
(e) if any borrowed money of Lessee or any of its subsidiaries having an outstanding principal amount in excess of $4,000,000 (Dollars Four Million) is not paid when due, or by reason of breach or default under the terms of any instrument evidencing or guaranteeing the same on the part of Lessee or any of its subsidiaries any such borrowed money having an outstanding principal amount in excess of $4,000,000 of Lessee or any of its subsidiaries becomes due or capable of being declared due prior to the date when it would otherwise have become due, or the security for any such borrowed money or any guarantee in respect thereof becomes enforceable; or
(f) if an encumbrancer takes possession or a period receiver, administrator, administrative receiver, trustee, liquidator or similar officer is appointed of twenty days after written notice the whole or any substantial part of such default the assets, rights or revenues of Lessee or any of its subsidiaries or a distress, execution, sequestration or other process is delivered levied or enforced upon or sued out against all or a substantial part of the assets, rights or revenues of Lessee or any of its subsidiaries and is not discharged within fourteen days, or Lessee applies for or consents to Lessee;the appointment of a receiver, administrator, administrative receiver, trustee, liquidator or similar officer for it or for all or any part of its assets, rights or revenues; or
C. (g) if Lessee shall become insolvent or fail any of its subsidiaries suspends payment of its debts, or is unable or admits its inability to pay its debts as they become due fall due, or shall be adjudicated or found, or becomes, bankrupt or insolvent, or proposes or enters into any composition or other arrangement for the benefit of its creditors generally, or Lessee notifies Lessor that it anticipates either condition;or any of its subsidiaries shall, by voluntary petition, answer or consent, seek relief under the provisions of any bankruptcy, insolvency or other similar law providing for the reorganization, liquidation, administration, dissolution or winding-up of corporations, or providing for an agreement, composition, extension or adjustment with its creditors; or
D. Lessee takes any action to file (h) if a petition against Lessee in a proceeding under any section applicable bankruptcy or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition other insolvency laws shall be filed against Lessee under and shall not be withdrawn or dismissed within 30 days thereafter, or if any such statute order shall be made by any competent court or resolution passed by Lessee or may creditor any of its subsidiaries or their respective board of management or supervisory board, whichever is competent to pass such resolution for the winding-up or dissolution of Lessee notifies Lessor that it knows such or any of its subsidiaries or for the appointment of a petition will be filed liquidator, trustee or Lessee notifies Lessor that it expects such a petition to be filedconservator, save for winding-up or dissolution for the purposes of amalgamation or reorganization (not involving or arising out of insolvency) the terms of which shall have received the prior written approval of Lessor; or
E. A receiver (i) if Lessee or trustee shall be appointed for Lessee's leasehold interest in the Premises or for any of its subsidiaries disposes of all or a substantial material part of Lessee's its assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or whether by law or in equity, do any one or more a series of transactions, related or not, other than for the purpose of a reconstruction or amalgamation the terms of which have received the previous consent in writing of Lessor; or
(j) if any action shall be taken by Lessee which shall impair the title or ownership of Lessor (or Head Lessor), or the Security Interest of the following: (A) terminate this AgreementBank, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel Aircraft or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement is or becomes wholly or partly invalid, ineffective or unenforceable by reason of an Event any act or omission of DefaultLessee; or
(k) if any consent, authorization, license, certificate or approval of or registration with or declaration to any Government Entity in connection with this Agreement including, without limitation:
(i) any Certificate of Public Convenience and Necessity; or
(ii) required by Lessee shall pay or as a condition precedent required by Lessor pursuant to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder Article 2.3 to the term of such termination; (C) to the extent the same were not paidauthorize, or in connection with, the cost of repairingexecution, altering delivery, validity, enforceability or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser admissibility in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination evidence of this Agreement or repossession the performance by Lessee of its obligations under this Agreement; or
(iii) the registration of the Premises due Aircraft; or
(iv) any airline license or air transport license; is changed such that it materially impairs the ability of Lessee to an Event of Defaultperform its obligations hereunder, Lessor shall or is withheld, or is revoked, suspended, canceled, withdrawn, terminated or not renewed, or otherwise ceases to be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.in full force; or
Appears in 1 contract
Default by Lessee. The following events If LESSEE fails to repair and maintain the Aircraft, discharge all liens (except for liens created by Owner), secure all licenses or registrations, pay all taxes (except for any sales tax due on OWNER’s purchase of the Aircraft and any of Owner’s income tax obligations), assessments, licenses, and other fees or charges, pay all costs and expenses to be paid by LESSEE, procure and maintain insurance, all as above provided, or to perform any of the other covenants or obligations of LESSEE, OWNER, at its option, may do so, and all advances and expenses incurred by OWNER in connection therewith shall be deemed repaid by LESSEE to be events OWNER upon demand, together with interest thereon at the highest applicable rate allowed by law (but not more than one and one-half percent (1.5%) per month or fraction thereof) until paid. OWNER may enter upon the premises where the Aircraft is located for purpose of default by Lessee under this Agreement (each such event inspection, and may remove the Aircraft forthwith, without notice to LESSEE, if, in the reasonable opinion of default OWNER, the Aircraft is hereinafter referred to as an "Event of Default"):
A. Lessee being improperly used or maintained. If LESSEE shall fail to timely pay make any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent Regular Monthly Rental Payment or fail to pay its debts as they become any other amounts payable hereunder when the same are due and payable, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if LESSEE should default in the performance of any action of the other terms, conditions, or covenants to file a petition be performed by LESSEE hereunder, or if LESSEE should default in the performance of any of the terms, conditions, or covenants to be performed by LESSEE under any section other contracts or chapter of agreements between LESSEE and OWNER at any time, or if the United States Bankruptcy Code insurance required to be maintained hereunder shall expire or under any similar law be canceled and LESSEE shall fail to replace such insurance, or statute of if the United States or any state thereof or a petition Aircraft shall be filed misused or abandoned by LESSEE, or if LESSEE shall become insolvent, commit any act of bankruptcy, or if bankruptcy proceedings are begun by or against Lessee under any such statute LESSEE, or Lessee or may creditor of Lessee notifies Lessor that it knows such if a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest LESSEE, or if for any reason OWNER shall, in the Premises good faith, reasonably deem said Aircraft or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultitself insecure, Lessor may then OWNER, at its option and without further notice to Lesseeoption, and in addition to all and without prejudice to any other remedies given hereunder or by law or in equityremedies, do any one or more of the following: (Aa) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) may enter upon the Premises premises where the Aircraft is located and expel or take possession of and remove Lessee and/or Lessee's Equipment therefromthe Aircraft, with or without having terminated this Agreement; notice to LESSEE, and (C) change with or re-key all locks to entrances without legal proceedings, and in removing the Aircraft, OWNER may, if permitted by law, use any of LESSEE’s licenses in respect to the Site and Lessor shall have no obligation to give Lessee notice thereof Aircraft, and/or (b) may terminate this Aircraft Lease, and/or (c) may sell, lease or to provide Lessee with a new key to the Site. The exercise by Lessor otherwise dispose of all or any one or more remedies hereunder shall not constitute an acceptance part of the surrender Aircraft at public or private sale, with or without advertisement or publication, with or without notice to LESSEE, and with or without legal proceedings; provided that such sale is conducted in accordance with the requirements of applicable law. Upon such termination, LESSEE shall be liable to OWNER and shall forthwith pay OWNER the Premises amount of OWNER’s damages caused by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of DefaultLESSEE’s default(s), Lessee shall pay to Lessor the sum of including, but not limited to, (Aa) the cost of recovering the Premises; (B) the unpaid monthly payments any and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all reasonable costs and expenses incurred by Lesser OWNER in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder repossession or disposition of the termAircraft (including, minus any net sums thereafter received but not limited to, court costs and reasonable attorneys’ fees, where allowed by Lessor through reletting the Premises during such period; law, and transportation and storage expenses), plus (Fb) any other sums due under other provisions of this Aircraft Lease, including, but not limited to, past due Regular Monthly Rental Payments, reserves for engine replacement, and late payment fees, plus (c) as liquidated damages or relief which Lessor may be entitled to for loss of a bargain and not as a penalty, and in lieu of any further payments of rent, the stipulated loss value of the Aircraft as of the month preceding the date of OWNER’s demand as shown on the Amortization Schedule attached hereto and incorporated herein as Annex “B”, plus (d) interest at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses rate of 18% per annum on the Premises without terminating this Agreement by reason total of an Event the foregoing from the date of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder demand to the date of such repossession; payment (C) and the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees parties acknowledge that the foregoing money damage calculation reasonably reflects OWNER’s anticipated loss with respect to the Aircraft and court costs; (B) this Lease resulting from the total monthly payments event of default and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term termination of this AgreementLease due to such default by LESSEE). Lessee If OWNER actually repossesses the Aircraft, then OWNER shall not be entitled required to any excess rent obtained by Lessor reletting the Premisessell, Actions to collect amounts due by Lessee may be brought on one lease or more occasions without the necessity of Lesson's waiting until the expiration otherwise dispose of the term Aircraft prior to OWNER enforcing any of the remedies described above. OWNER may sell, lease or otherwise dispose of the Aircraft in any manner it chooses so long as such disposition is conducted in accordance with the requirements of applicable law, free and clear of any claims or rights of LESSEE and without any duty to account to LESSEE with respect thereto except as provided below. If OWNER actually sells or leases the Aircraft pursuant to the remedies provided above in this Article 9A, then OWNER will credit the net proceeds of any sale of the Aircraft, or the net present value (discounted at the then current LIBOR plus 300 basis points) of the rents payable under any new lease of the Aircraft, against and up to (but not exceeding) the amounts payable by LESSEE under any of the preceding paragraphs of this Agreement. Upon termination of this Agreement Article 9A and any other amounts LESSEE owes OWNER hereunder, or repossession of the Premises due will reimburse LESSEE for and up to an Event of Default, Lessor shall (but not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeexceeding) LESSEE’s payment thereof.
Appears in 1 contract
Sources: Aircraft Lease (Nb Finance Corp)
Default by Lessee. The following events shall be deemed If Lessee fails to be events make payments within ten (10) ----------------- days of default by date due and such failure continues for five (5) days after written notice from Lessor, Lessee is adjudged bankrupt or insolvent, makes a transfer in fraud of creditors, makes an arrangement for the benefit of creditors; institutes voluntary bankruptcy or insolvency proceedings or consents to the filing of a bankruptcy or insolvency proceeding or files a petition or answer or consent seeking reorganization or liquidation under any bankruptcy or similar laws; a receiver or trustee is appointed for substantially all of the assets of Lessee or for Lessee's leasehold interest in this Agreement Lease, or; any representation, warranty, or covenant of Lessee herein is untrue, false, or misleading at any time; or Lessee fails to comply with any other term of this Lease after receipt of written notice from Lessor, and does not cure such other failure within thirty (30) days of such written notice, or does not commence to cure within thirty (30) days and complete such cure within ninety (90) days of such written notice (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee ); then Lessor shall fail have the option to timely pay any monthly rental payment as referenced in paragraph 3 above terminate this Lease or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, or all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this AgreementSchedules, in which event Lessee shall immediately surrender possession of the Premises to Lessor; leased premises within ten (B10) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromdays, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key pursue any other remedy available to the SiteLessor under this Lease or otherwise provided by law or equity. The exercise by Lessor of may also apply any one or more remedies hereunder shall not constitute an acceptance all of the surrender of the Premises by Lesseedeposit or prepaid rent to cure a default. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of Upon an Event of Default, Lessee shall pay to Lessor the sum of of: (A) the cost of recovering the Premises; (Ba) the unpaid monthly payments rent and all other indebtedness accrued amounts payable hereunder to through the term date of such terminationEvent of Default; (Cb) to the extent the same were not paid, the cost of repairing, altering altering, or otherwise putting the Premises leased premises into a condition acceptable to a new tenant lessee or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses")lessees; (Dc) all expenses incurred by Lesser Lessor in enforcing Lessor's its remedies, including reasonable attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fd) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) liable for all expenses incurred by Lessor in enforcing for recovery, and repossession by Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will actions shall not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lease unless Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of terminates this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLease.
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Leased Premises, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the case of involuntary proceedings, are not dismissed or stayed within 30 days of the commencement thereof), or if the leasehold estate created hereby shall be taken on execution or by any process of law, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may, at its option, terminate this Lease without notice, and declare all amounts due or to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Leased Premises by reasonably necessary force, summary proceedings, or for otherwise, and remove all persons and properly therein, without being liable to indictment, prosecution, or a substantial damage therefor, and Lessee hereby expressly waives the service of any notice in writing of intention to reenter said Leased Premises. Lessor may, in addition to any other remedy provided by law or permitted herein, at its option, relet the Leased Premises (or any part thereof) on behalf of Lessee's assets, applying any monies collected first to the payment of expenses of resuming or obtaining possession, and, second, to the payment of the costs of placing the premises in rentable condition, including any leasing commission, and, third, to the payment of rent due hereunder, and any other damages due to the Lessor. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice Any surplus remaining thereafter shall be paid to Lessee, and Lessee shall remain liable for any deficiency in addition rental, the amount of which deficiency shall be paid upon demand therefor to all Lessor.
(b) Should Lessor re-enter and terminate according to the provisions of this subparagraph, Lessor may remove and store the Lessee's Property at the expense and for the account of Lessee. Alternatively, Lessor may sell, or cause to be sold, Lessee's Property at public sale to the highest bidder for cash, and remove from the proceeds of such sale any rent or other remedies given hereunder or by law or in equity, do any one or more payment then due Lessor under this Lease. Any disposition of the following: (A) terminate this Agreement, Lessee's Property pursuant thereto shall be subject to the rights of any lender to Lessee holding a mortgage on Lessee's Property and shall be made in which event Lessee shall immediately surrender possession a manner that is commercially reasonable within the meaning of the Premises to Lessor; (B) enter upon Uniform Commercial Code as in effect in the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to Commonwealth of Pennsylvania at the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term time of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposedisposition.
Appears in 1 contract
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in which event Lessee shall immediately surrender Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the Premises by Lesseesole option of LESSOR. Lessee acknowledges that a surrender of the Premises can In addition, LESSEE shall be effected only by a written agreement between Lessor liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Premises, and any reletting shall be done by LESSOR as agent for LESSEE. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering possession and reletting the same, which difference shall either (a) accrue and be payable
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease. This Lease shall remain in full force and effect and shall not be terminated unless LESSOR so elects in writing.
Appears in 1 contract
Sources: Commercial Lease
Default by Lessee. The occurrence of any one or more of the following events shall constitute a default and breach of the Lease by Lessee.
(a) The vacating or abandonment of the Leased Premises by Lessee. Such vacating or abandonment shall be deemed to have occurred upon the absence of the Lessee from the Leased Premises for ten (10) consecutive days while Lessee is in default in the payment of any sum to be events of default paid by Lessee under this Agreement hereunder, during the term of the Lease or any renewals or extensions thereof.
(each such event b) The failure by Lessee to make any payment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above Monthly Rental, Additional Rental or Forecast Additional Rental or any other sum of money due payment required to be made by Lessee hereunder as /s/ /s/ ---------------------------------- ------------------------------------- Lessor Lessee and when due, provided such failure shall continue for a period of ten days;(10) business days after written notice thereof by Lessor to Lessee.
B. (c) The failure by Lessee shall fail to comply with observe or perform any provision of the covenants, conditions or provisions of this Agreement not requiring Lease to be observed or performed by the payment of moneyLessee, all of which provisions shall be deemed materialother than described in Paragraph 13(a) and (b) above, and where such failure shall continue for a period of twenty thirty (30) days after written notice of such default is delivered thereof by Lessor to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor ; provided, however, that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of if the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part nature of Lessee's assets. Upon the occurrence of an Event of Defaultdefault is such that more than thirty (30) days are reasonably required for its cure, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. then Lessee shall not be entitled deemed to be in default if Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion.
(d) The making by Lessee, or any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason guarantor of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing LessorLessee's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received obligations under this Agreement Lease, of any general assignment or general arrangement for the remainder benefit of creditors; or the termfiling by or against Lessee, minus or any net sums thereafter received by Lessor through reletting guarantor of Lessee's obligations under this Lease, of a petition to have Lessee, or any guarantor of Lessee's obligations under this Lease, adjudged a bankrupt, or a petition for reorganization or arrangement under any laws relating to bankruptcy (unless, in the Premises during such periodcase of a petition filed against Lessee, or any guarantor of Lessee's obligations under this Lease, the same is dismissed within thirty (30) days); and (F) any other damages or relief which Lessor may be entitled the appointment of a trustee or a receiver to take possession of substantially all of Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Leased Premises or any portion thereof of interests in this Lease, where possession is not restored to Lessee within thirty (30) days; or to collect rent after relettingthe attachment, but Lessor shall have execution or other judicial seizure of substantially all of Lessee's assets located at the option to relet the whole Leased Premises or any portion of the Premises for any period to any tenant and for any use and purposeLessee's interest in this Lease, where such seizure is not discharged in thirty (30) days.
Appears in 1 contract
Sources: Office Lease Agreement (Applied Science Fiction Inc)
Default by Lessee. The 6.1 In addition to any other right or remedy available to it, the Lessor shall have the same rights and remedies in respect of default of any payment of any amount to be paid by the Lessee to the Lessor under the terms of this Lease as the Lessor would have in the case or default in payment of rent, notwithstanding that such payment may not be described as a payment of rent.
6.2 Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as called an "Event of Default"):) shall be a default hereunder by Lessee and a breach of this Lease:
A. 6.2.1 if Lessee shall fail to timely pay violate any monthly rental payment as referenced in paragraph 3 above covenant or any other sum of money due hereunder and such failure shall continue agreement providing for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyrent, all including Minimum Rent or Additional Rent;
6.2.2 if Lessee shall assign, transfer, encumber, sublet or permit the use of which provisions the Premises by others except in a manner herein permitted;
6.2.3 if Lessee becomes insolvent or shall be deemed materialadjudicated a bankrupt or make a general assignment for the benefit of creditors or take or attempt to take the benefit of any insolvency or bankruptcy legislation, and such failure or if any order shall continue be made for a period the winding-up of twenty days after written notice Lessee or other termination of such default is delivered to the corporate existence of Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file 6.2.4 if a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for the property of Lessee or any part thereof;
6.2.5 if any execution be issued pursuant to a judgment rendered against Lessee's leasehold interest in ;
6.2.6 save where otherwise permitted hereunder if any person other than Lessee has or exercises the Premises right to manage or for all control the Premises, any part thereof, or a substantial part any of the business carried on therein other than subject to the direct and full supervision and control of Lessee's assets. Upon ; Initials: ______/______/__________ Lessor/Lessee/Indemnifer
6.2.7 if Lessee shall be in default in fulfilling any of the occurrence other covenants and condition of an this Lease and such default shall continue for 15 days after written notice thereof from Lessor to Lessee.
6.3 During the continuance of any such Event of Default, Lessor may may, at its option option, terminate this Lease by giving to Lessee a written notice of its intention, and the term hereof shall expire at noon upon the fifteenth day following the date upon which such notice is given as fully and completely as if that day were the date fixed for the expiration of the term without the necessity of further notice or legal process whatsoever provided always, however, that Lessee shall remain liable to pay all amounts and damages then due or to become due, including the liquidated damages as hereinafter provided. Lessee upon such a termination of this Lease shall thereupon quit and surrender the Premises to Lessor or if not yet in possession shall no longer have any right to possession of the Premises. Lessor, its agent and servants, may immediately, or at any time thereafter, re-enter the Premises and dispossess Lessee, and in addition to remove any and all other remedies given hereunder persons and any or all property therefrom, either by summary dispossession proceedings or by law any suitable action or proceeding at law, or by force or otherwise, without being liable to prosecution or damages therefor. In any such Event of Default, save in equityEvent of Default 6.2.3, do 6.2.4 and 6.2.6 hereof, the Lessee shall be entitled to remedy the Event of Default after the Lessor has given its termination notice, provided that it remedies the Event of Default within the fifteen day period set forth in the preceding paragraph. Lessee specifically acknowledges that without prejudice to any one other right or more remedy, Lessor may, after the giving of the following: (A) notice herein above referred to, cease to furnish any services hereunder and without limiting the foregoing may terminate this Agreement, in which event or interrupt electrical service to the Premises.
6.4 In any of the foregoing cases Lessee shall immediately surrender possession pay any and all monies payable under this Lease up to an including the day of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change such termination or re-key all locks to entrances to entry whichever shall be the Site later. In addition there shall immediately become due an payable in one lump sum as liquidated damages and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with not a new key to penalty the Siteaggregate rental for a period of eight (8) months being the estimated time required for re-leasing the Premises or, if less than eight (8) months remain of the term hereof, the aggregate of rental for the unexpired portion of the term. Initials: ______/______/__________ Lessor/Lessee/Indemnifer
6.5 The exercise by Lessor of any one right it may have hereunder or more remedies hereunder by law shall not constitute an acceptance preclude the exercise by Lessor of the surrender of the Premises any other right it may have hereunder or by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, law.
6.6 Lessee shall pay to Lessor interest compounded monthly on all rents and or amounts collectible as rent under the sum terms of this Lease not paid when due at a rate per annum of five (A5) percentage points above the cost prime lending rate at the principal branch of recovering Lessor's bank on the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term due dates of such termination; (C) to the extent the same were not paid, the cost of repairing, altering rents or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeamounts.
Appears in 1 contract
Default by Lessee. The following All covenants and agreements herein made and obligations assumed are to be construed also as condition and these presents are agreed to upon the express condition that if Lessee should fail to pay when due any of the aforesaid installments of rent or late charges, or should fail to perform or observe any of the covenants, agreements or obligations herein made or assumed by Lessee, or if Lessee shall become insolvent or bankrupt, recast or modify Lessee's debts or obligations or delay payment thereof or if any assignment be made of Lessee's property for the benefit of creditors then and thenceforth, in any said events this Lease may be forfeited and thereby becomes null and void at the option of the Lessor and the Lessor may immediately or at any time thereafter reenter said Leased Premises, or any part thereof in the name of whole or repossess and have the same as of Lessor's former estate and remove therefrom all goods and chattels not thereto property belonging, and expel said Lessee and all other persons who may be in possession of said Leased Premises and that to, without demand or notice. It is agreed however, that the monthly installment of rent provided for above shall not be deemed to be events of in default by Lessee under this Agreement until five (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty 5) days after written notice of default has been given to Lessee and the no default shall be declared for the failure to perform or observe any of the other covenants, agreements or obligations made or assumed by the Lessee until said Lessee is given notice in writinq of such default is delivered to Lessee;
C. Lessee breach, and shall become insolvent or fail to pay its debts as they become due perform the agreement called for, or remove the default within five (5) days after mailing of such notice by Lessor. In the event Lessor shall exercise the aforesaid option to terminate, he shall be entitled to receive from the Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter thereafter the diffence in rental, herein reserved for the unexpired portion of the United States Bankruptcy Code or under term and any similar law or statute lesser net amount which Lessor, in the exercise of reasonable diligence, is able to procure for the unexpired portion of the United States or any state thereof or term, each monthly difference being a petition shall be filed against Lessee under any such statute or Lessee separate cause of action, which may or may creditor of not be accumulated and joined in one action at Lessor's option. This right so reserved by the Lessor and granted by Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial constitute an essential part of Lesseethe consideration for the Lessor's assets. Upon agreement to Lease the occurrence of an Event of Default, Lessor may at its option and without further notice said premises to Lessee, and the said reserved right may be exercised in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate contingencies provided for by this AgreementLease, in which event Lessee shall immediately surrender possession that is to say for the violation and non-observance of any of the Premises undertakings to Lessor; (B) enter upon be kept, observed, or performed by the Premises and expel Lessee, its successors, or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeassigns.
Appears in 1 contract
Sources: Lease Agreement (Global Entertainment Holdings/Equities Inc)
Default by Lessee. The following events shall be deemed If, with respect to be events any Site Space, Lessee fails to pay rent hereunder within ten (10) days after Lessor provides Lessee with a written notice regarding such breach, or Lessee breaches Section 5(d) above by not ceasing any objectionable interference at a Premises Site within three (3) days after Lessor provides Lessee with notice of default by such interference, or Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail fails to comply with any provision other term of this Agreement Lease and does not requiring cure such other failure within thirty (30) days after Lessor provides Lessee with a written notice regarding the applicable breach or for such longer period not to exceed one hundred eighty (180) days if Lessee is using commercially reasonable efforts to cure such breach, and provided that Lessee is not otherwise excused from performing hereunder, Lessor shall have the option (i) (x) if such default is a default in the payment of moneyrent, to terminate this Lease as to the subject Site Space or to terminate this Lease as to all of which provisions shall be deemed materialSite Spaces, and such failure shall continue for a period of twenty days after written notice of (y) if such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or default other than a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest default in the Premises or for all or a substantial part payment of Lessee's assets. Upon the occurrence of an Event of Defaultrent, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this AgreementLease only as to the subject Site Space, in which event Lessee shall immediately surrender possession of the Premises to such Site Space(s) within thirty (30) days after Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromdelivery of a termination notice, with or without having terminated this Agreement; and (Cii) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of pursue any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay other remedy available to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering under this Lease or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred provided by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equityequity with respect to such Site Spaces. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all liable for reasonable expenses incurred by Lessor for its recovery and repossession of the Site Space in enforcing Lessor's remediesaccordance with the provisions hereof. Repossession by Lessor shall terminate this Lease as to such repossessed Site Space, including attorneys' fees and court costs; (B) the total monthly payments terminating all further rental and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee with respect to such Site Space, but any such termination shall not be entitled to mitigate or abate any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreementpayment obligation under Section 2(c) above if app▇▇▇▇▇le. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated use its commercially reasonable efforts to relet or attempt to relet the Premises or re-lease any portion thereof or to collect rent after relettingSite Space for which this Lease has been so terminated, but and Lessor shall have the option use commercially reasonable efforts to relet the whole or any portion of the Premises for any period to any tenant mitigate Lessor's damages and for any use and purposerelated costs.
Appears in 1 contract
Sources: Master Lease for Transmitter Systems Space (Arch Communications Group Inc /De/)
Default by Lessee. The occurrence of any one or more of the following events shall be deemed constitute a default of this Lease by the Lessee:
(a) The vacating or abandonment of the Premises by the Lessee combined with the failure to be events pay rent;
(b) The failure of default by the Lessee under this Agreement (each such event to make any payment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rent or any other sum of money due hereunder payment required to be made by the Lessee hereunder, as and when due, where such failure shall continue for a period of ten daysthree (3) days after written notice thereof from the Lessor to the Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161;
B. (c) The failure by the Lessee shall fail to comply with observe or perform any provision of the covenants, conditions or provisions of this Agreement not requiring Lease (or the payment of moneycovenants, all of which provisions shall conditions and restrictions governing the Project) to be deemed materialobserved or performed by the Lessee, and other than described in Paragraph 12.1(b) hereof, where such failure shall continue for a period of twenty thirty (30) days after written notice thereof from the Lessor to the Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of such Civil Procedure Section 1161; provided, further, that if the nature of the Lessee's default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay such that more than thirty (30) days are reasonably required for its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of cure, then the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if the Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion; or
(d) The making by the Lessee of any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement general assignment or general arrangement for the remainder benefit of creditors; the filing by or against the Lessee of a petition to have the Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy(unless, in the case of a petition filed against the Lessee, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of substantially all of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term Lessee's interest in this Lease, where possession is not restored to the Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of this Agreement. Upon termination of this Agreement or repossession substantially all of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet Lessee's assets located at the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLessee's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 1 contract
Sources: Commercial Lease (Resonant Inc)
Default by Lessee. The If Lessee fails to make payment of any Monthly Rental within five days of delivery by Lessor of notice of any Monthly Rental that is past due, or fails to cure any other default under this Agreement within ten days of delivery by Lessor of such default, then a “Lessee Event of Default” shall exist and Lessor shall have the following events remedies, which shall be cumulative rather than exclusive:
(a) the right to terminate this Agreement, and the grant of the Lease hereunder, which termination right may be exercised by written notice by Lessor to Lessee, and which termination shall be effective as of the date of such notice;
(b) the right to immediately enter upon and repossess the Designated Boat Slip and all appurtenances thereto, by forcible entry and detainer suit, or otherwise;
(c) the right to remove ▇▇▇▇▇▇’s Craft (and any personal property then inside Lessee’s Craft from its mooring, and to store Lessee’s Craft (and such personal property), with all risk of loss belonging solely to Lessee, and with no liability whatsoever to Lessor, and with all costs of storage being deemed to be events of default including among the past due Monthly Rental under this Agreement;
(d) the right to make any required repairs to the Designated Boat Slip, or to expend any other sums required to cure any defaults by Lessee under this Agreement (each Agreement, with all such event of default is hereinafter referred sums expended being deemed to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money be included among the past due hereunder and such failure shall continue for a period of ten daysMonthly Rental under this Agreement;
B. Lessee shall fail (e) the right to comply terminate ▇▇▇▇▇▇’s rights of possession with any provision of this Agreement not requiring regard to the payment of moneyDesignated Boat Slip and all appurtenances thereto, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written without demand or notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option kind and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate terminating this Agreement, in which event Lessee Lessor may, but shall immediately surrender possession be under no obligation to, relet all or any part of the Premises Designated Boat Slip for credit to ▇▇▇▇▇▇’s account, on such terms and conditions as Lessor in its sole discretion shall deem appropriate; and
(f) the right to exercise Lessor; (B) enter upon ’s rights under the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, Delaware Uniform Commercial Code with or without having terminated this Agreement; and (C) change or re-key all locks to entrances regard to the Site and security interest granted to Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to in the SiteSecured Property. The exercise by Lessor In the event of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option right to relet the whole or any portion recover from Lessee, whether by way of sale of the Premises for Secured Property, or by means of execution and levy on a judgment, or by means of voluntary payment by ▇▇▇▇▇▇, or by some combination thereof: (a) all Monthly Rental that is past due, including any period late payment fees due in connection therewith, (b) all Monthly Rental to any tenant come due during the remainder of the Term (assuming that Lessor has not terminated this Agreement and for any use the Lease hereunder), (c) ▇▇▇▇▇▇’s reasonable and purpose.necessary attorneys’ fees and court costs,
Appears in 1 contract
Sources: Boat Slip Lease Agreement
Default by Lessee. The following events If LESSEE fails to repair and maintain the Aircraft, discharge all liens (except for liens created by Owner), secure all licenses or registrations, pay all taxes (except for any sales tax due on OWNER's purchase of the Aircraft and any of Owner's income tax obligations), assessments, licenses, and other fees or charges, pay all costs and expenses to be paid by LESSEE, procure and maintain insurance, all as above provided, or to perform any of the other covenants or obligations of LESSEE, OWNER, at its option, may do so, and all advances and expenses incurred by OWNER in connection therewith shall be deemed repaid by LESSEE to be events OWNER upon demand, together with interest thereon at the highest applicable rate allowed by law (but not more than one and one-half percent (1.5%) per month or fraction thereof) until paid. OWNER may enter upon the premises where the Aircraft is located for purpose of default by Lessee under this Agreement (each such event inspection, and may remove the Aircraft forthwith, without notice to LESSEE, if, in the reasonable opinion of default OWNER, the Aircraft is hereinafter referred to as an "Event of Default"):
A. Lessee being improperly used or maintained. If LESSEE shall fail to timely pay make any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent Regular Monthly Rental Payment or fail to pay its debts as they become any other amounts payable hereunder when the same are due and payable, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if LESSEE should default in the performance of any action of the other terms, conditions, or covenants to file a petition be performed by LESSEE hereunder, or if LESSEE should default in the performance of any of the terms, conditions, or covenants to be performed by LESSEE under any section other contracts or chapter of agreements between LESSEE and OWNER at any time, or if the United States Bankruptcy Code insurance required to be maintained hereunder shall expire or under any similar law be canceled and LESSEE shall fail to replace such insurance, or statute of if the United States or any state thereof or a petition Aircraft shall be filed misused or abandoned by LESSEE, or if LESSEE shall become insolvent, commit any act of bankruptcy, or if bankruptcy proceedings are begun by or against Lessee under any such statute LESSEE, or Lessee or may creditor of Lessee notifies Lessor that it knows such if a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest LESSEE, or if for any reason OWNER shall, in the Premises good faith, reasonably deem said Aircraft or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultitself insecure, Lessor may then OWNER, at its option and without further notice to Lesseeoption, and in addition to all and without prejudice to any other remedies given hereunder or by law or in equityremedies, do any one or more of the following: (Aa) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) may enter upon the Premises premises where the Aircraft is located and expel or take possession of and remove Lessee and/or Lessee's Equipment therefromthe Aircraft, with or without having terminated this Agreement; notice to LESSEE, and (C) change with or re-key all locks to entrances without legal proceedings, and in removing the Aircraft, OWNER may, if permitted by law, use any of LESSEE's licenses in respect to the Site and Lessor shall have no obligation to give Lessee notice thereof Aircraft, and/or (b) may terminate this Aircraft Lease, and/or (c) may sell, lease or to provide Lessee with a new key to the Site. The exercise by Lessor otherwise dispose of all or any one or more remedies hereunder shall not constitute an acceptance part of the surrender Aircraft at public or private sale, with or without advertisement or publication, with or without notice to LESSEE, and with or without legal proceedings; provided that such sale is conducted in accordance with the requirements of applicable law. Upon such termination, LESSEE shall be liable to OWNER and shall forthwith pay OWNER the Premises amount of OWNER's damages caused by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of DefaultLESSEE's default(s), Lessee shall pay to Lessor the sum of including, but not limited to, (Aa) the cost of recovering the Premises; (B) the unpaid monthly payments any and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all reasonable costs and expenses incurred by Lesser OWNER in enforcing Lessor's remediesthe repossession or disposition of the Aircraft (including, including but not limited to, court costs and reasonable attorneys' fees fees, where allowed by law, and court costs; transportation and storage expenses), plus (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fb) any other sums due under other provisions of this Aircraft Lease, including, but not limited to, past due Regular Monthly Rental Payments, reserves for engine replacement, and late payment fees, plus (c) as liquidated damages or relief which Lessor may be entitled to for loss of a bargain and not as a penalty, and in lieu of any further payments of rent, the stipulated loss value of the Aircraft as of the month preceding the date of OWNER's demand as shown on the Amortization Schedule attached hereto and incorporated herein as Annex "B", plus (d) interest at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses rate of 18% per annum on the Premises without terminating this Agreement by reason total of an Event the foregoing from the date of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder demand to the date of such repossession; payment (C) and the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessorparties acknowledge that the foregoing money damage calculation reasonably reflects OWNER's remedies, including attorneys' fees anticipated loss with respect to the Aircraft and court costs; (B) this Lease resulting from the total monthly payments event of default and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term termination of this AgreementLease due to such default by LESSEE). Lessee If OWNER actually repossesses the Aircraft, then OWNER shall not be entitled required to any excess rent obtained by Lessor reletting the Premisessell, Actions to collect amounts due by Lessee may be brought on one lease or more occasions without the necessity of Lesson's waiting until the expiration otherwise dispose of the term Aircraft prior to OWNER enforcing any of the remedies described above. OWNER shall sell, lease or otherwise dispose of the Aircraft in any manner it chooses so long as such disposition is conducted in accordance with the requirements of applicable law, free and clear of any claims or rights of LESSEE and without any duty to account to LESSEE with respect thereto except as provided below. If OWNER actually sells or leases the Aircraft pursuant to the remedies provided above in this Article 9A, then OWNER will credit the net proceeds of any sale of the Aircraft, or the net present value (discounted at the then current LIBOR plus 300 basis points) of the rents payable under any new lease of the Aircraft, against and up to (but not exceeding) the amounts payable by LESSEE under any of the preceding paragraphs of this Agreement. Upon termination of this Agreement Article 9A and any other amounts LESSEE owes OWNER hereunder, or repossession of the Premises due will reimburse LESSEE for and up to an Event of Default, Lessor shall (but not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeexceeding) LESSEE's payment thereof.
Appears in 1 contract
Default by Lessee. The occurrence of any one or more of the following events shall be deemed constitute a default of this Lease by the Lessee:
(A) The vacating or abandonment of the Premises by the Lessee combined with the failure to be events pay rent;
(B) The failure of default by the Lessee under this Agreement (each such event to make any payment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rent or any other sum of money due hereunder payment required to be made by the Lessee hereunder, as and when due, where such failure shall continue for a period of ten days(10) days after written notice thereof from the Lessor to the Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161. In the event that the Lessor has given a ten (10) day notice hereunder twice in any twelve (12) month period, any subsequent notice hereunder during such period shall allow a cure within three (3) days of such notice, which three (3) day notice shall also be in lieu of any notice required under Section 1161;
B. (C) The failure by the Lessee shall fail to comply with observe or perform any provision of the covenants, conditions or provisions of this Agreement not requiring Lease (or the payment of moneycovenants, all of which provisions shall conditions and restrictions governing the Project) to be deemed materialobserved or performed by the Lessee, and other than described in Paragraph 12.1(b) hereof, where such failure shall continue for a period of twenty thirty (30) days after written notice thereof from the Lessor to the Lessee. Any such notice shall not be in lieu of such any notice required under California Code of Civil Procedure Section 1161. If the nature of the Lessee's default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay such that more than thirty (30) days are reasonably required for its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of cure, then the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to any excess rent obtained by Lessor reletting be in default if the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to Lessor the sum of (A) the cost of recovering the Premisescompletion; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; or
(D) all expenses incurred The making by Lessor the Lessee of any general assignment or general arrangement for the benefit of creditors; the filing by or against the Lessee of a petition to have the Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in enforcing Lessor's remediesthe case of a petition filed against the Lessee, including attorneys' fees and court costs; the same is dismissed within sixty (B60) days) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder appointment of a trustee or receiver to take possession of substantially all of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term Lessee's interest in this Lease, where possession is not restored to the Lessee within thirty (30) days; or the attachment, execution or other judicial seizure of this Agreement. Upon termination of this Agreement or repossession substantially all of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet Lessee's assets located at the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLessee's interest in this Lease, where such seizure is not discharged within thirty (30) days.
Appears in 1 contract
Default by Lessee. The following events If the Lessee, after ten (10) days prior written notice of a monetary default and after thirty (30) days of a non-monetary default
(a) Does not pay in full when due any and all installments of rent and/ or other charge or payment herein reserved, included, or agreed to be treated or collected as rent and/or any other charge, expense, or cost herein agreed to be paid by the Lessee, or
(b) Violates or fails to perform or otherwise breaks any covenant or agreement herein contained; or
(c) Vacates the Demised Premises or removes or attempts to remove or manifests an intention to remove any goods or property therefrom otherwise than in the ordinary and usual course of business without having first paid and satisfied the Lessor in full for all rent and other charges then due or that may thereafter become due until the expiration of the then current term, above mentioned; or
(d) Becomes insolvent, or makes an assignment for the benefit of creditors, or if a petition in bankruptcy is filed by or against Lessee or a complaint in equity or other proceedings for the appointment of a receiver for Lessee is filed, or if proceedings for reorganization or for composition with creditors under any State or Federal law be instituted by or against Lessee, or if the real or personal property of Lessee shall be deemed to levied upon or be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above sold, or if for any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail reason Lessor shall, in good faith, believe that Lessee's ability to comply with any provision the covenants of this Agreement not requiring Lease, including the prompt payment of moneyrent hereunder, is or may become impaired, thereupon:
(1) The whole balance of rent and other charges, payments, costs, and expenses herein agreed to be paid by Lessee, or any part thereof, and also all of which provisions costs and officer's commissions including watchmen's wages shall be deemed materialtaken to be due and payable and in arrears as if by the terms and provisions of this Lease said balance of rent and other charges, payment, taxes, costs and expenses were on that date, payable in advance. Further, if this Lease or any part thereof is assigned, or if the premises, or any part thereof is sub-let, Lessee hereby irrevocably constitutes and appoints Lessor as Lessee's agent to collect the rents due from such failure shall continue for a period of twenty days after written notice of such default is delivered assignee or sub-lessee and apply the same to the rent due hereunder without in any way affecting Lessee;
C. Lessee shall become insolvent or fail 's obligation to pay its debts as they become any unpaid balance of rent due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedhereunder; or
E. A receiver (2) At the option of Lessor, this Lease and the terms hereby created shall terminate and become absolutely void without any right on the part of Lessee to reinstate this Lease by payment of any sum due or trustee by other performance of any condition, term, or covenant broken; whereupon, Lessor shall be appointed entitled to recover damages for Lessee's leasehold interest such breach in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to amount of rent reserved for the Site. The exercise by Lessor balance of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to this Lease, less the extent fair rental value of the same were not paid, the cost of repairing, altering or otherwise putting the said Demised Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the Lease term. In the event of any default as above set forth, minus Lessor, or anyone acting on Lessor's behalf, at Lessor's option:
(a) May let said premises or any net sums thereafter received part or parts thereof to such person or persons as may, in Lessor's discretion, be best; and Lessee shall be liable for any loss of rent for the balance of the then current term. Any such re-entry or re-letting by Lessor through reletting under the Premises during terms hereof shall be without prejudice to Lessor's claim for actual damages, and shall under no circumstances, release Lessee from liability for such period; damages arising out of the breach of any of the covenants, terms, and conditions of this Lease.
(Fb) any other damages or relief May proceed as a secured party under the provisions of the Uniform Commercial Code against the goods in which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to has been granted a security interest.
(c) May have and exercise any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder rights and/or remedies, granted or allowed landlords by any existing or future Statute, Act of Assembly, or other law of this state in cases where a landlord seeks to enforce rights arising under a lease agreement against a tenant who has defaulted or otherwise breached the date terms of such repossessionlease agreement; (C) subject, however, to all of the Reletting Expenses; (D) all expenses incurred rights granted or created by Lessor in enforcing Lessor's remediesany such Statute, including attorneys' fees and court costs; (B) the total monthly payments and Act of Assembly, or other benefits which Lessor would have received under law of this Agreement state existing for the remainder protection and benefit of tenants; and
(d) May have and exercise any and all other rights and remedies contained in this Lease agreement OR UNDER NEW JERSEY LAW. All of the termremedies hereinbefore given to Lessor and all rights and remedies given to it by law and equity shall be cumulative and concurrent. No determination of this Lease or the taking or recovering possession of the premises shall deprive Lessor of any of its remedies or actions against the Lessee for rent due at the time or which, minus under the terms hereof would in the future become due as if there had been no determination, nor shall the bringing of any net sums thereafter received by Lessor through reletting action for rent or breach of covenant, or the Premises during such period; and (F) resort to any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee remedy herein provided for the unexpired term recovery of this Agreement. Lessee shall not rent be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration construed as a waiver of the term of this Agreement. Upon termination of this Agreement or repossession right to obtain possession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposepremises.
Appears in 1 contract
Default by Lessee. In the event that:
a) The following events lessee shall be deemed to be events default in the payment of any installments of rent or other sums herein specified and such default by Lessee under this Agreement shall continue for ten (each such event of default is hereinafter referred to as an "Event of Default"):10) days; or
A. b) The Lessee shall fail to timely pay any monthly rental payment as referenced substantially default in paragraph 3 above the observance or performance of any other sum of money due the Lessee's covenants, agreements, or obligations hereunder and such failure substantial default shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty corrected within thirty (30) days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedthereof; or
E. A receiver or trustee c) The Lessee shall be appointed for Lessee's leasehold interest declared bankrupt or insolvent according to the law, or, in the Premises or for all or a substantial part any assignment shall be made of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement property for the remainder benefit of creditors; then the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option right thereafter, without application to relet the whole or any portion courts for eviction through Summary Process, while such default continues, to re-enter and take complete possession of the Premises for any period leased premises, to declare the term of the Lease ended, and remove the Lessee's effects, without prejudice to any tenant remedies which might be otherwise used for arrears of rent payment or other default. The Lessee shall indemnify the Lessor against all loss of rent and other payments, which the Lessor may incur by reason of such termination during the residue of the term. If the Lessee shall default, after reasonable notice thereof, in the observance or performance of any conditions or covenants on Lessee's part to be observed or performed under or by virtue of any of the provisions in any article of this Lease, the Lessor, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the Lessee. If the Lessor makes any use expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, reasonable attorneys fees and purposeinstituting, prosecuting or defending any action or proceeding, such sums made or obligations incurred, with interest at the rate of twelve percent (12%) per annum and cost, shall be paid to the Lessor by the Lessee as additional rent.
Appears in 1 contract
Default by Lessee. The following events If Lessee shall be deemed default in the payment of any Rent or other sum to be events of default paid by Lessee under this Agreement Lease when due; provided, however that Lessor shall not declare Lessee in default so long as any Rent due is paid within five (each 5) days of the due date. Lessor's obligation to provide Lessee with such event of default is hereinafter referred five (5) day notice shall not affect Lessee's obligation to as an "Event of Default"):
A. pay any late charges set forth in Section 4.07. If Lessee shall fail default in the performance of any of the other covenants or conditions which Lessee is required to timely pay any monthly rental payment as referenced in paragraph 3 above observe and to perform under this Lease and such default shall continue for thirty (30) days after written notice to Lessee; or the interest of Lessee under this Lease shall be levied on under execution or other legal process; or any petition shall be filed by or against Lessee to declare Lessee a bankrupt or to delay, reduce or modify Lessee's debts or obligations; or any petition shall be filed or other sum action taken to reorganize or modify Lessee's debts or obligations: or any petition shall be filed or other action taken to reorganize or modify Lessee's capital structure; or Lessee is declared insolvent according to law; or any assignment of money due hereunder and such failure Lessee's property shall continue be ioade for the benefit of creditors; or if a receiver or trustee is appointed for Lessee or its property; or Lessee shall vacate or abandon the Leased Premises or any part thereof at any time during the Term for a period of ten fifteen (15) or more continuous days;
B. ; or Lessee is a corporation and Lessee shall fail cease to comply with exist as a corporation in good standing in the State of its incorporation; or Lessee is a partnership or other entity and Lessee shall be dissolved or otherwise liquidated; then Lessor may treat the occurrence of any provision one or more of the foregoing events as a breach of this Agreement not requiring the payment of moneyLease (provided, all of which provisions shall be deemed materialno such levy, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent execution, legal process or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute shall constitute a breach of this Lease if Lessee shall vigorously contest the same by appropriate proceedings and shall remove or Lessee vacate the same within thirty (30) days from the date of its creation, service or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lesseefiling). Thereupon, at Lessor's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other rights and remedies given hereunder or by provided at law or in equity, do any one or more of the following: (A) Lessor may terminate this Agreement, in which event Lessee shall immediately surrender possession of Lease and repossess the Premises to Lessor; (B) enter upon the Leased Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks be entitled to entrances recover as damages a sum of money equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum total of (Aa) the cost of recovering the Premises; Leased Premises (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including reasonable attorneys' fees and court costs; costs of suit), (Bb) the total monthly payments and other benefits which Lessor would have received under this Agreement unpaid rent earned at the time of termination, (c) the present value (discounted at the rate of eight percent (18%) per annum) of the balance of the rent for the remainder of the termTerm less the present value (discounted at the same rate of the fair market rental value of the Leased Premises for said period, minus (d) the amount of any net sums thereafter received unamortized leasing commissions or any allowances or concessions previously made by Lessor through reletting the Premises during such period; and to Lessee, (Fe) any other sum of money, and damages or relief which Lessor may be entitled to at law or in equity. owed by Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor and (f) interest on (a) (b) (c) (d) and (e) above at the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder rate of the term, minus any net sums thereafter received lesser of eighteen percent (18%) per annum or the highest rate allowed by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeapplicable law.
Appears in 1 contract
Sources: Lease Agreement (Virata Corp)
Default by Lessee. The following events shall be deemed If Lessee with regard to be events any item or items of default by Lessee under this Agreement (each such event of default is hereinafter referred Equipment fails to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above amount herein provided within thirty (30) days after the same is due and payable, or if Lessee with regard to any item or items of Equipment fails to observe, keep or perform any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyLease, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition required to be filed; or
E. A receiver observed, kept or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to performed by Lessee, and if Lessee fails to remedy, cure or remove such failure in addition payment of such other failure in observing, keeping or performing the provisions of this Lease within thirty (30) days after receipt of written notice thereof from Lessor, Lessor shall have the right to all other remedies given hereunder or by law or in equity, do exercise any one or more of the followingfollowing remedies: (Aa) To declare the entire amount of rent hereunder immediately due and payable as to any or all items of Equipment, without notice or demand to Lessee; (b) To sue for and recover all rents, and other payments, then accrued or t▇▇▇eafter accruing with respect to any or all items of Equipment; (c) To take possession of any or all items of Equipment, without demand or notice, wherever same may be located, without any court order or other process of law; (d) To terminate this Agreement, in which event Lessee shall immediately surrender possession Lease as to any or all items of the Premises to LessorEquipment; or (Be) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of To pursue any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay other remedy available to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee hereby waives any and all damages occasioned by such taking of possession unless caused by Lessor"s gross negligence or willful misconduct. Any such taking of possession shall not be entitled constitute a termination of this Lease as to any excess rent obtained by or all items of Equipment unless Lessor reletting the Premisesexpressly so notifies Lessee in writing. If Notwithstanding any said repossession, or any other action which Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultmay take, then Lessee shall pay be and remain liable for the full performance of all obligations on the part of Lessee to be performed under this Lease. All such remedies are cumulative, and may be exercised concurrently or separately. In no event, however, shall these remedies be exercised in such a manner that the Lessor recovers more than the balance of rent and any other amounts payable by Lessee to Lessor hereunder, plus the sum fair market value which the Equipment would have at the end of (A) the cost initial term of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to this Lease, discounted from the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) default to the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder end of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired initial term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity Lease at a rate of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposenine percent (9%) per annum.
Appears in 1 contract
Sources: Asset Purchase Agreement (Reuter Manufacturing Inc)
Default by Lessee. The 22.1 If during the term of this lease there shall occur any of the following events shall be deemed to be events of default by (“Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event Events of Default"):
A. (a) if Lessee shall fail to timely pay any monthly rental payment as referenced make a general assignment for the benefit of creditors, or shall admit in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail writing its inability to pay its debts as they become due due, adjudicated a bankrupt or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any section present or chapter of the United States Bankruptcy Code or under any similar future statute, law or statute regulation, or shall file an answer admitting or not contesting the material allegations of the United States or any state thereof or a petition shall be filed against Lessee under it in any such statute proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or may creditor of Lessee notifies Lessor that it knows any material part of its assets, and such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedappointment shall not have been vacated; or
E. A (b) if, within 60 days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within 60 days after the appointment without the consent or acquiescence of Lessee of any trustee, receiver or trustee liquidator of Lessee or of any material part of its assets, such appointment shall be appointed for Lessee's leasehold not have been vacated; or
(c) if the interest of Lessee in the Premises shall be sold under execution or other legal process; or
(d) if Lessee shall fail to pay any installment of the rent within five (5) days when due; or
(e) if Lessee shall fail to perform or observe any requirement, obligation, agreement, covenant or condition of this lease, other than the payment of any installment of Base Rent or Additional Rent, and any such failure shall continue for 30 days after Lessor gives Lessee notice thereof, or if such failure cannot be remedied within 30 days, then for a reasonable time thereafter, provided ▇▇▇▇▇▇ commences to remedy such failure within said 15-day period and prosecutes the same to completion with diligence; or
(f) if any representation or warranty made by Lessee contained in this lease shall prove to be incorrect in any material respect on the date upon which it was made, that has a material and detrimental effect to Lessor, then at any time following any of such Events of Default, Lessor, without waiving any other rights herein available to Lessor at law or in equity, may either (1) give Lessee notice of termination of this lease, or (2) without terminating this lease, give Lessee notice of ▇▇▇▇▇▇'s intention to re-enter and take possession of the Premises, with legal process. The giving of either of such notices to ▇▇▇▇▇▇ shall terminate ▇▇▇▇▇▇'s right to possession of the Premises under this lease without prejudice, however, to the rights of Lessor to exercise all or a substantial part other available legal remedies and without discharging Lessee from any of Lesseeits liabilities hereunder.
22.2 If Lessor elects to terminate ▇▇▇▇▇▇'s assets. Upon right to possession of the occurrence of Premises under Section 22.1 following an Event of Default, Lessor may re-enter and take possession of the Premises, with legal process, and Lessee hereby waives any claim for damages as a result thereof, and Lessee shall be obligated to pay to Lessor as damages upon demand, and Lessor shall be entitled to recover of and from Lessee:
(a) all rent which is in arrears as of the date of termination of ▇▇▇▇▇▇'s right to possession, plus
(b) the cost to Lessor of all reasonable legal and other reasonable and documented expenses and costs, including reasonable attorneys’ fees, incurred by Lessor in obtaining possession of the Premises, in enforcing any provision of this lease, in preserving the Premises during any period of vacancy, in making such alterations and repairs to the Premises as the Lessee was required to make pursuant to the terms of this lease and in reletting the Premises, including all reasonable brokerage commissions therefore. In such event, Lessor may relet the Premises, or any part thereof, and may grant concessions or charge a rent in excess of that agreed to in this lease agreement. In that event, lessee shall pay rent, damages, costs and expenses, as specified in this 22.2 above, and the net amount of rent collected and received by Lessor as a result of reletting the Premises during the balance of the term shall be applied against the rent still owed by ▇▇▇▇▇▇, not against damages or expenses. Lessee shall have no right to any excess. Lessor may sue for and collect any amounts which may be due pursuant to the provisions of this Section 22.2 above from time to time as Lessor may elect, but no such suit shall bar or in any way prejudice the rights of Lessor to enforce the collection of amounts due at its option any time or time thereafter by a like or similar proceeding. ▇▇▇▇▇▇ agrees to pay all costs of proceedings by ▇▇▇▇▇▇ for the enforcement of any breach of the terms and without further notice to conditions of this lease by the Lessee, including reasonable attorneys’ fees and expenses, payable immediately upon the filing of any suit for possession or money damages. No remedy herein conferred upon or reserved to Lessor is intended to be exclusive of any other remedy herein or by law provided, but each shall be cumulative and shall be in addition to all every other remedies remedy given hereunder or by now or hereafter existing at law or in equity, do any one equity or more by statute. The receipt and acceptance by Lessor of rent with knowledge of the following: (A) terminate default by Lessee in any of Lessee's obligations under this Agreementlease shall not be deemed a waiver by Lessor of such default. Nothing contained in this lease shall limit or prejudice the right of Lessor to prove for and obtain in proceedings for bankruptcy or insolvency an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which event Lessee shall immediately surrender possession which, the damages are to be proved, whether or not the amount be greater, equal to, or less than the amount of the Premises loss or damages referred to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Siteabove. The exercise No waiver by Lessor of any one Event of Default or more remedies hereunder any default by Lessee in any covenant, agreement or obligation under this lease shall not constitute an acceptance operate to waive or affect any subsequent Event of the surrender of the Premises Default or default in any covenant, agreement or obligation hereunder, nor shall any forbearance by Lessee. Lessee acknowledges that Lessor to enforce a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of right or remedy upon an Event of Default, Lessee shall pay Default or any such default be a waiver of any of its rights and remedies with respect to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all such or any subsequent default or in any other indebtedness accrued hereunder manner operate to the term prejudice of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. 18.01 The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) Any failure by Lessee to pay any rental or any other sum required to be paid by Lessee hereunder, in which event Lessee shall immediately surrender possession as and when the same becomes due and payable and within five (5) days of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromreceipt of Lessor's written notice that such rental or other sum is due.
(b) Any failure by Lessee to observe and perform any other provision of this Lease to be observed or performed by Lessee, with or without having terminated this Agreement; and where such failure continues for ten (C10) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such ten (C10) to the extent the same were not paidday period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(c) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the filing by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premises. If Lessor repossesses case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises without terminating or of Lessee's interest in this Agreement by reason of an Lease, where such seizure is not discharged within forty-five (45) days.
18.02 Any notice given under this Article shall specify the Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee perform the provisions of this Lease, within the applicable period of time. No such notice shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder be deemed a forfeiture or a termination of the term, minus any net sums thereafter received by Lessor through reletting Lease provided Lessee cures the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect default within the obligations applicable period of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 1 contract
Default by Lessee. The following events Lessee shall be deemed to be events of in default by Lessee under this Agreement upon the occurrence of any one of the following events (each such event of default is hereinafter referred to as an "“Event of Default"”):
A. Lessee shall fail 19.1. Failure to timely pay make any monthly rental payment as referenced in paragraph 3 above due under this Agreement or any other sum of money Lease Schedule by its due hereunder and such failure shall continue for a period of ten daysdate;
B. Lessee shall fail 19.2. Lessee’s cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee’s rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to comply with perform any provision of other obligation under this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty or any Lease Schedule within thirty (30) days after receipt of written notice of default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such default is delivered to Lesseebreach;
C. 19.5. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action due, shall make an assignment for the benefit of its creditors, shall admit in writing its inability to pay its debts as they become due, shall file a petition under any section or chapter of the United States Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become “insolvent” as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment.
19.6. Lessee materially defaults under any similar law mortgage, indenture or statute instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with affiliates owned by, owning or under common control of or with such entity or into the parent of such entity, provided the succeeding organization assumes and accepts such entity’s obligation hereunder);
19.8. Lessee attempts to remove, sell, transfer, encumber, part with possession or sublet any part of the United States Equipment without the prior written consent of Lessor;
19.9. Any part of the Equipment is lost, stolen or any state thereof destroyed;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or a petition shall be filed against Lessee seized under any such statute judicial process;
19.11. Any warranty or Lessee representation made or may creditor furnished to Lessor by or on behalf of Lessee notifies Lessor is false or misleading in any material respect when made or furnished;
19.12. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that it knows such a petition will may be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed required under any applicable gaming laws for Lessee's leasehold interest in the Premises or for all or a substantial part operation of Lessee's assets’s business;
19.13. Upon The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all gaming statutes and regulations;
19.16. Failure of Lessee to maintain the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or insurance required by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) and/or
19.17. Any merger, consolidation, sale, change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises control or any portion thereof transfer of a majority of Lessee’s business or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeassets.
Appears in 1 contract
Default by Lessee. The 1. Any of the following events occurrences or acts shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as constitute an "Event of Default"):" under this Agreement:
A. a. If Lessee at any time during the Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity or before any administrative tribunal which have or might have the effect of preventing Lessee from complying with the terms of this Agreement) shall fail (1) to make payment of any installment of Base Rent, Percentage Rent or of any other payment herein specified to be paid by Lessee, when due; or (2) to observe or perform any of Lessee’s other covenants, agreements or obligations hereunder; and if any such default shall not be cured as to any default referred to in clause (1) within three (3) days after receipt of written or telegraphic notice thereof by Lessee or as to any default referred to in clause (2) with the exception of an abandonment which shall have no applicable cure period, within fifteen (15) days after District shall have given to Lessee written notice specifying such default (or, in the case of any default referred to in clause (2) which cannot with diligence be cured within such fifteen-day period, if Lessee shall fail to proceed promptly to cure the same and thereafter prosecute the curing of such default with diligence, it being intended, in connection with a default not susceptible of being cured with diligence within such fifteen-day period, that the time within which to cure the same shall be extended for such period as may be necessary to complete the curing of the same with diligence); or,
b. If Lessee shall file a petition in bankruptcy or for reorganization or for any arrangement pursuant to any present or future federal bankruptcy act or under any similar federal or state law, or shall be adjudicated as bankrupt or insolvent or shall make an assignment for the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petitioner or answer proposing the adjudication of Lessee as bankrupt or its re-organization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within sixty (60) days after the filing thereof; or
c. If a receiver, trustee or liquidator of Lessee or of all or substantially all of the property of Lessee or of the Premises shall be appointed in any proceeding brought by ▇▇▇▇▇▇, or if any such receiver, trustee or liquidator shall be appointed in any proceeding brought against Lessee and if such receiver, trustee or liquidator shall not be discharged within sixty (60) days after such appointment, or if Lessee shall acquiesce in or consent to such appointment; or
d. If Lessee shall be liquidated or dissolved or shall begin proceedings toward its liquidation or dissolution; or
e. If Lessee shall fail:
i. To timely pay any monthly rental payment as referenced in paragraph 3 above taxes when due; or
ii. To observe or perform any of Lessee’s other covenants, Agreements or obligations under any Agreement with District relating to taxes; or
f. If ▇▇▇▇▇▇ shall commit or suffer to be committed any waste or impairment of the Premises or any other sum of money due hereunder and such failure part thereof; or
g. If Lessee shall continue for a period of ten days;alter the improvements in any manner, except as expressly permitted by this Agreement; or
B. h. If Lessee shall fail to maintain insurance as required by this Agreement; or
i. If Lessee shall engage in any financing except as permitted by the terms of this Agreement, or any other transaction creating any mortgage on the Premises, or place or suffer to be placed thereon any lien or other encumbrance, or suffer any levy or attachment to be made thereon; or
j. If ▇▇▇▇▇▇ uses the Premises for purposes other than those provided for in this Agreement without the prior written approval of District; or
k. If Lessee fails to be open for business on the Premises for more than seventy- two (72) consecutive hours, except in the case of such closures as may be allowed or provided for by this Agreement, (hereafter "abandonment."). An abandonment shall constitute an automatic event of default and forfeiture of this Agreement and entitle District to reenter and retake the premises without allowing Lessee a period to cure the event of default; or
l. If Lessee fails to comply with any provision of this Agreement not requiring the payment of moneyapplicable laws, including all of which provisions shall be deemed material, state and such failure shall continue for a period of twenty days after written notice of such default is delivered local health laws applicable to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed▇▇▇▇▇▇’s business; or
E. A receiver m. If Lessee fails to obtain permission of the Harbor District before construction, renovation or trustee shall be appointed repair of any portion of the Premises and fails to conform to and abide by all rules and regulations relative to the Premises and uses herein authorized, which Premises and uses are subject at all times to applicable rules, regulations, resolutions, ordinances and statutes of the Harbor District, County of San ▇▇▇▇ Obispo, State of California, the Federal Government and all other governmental agencies when applicable; or
n. If Lessee fails to obtain or violates any and all required permits or licenses for Lessee's leasehold interest in repair, construction or renovation of any portion of the Premises or for all use therein from the regulatory body having jurisdiction thereof before such repair or a substantial part use is undertaken; or
o. If Lessee breaches any other material term of Lessee's assetsthis Agreement.
2. Upon the occurrence of an any such Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to any and all other rights or remedies given of District hereunder or by law or in equity, do it shall be, at the option of District, without further notice or demand of any one kind to Lessee or more any other person:
a. The right of District to declare the following: (A) Term hereof ended and to terminate this Agreement, in which event Lessee shall immediately promptly surrender possession of the Premises to Lessor; (B) enter upon the Premises District, and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments District all Base Rent, Percentage Rent and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued due District hereunder to the date of such repossession; (C) termination. If ▇▇▇▇▇▇ does not so promptly surrender the Reletting Expenses; (D) Premises, District shall have the immediate right to reenter the Premises and take possession thereof and remove all expenses incurred by Lessor in enforcing Lessor's remediespersons therefrom, including attorneys' fees and court costs; (B) ▇▇▇▇▇▇ shall have no further claim thereon or thereunder;
b. The right of District, without terminating this Agreement, to enter the total monthly payments Premises and occupy the whole or any part thereof for and on account of Lessee and to collect said rent and any other benefits which Lessor would have received under rent that may thereafter become payable to Lessee from any of its sub-lessees or sub-contractors, to refuse, notwithstanding any other term or provision of this Agreement, to permit and to deny the right of Lessee to remove any or all of Lessee’s movable furniture, trade fixtures, equipment, improvements or personal property located in, on or upon the Premises, and to use and take exclusive possession of same without payment to Lessee or cost to District for so long as District so occupies the Premises or until this Agreement for is terminated pursuant to subsection c. below; and
c. The right of District, even though it may have reentered the remainder Premises pursuant to subsection b. above, to thereafter elect to terminate this Agreement.
3. In the event District reenters the Premises pursuant to the provisions of subsection 2.c. above, District shall not be deemed to have terminated this Agreement and the liability of Lessee to pay Base Rent, Percentage Rent and sums payable hereunder thereafter shall continue unless District notifies Lessee in writing that District has so elected to terminate this Agreement. ▇▇▇▇▇▇ further acknowledges and agrees that the service by District of any notice pursuant to the unlawful detainer or similar such statute of the term, minus any net sums thereafter received by Lessor through reletting State of California and the Premises during surrender of possession pursuant to such period; and (F) any other damages or relief which Lessor may notice shall not be entitled deemed to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term be a termination of this Agreement. Lessee shall not be entitled hereby irrevocably appoints District as agent for the receipt of any rental incoming ordinarily paid to Lessee from any excess rent obtained by Lessor reletting sub-lessee, licensee, sub-contractor or otherwise arising or relating from the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration use of the term Premises or operation of the business and allowable uses of this Agreement. Upon Lessee hereby irrevocably appoints District as agent and attorney in fact of and for Lessee to so enter upon the Premises in the Event of Default by Lessee hereunder, to remove any and all furniture and personal property whatsoever situated upon the Premises, and to place such furniture and personal property in storage for the account of and at the expense of Lessee. The storage, removal, disposal and transfer of title to any such furniture, fixtures or personal property shall be governed by the terms of Section V herein. In the event that after taking possession and title to such abandoned property, District so elects to sell such items, District shall apply the proceeds of such sale first, to the cost and expenses of such sale, including reasonable attorneys' fees actually incurred, second, to the payment of the costs of or charges for removing and storing any such furniture and personal property, third, to the payment of any other sums of money which may then or thereafter be due to District from Lessee under any of the terms of this Agreement, and fourth, the balance, if any, to Lessee. Lessee hereby waives all claims for damages that may be caused by District's reentering and taking possession of the Premises or removing and storing furniture and personal property as herein provided, and will save District harmless from any losses, costs or damages occasioned thereby. No such reentry shall be considered or construed to be a forcible entry as the same is defined in the Code of Civil Procedure of the State of California.
4. Should District elect to terminate this Agreement pursuant to the provisions of subsection 2.a. or 2.c. above, District may recover from Lessee as damages:
a. The worth at the time of award of any unpaid rent which had been earned at the time of such termination; plus
b. The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss Lessee proves could have been reasonably avoided; plus
c. The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided; plus
d. Any other amount necessary to compensate District for all the detriment proximately caused by ▇▇▇▇▇▇’s failure to perform its obligations under this Agreement or repossession which in the ordinary course of things would be likely to result therefrom, including, but not limited to, any costs or expenses incurred by District in maintaining or preserving the Premises due to an Event of Defaultafter such default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of preparing the Premises for re-letting to a new Lessee, any period repairs or alterations to any tenant and the Premises for any use and purposesuch re-letting, leasing commissions or other costs necessary or proximate to re-letting the Premises; plus
e. At District's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of California. As used hereinabove, the term "worth at the time of award" is computed by allowing interest at the rate of ten percent (10%) per annum. For purposes of determining District's damages under this subsection 4, the annual rent payable hereunder shall be deemed to be equal to the average rent paid by ▇▇▇▇▇▇ for the calendar year immediately preceding the date of ▇▇▇▇▇▇’s default.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Tower Space, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the Premises case of involuntary proceedings, are not dismissed or for stayed within 30 days of the commencement thereof), or if the leasehold estate created hereby shall be taken on execution or by any process of law, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may, at its option, terminate this Lease without notice, and declare all amounts due or a substantial to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Tower Space by reasonably necessary force, summary proceedings, or otherwise, and remove all persons and properly therein, without being liable to indictment, prosecution, or damage therefor, and Lessee hereby expressly waives the service of any notice in writing of intention to reenter said Tower Space. Lessor may, in addition to any other remedy provided by law or permitted herein, at its option, relet the Tower Space (or any part thereof) on behalf of Lessee's assets, applying any monies collected first to the payment of expenses of resuming or obtaining possession, and, second, to the payment of the costs of placing the premises in rentable condition, including any leasing commission, and, third, to the payment of rent due hereunder, and any other damages due to the Lessor. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice Any surplus remaining thereafter shall be paid to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession remain liable for any deficiency in rental, the amount of the Premises which deficiency shall be paid upon demand therefor to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Default by Lessee. The following events 29.1 If default shall be deemed made in the payment of any sum to be events of default paid by Lessee under this Agreement (each such event of Lease, and default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period ten (10) days following receipt of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneywritten notice, all of which provisions or default shall be deemed materialmade in the performance of any of the other covenants or conditions which Lessee is required to observe and to perform, and such failure default (other than extra-hazardous use of the Leased Premises) shall continue for a period twenty (20) days following written notice, or if the interest of twenty days after written notice of such default is delivered to Lessee;
C. Lessee under this Lease shall become insolvent be levied on under execution or fail to pay its debts as they become due other legal process, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed by or against Lessee under or any such statute or Guarantor hereof to declare Lessee or may creditor any Guarantor hereof bankrupt or to delay, reduce or modify Lessee's debts or obligations, or that of Lessee notifies Lessor that it knows such a any Guarantor hereof or if any petition will shall be filed or other action taken to reorganize or modify Lessee's capital structure, or that of any Guarantor hereof or if Lessee notifies Lessor or any Guarantor hereof is declared insolvent according to law, or if any assignment of Lessee's property or that it expects such of any Guarantor hereof shall be made for the benefit of creditors, or if a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold Lessee or any Guarantor or its property, or, if either Lessee or any Guarantor hereof is a corporation and a majority of the common voting stock of Lessee or such Guarantor is sold, transferred, assigned, or conveyed (whether voluntarily or involuntarily) without the prior written consent of Lessor, or if either Lessee or any Guarantor hereof is a joint venture, partnership or like entity and a majority of the ownership interest therein is sold, transferred, assigned or conveyed (whether voluntarily or involuntarily) without the prior written consent of Lessor (excepting the case of a sale or transfer of corporate or joint venture/partnership interests to family members or affiliates); or upon any other event of default described in the Premises or for all or a substantial part any other provision of Lessee's assets. Upon this Lease; then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: foregoing events as a breach of this Lease (Aprovided that no such levy, execution, legal process or petition filed against Lessee shall constitute a breach of this Lease if Lessee shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within thirty (30) days from the date its creation, service or filing) and thereupon, at Lessor's option, may have any one or more of the following described remedies in addition to all other rights and remedies provided at law or in equity:
29.1.1 Lessor may terminate this AgreementLease and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises, (ii) the unpaid rent earned at the time of termination, plus interest thereon at the rate of eighteen percent (18%) per annum from the due date, (iii) the balance of the rent for the remainder of term less the fair market value of the Leased Premises for said period and (iv) any other sum of money and damages owed by Lessee to Lessor.
29.1.2 Alter locks and other security devices at the Leased Premises.
29.1.3 Lessor may terminate Lessee right to possession (but not the Lease) and may repossess the Leased Premises by forcible entry or detainer suit or otherwise, without demand or notice of any kind to Lessee and without terminating this Lease, in which event Lessor may, but shall be under no obligation to do so unless provided by law, relet the Leased Premises or any portion thereof for the account of Lessee for such rent and upon such terms as shall immediately surrender possession of the Premises be satisfactory to Lessor; , as further provided in Paragraph 31.
1. For the purpose of such reletting, Lessor is authorized to decorate or to make any repairs, changes, alteration or additions in or to Leased Premises, or if the same are relet and a sufficient sum shall not be realized from such reletting after paying the unpaid basic and additional rent due hereunder earned but unpaid at the time of reletting plus eighteen percent (B18%) enter upon per annum thereon, no such reletting shall be construed as an election on the Premises and expel part of Lessor to terminate this Lease unless a written notice of such intention be given by Lessor to Lessee. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease, for such pervious breach. All claims or remove damages by reason of re-entry and/or possession and/or alteration of locks or other security devices are hereby waived as are all claims for damages by reason of any distress warrant, forcible detainer proceedings, sequestration proceedings or any other legal process. Lessee and/or Lessee's Equipment therefrom, with agrees that any re-entry by Lessor may be pursuant to judgment obtained in detainer proceedings or other legal proceedings or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site necessity for any legal proceedings, as Lessor may elect and Lessor shall have no obligation to give Lessee notice thereof not be liable in trespass or to provide Lessee with a new key to the Site. otherwise.
29.1.4 The exercise by Lessor of any one or more remedies hereunder granted under Article 30 or otherwise available to Lessor shall not constitute be deemed to be an acceptance of the surrender of the Leased Premises by Lessee. Lessee acknowledges , whether by agreement or by operation of law, it being understood that a such surrender of the Premises can be effected only by a the written agreement between of Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Default by Lessee. The Each of the following events shall be deemed to be events constitute an event of default by Lessee:
A. A failure by Lessee under to pay any rent or charges as provided for in this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and with such failure shall continuing for a period of ten (10) days after receipt by Lessee of written notice of such failure.
B. The failure by Lessee to perform or observe any of the terms, provisions, conditions or covenants herein contained, and on Lessee’s part to be performed or in any way observed, if such neglect or failure should continue for a period of ten days;thirty (30) days after receipt by Concessionaire of written notice of such neglect or failure, or if more than thirty (30) days shall be required because of the nature of the default, if Lessee shall fail within said thirty (30) day period to commence and thereafter diligently proceed without interruption to cure such default.
B. C. If Lessee shall fail to comply take possession of its Premises.
D. If Lessee shall abandon all or any part of its Premises or shall discontinue the conduct of its operations in all or any part of its Premises.
E. If Lessee shall fail to abide by all applicable criminal laws, including statutes, ordinances and rules and regulations of the United States, State of Vermont and the City. In the event any condition of default shall occur (notwithstanding any waiver, license or indulgence granted by Lessor with respect to any provision condition of default in any form or instance) Lessor, then, or at any time thereafter, shall have the right, at its election, either to terminate this Agreement not requiring by giving at least five (5) days written notice to Lessee at which time Lessee will then quit and surrender the payment Premises to Lessor, but Lessee shall remain liable as hereinafter provided, or, to enter upon and take possession of moneythe Premises (or any part thereof in the name of the whole), all of which provisions shall be deemed materialwithout demand or notice, and repossess the same as of the Lessor’s former estate, expelling Lessee and those claiming under Lessee, forcibly, if necessary, without prejudice to any remedy for arrears of rent or proceedings for breach of covenant and without any liability to Lessee or those claiming under Lessee for such failure repossession. Lessor’s repossession of the Premises shall continue for not be construed as an election to terminate this Agreement nor shall it cause a period forfeiture of twenty days after rents or other charges remaining to be paid during the balance of the term hereof, unless a written notice of such default is delivered intention be given to Lessee;
C. Lessee shall become insolvent , or fail to pay its debts as they become due or Lessee notifies unless such termination is decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination by Lessor that it anticipates either condition;
D. Lessee takes because of any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for default by Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice any time after such reletting elect to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this AgreementAgreement for any such default. Upon repossession, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof the right (whether or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (Abe terminated) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any part thereof for such period or periods (which may extend beyond the term of this Agreement) at such rent or rents and upon such other terms and conditions as Lessor may, in good faith, deem advisable. The Lessor agrees that upon repossession it shall make a good faith effort to relet the operation. In the event that Lessor shall relet, then rentals received by Lessor from such reletting shall be applied: first, to the payment of any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of any reasonable cost of such reletting; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Lessor and applied in payment of future rent as the same may become due and payable hereunder. Should that portion of such rentals received from such reletting during any month, which is applied to the payment of rent hereunder, be less than the rent payable during that month by Lessee hereunder, then Lessee shall pay such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. Lessee shall also pay to Lessor, as soon as ascertained, any costs and expenses incurred by Lessor in such reletting not covered by the rentals received from such reletting of the Premises. If Lessor shall terminate this Agreement or take possession of the Premises by reason of a condition of default, Lessee and those holding under Lessee, shall no later than fourteen (14) days following such termination or possession remove its goods and effects from the Premises. If Lessee or any such claimant shall fail to effect such removal such property shall become the property of the Lessor without the payment of any amount to Lessee therefore. If Lessor shall enter into and repossess the Premises for reason of the default of Lessee in the performance of any of the terms, covenants or conditions herein contained, then and in that event Lessee hereby covenants and agrees that Lessee will not claim the right to redeem or reenter the Premises to restore its operations hereunder and Lessee hereby waives the right to such redemption and reentrance under any present or future law, and hereby further, for any party claiming through or under Lessee, expressly waives its rights, if any, to make payment of any sum or sums of rent, or otherwise, of which Lessee shall have made default under any of the covenants of this Agreement and to claim any subrogation of the rights of Lessee under these presents, or any of the covenants thereof, by reason of such payment. All rights and remedies of Lessor herein created or otherwise existing at law are cumulative, and the exercise of one or more rights or remedies shall not be taken to exclude or waive the right to the exercise of any other. All such rights and remedies may be exercised and enforced concurrently and whenever and as often as deemed advisable. If proceedings shall at any time be commenced for recovery of possession as aforesaid and compromise or settlement shall be effected either before or after judgment whereby Lessee shall be permitted to retain possession of the Premises, then such proceeding shall not constitute a waiver of any condition or agreement contained herein or of any subsequent breach thereof or to collect rent after relettingthis Agreement. If the Lessee shall fail to make any payment or perform any act required to be made or performed by it hereunder, Lessor, without waiving or releasing any obligation or default, may (but shall be under no obligation to) at any time thereafter make payment or perform such reasonable act on account of and at the expense of the Lessee, and may enter upon the Premises or any part thereof at reasonable times for such purpose and take all such action thereon as, in the opinion of Lessor, may be necessary or appropriate therefore. All payments so made by Lessor and all cost and expenses (including, without limitation, attorney's fees and expenses) incurred in connection therewith or in connection with the performance by the Lessor such act shall have constitute Additional Rent hereunder and the same may, at the option to relet the whole or any portion of the Premises for any period Lessor be added to any tenant and for any use and purposerent then due or thereafter falling due hereunder.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events Lessee shall be deemed to be events of in default by Lessee under this Agreement upon the occurrence of any one of the following events (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail 19.1. Failure to timely pay make any monthly rental payment as referenced of Basic Rent within ten (10) days of when due under this Agreement or any Lease Schedule by its due date;
19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in paragraph 3 above any material respect any other obligation under this Agreement, any Lease Schedule or any other sum written agreement between Lessee and Lessor, regardless of money due hereunder and whether such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring other agreement, lease or charter covers the payment of moneysame or similar maritime vessel or gaming equipment, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty within thirty (30) days after receipt of written notice of default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such default is delivered to Lesseebreach;
C. 19.5. Lessee shall become insolvent or generally fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action due, shall make an assignment for the benefit of its creditors, shall admit in writing its inability to pay its debts as they become due, shall file a petition under any section or chapter of the United States Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.7. Lessee attempts to remove, sell, ▇▇▇▇▇▇▇▇, ▇▇▇▇mber, part with possession or sublet any part of the Equipment without the prior written consent of Lessor other than in the ordinary course of business;
19.8. Any part of the Equipment is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.9. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any similar law judicial process, unless attributable to the acts or statute debts of the United States Lessor;
19.10. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this Lease or any state thereof Lease Schedule is false or a petition shall misleading in any material respect when made or furnished;
19.11. Failure of Lessee to maintain in full force and effect the licenses, permits and certifications that may be filed against Lessee required under any such statute or Lessee or may creditor applicable gaming laws for the operation of Lessee notifies Lessor that it knows such 's business;
19.12. The revocation of any gaming license of Lessee;
19.13. The denial of any gaming license application of Lessee;
19.14. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.15. Failure of Lessee to maintain the insurance required by this Agreement; and/or
19.16. Any merger, consolidation, sale, change in control or any transfer of a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part majority of Lessee's business or assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remediesprior written consent, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may consent not to be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeunreasonably withheld.
Appears in 1 contract
Sources: Master Lease Agreement (International Thoroughbred Breeders Inc)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) Any failure by Lessee to pay any rental as and when the same becomes due and payable, in which event and such failure continues for more than ten (10) days after written notice from Lessor.
(b) Any failure by Lessee shall immediately surrender possession to pay any other sum required to be paid by Lessee hereunder, as and when the same becomes due and payable, and such failure continues for more than ten (10) days after written notice from Lessor.
(c) Any failure by Lessee to observe and perform any other provision of the Premises this Lease to Lessor; be observed or performed by Lessee, where such failure continues for ten (B10) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such ten (C10) to the extent the same were not paidday period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(d) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the filing by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premisescase of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises or of Lessee's interest in this Lease, where such seizure is not discharged within forty-five (45) days. If Lessor repossesses Any notice given under this Article shall specify the Premises without terminating this Agreement by reason of an Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee shall pay to Lessor perform the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provisions of this AgreementLease or pay the rent that is in arrears, as the case may be, within the applicable period of time. Lessee No such notice shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one deemed a forfeiture or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession Lease provided Lessee cures the default with the applicable period of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 1 contract
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events:
20.1.1. Failure of LESSEE to make any rent payment, and after five (A5) terminate days of receipt of written notice, when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this Lease or any other agreement between the parties proves to have been false in which event Lessee shall immediately surrender any material respect when made or furnished.
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender thenapplicable term of the Premises by Lesseethis Lease. Lessee acknowledges that a surrender of the Premises can This amount will become due and be effected only by a written agreement between Lessor payable monthly. In addition, LESSEE shall be liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering possession and reletting the same, which difference shall accrue and be payable monthly.
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease unless LESSOR so elects in writing.
20.5. At LESSOR'S election, after the applicable notice, LESSOR may cure any default of LESSEE by expending money, contracting for the making of repairs, purchasing insurance, or by any other actions. If LESSOR takes any such actions, LESSEE will promptly, upon demand, reimburse LESSOR for all of LESSOR'S expenses. All such expenses shall bear interest from the dates they are due until the dates they are paid, at a rate of 10 percent (10%) per annum.
20.6. LESSOR shall be entitled to recover from LESSEE all of LESSOR'S expenses in exercising any of its rights under this Lease, including without limitation LESSOR'S reasonable attorney's fees.
20.7. All of LESSOR'S remedies are cumulative, and may be exercised. successively or concurrently, at LESSOR'S election.
Appears in 1 contract
Sources: Commercial Lease (Guitar Center Inc)
Default by Lessee. The following events If default shall be deemed made in the payment of any sum to be events of default paid by Lessee under this Agreement (each such event of Lease, and default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten (10) days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions or default shall be deemed materialmade in the performance of any of the other covenants or conditions which Lessee is required to observe and to perform, and such failure default shall continue for a period twenty (20) days, or if the interest of twenty days after written notice of such default is delivered to Lessee;
C. Lessee under this Lease shall become insolvent be levied on under execution or fail to pay its debts as they become due other legal process, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed by or against Lessee under to declare Lessee bankrupt or to delay, reduce or modify Lessee's debts or obligations, or if any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will shall be filed or other action taken to reorganize or modify Lessee's capital structure if Lessee notifies Lessor that it expects such be a petition corporation or other entity, or if Lessee be declared insolvent according to law, or if any assignment of Lessee's property shall be filed; or
E. A made for the benefit of creditors, or if a receiver or trustee shall be is appointed for Lessee's leasehold interest in Lessee or its property, or if Lessee shall abandon the Leased Premises during the term of this Lease or for all any renewals or a substantial part of Lessee's assets. Upon extensions thereof, then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: foregoing events as a breach of this Lease (A) terminate this Agreementprovided that no such levy, in which event execution, legal process or petition filed against Lessee shall immediately surrender possession constitute breach of this Lease if Lessee shall vigorously contest the Premises to same by appropriate proceedings and shall remove or vacate the same within thirty (30) days from the date of its creation, service or filing) and thereupon, at Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromoption, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall may have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay following described remedies in addition to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees rights and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to remedies provided at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Sources: Lease Agreement (National Bancshares Corp of Texas)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement Lease:
(each such event of default is hereinafter referred to as an "Event of Default"):
A. a) Lessee shall fail to timely pay when due any monthly rental payment as referenced in paragraph 3 above installment of rent or any other sum payment required pursuant to this Lease; within ten days of money the due hereunder date and any such failure to pay shall continue for a period of ten daysat least five (5) days after the date Lessor provides Lessee written notice of such failure to timely pay such amounts due (however, Lessor shall not be required to send written notice more than two (2) times in any one calendar year and in such, no notice shall be required).
(b) Lessee shall abandon any substantial portion of the Premises;
B. (c) Lessee shall fail to comply with any term, provision or covenant of this Agreement not requiring Lease, other than the payment of money, all of which provisions shall be deemed materialrent, and such the failure shall continue for a period of twenty is not cured within five (5) days after written notice of such default is delivered to Lessee;; fifteen (15) days after written notice to Lessee; provided, however, if any such failure by Lessee to comply with this Lease cannot reasonably be corrected within such fifteen (15) day period as a result of non-financial circumstances outside of Lessee’s control, and if Lessee has commenced substantial corrective actions within such fifteen (15) day period and is diligently pursuing such corrective actions, such fifteen (15) day period shall be extended for such additional time as reasonably necessary to allow completion of actions to correct Lessee’s noncompliance.
C. (d) Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition or be adjudged bankrupt or insolvent under any section federal bankruptcy law or chapter of the United States Bankruptcy Code or under any similar law or statute statue of the United States or any state thereof state; or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest all or substantially all of the assets of Lessee or Lessee shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or
(e) Lessee shall do or permit to be done any act, which results in a lien being filed against the Premises or for all the building and/or project of which the Premises are a part and such lien is not released or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more bonded off within fifteen (15) days of the following: (A) terminate this Agreement, in which event date Lessee shall immediately surrender possession is notified of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term filing of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposelien.
Appears in 1 contract
Sources: Lease (Adherex Technologies Inc)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. If Lessee shall fail to timely pay any monthly rental payment as referenced default in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyany rents reserved hereunder for more than ten (10) days following the due date, all or in the payment of any additional rental amounts or sums which Lessee agrees to pay pursuant to the terms and provisions of this Lease for more than ten (10) days following the due date (or if no due date is stated, for more than ten (10) days following written demand); or if any execution, attachment or other process shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. issued against Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon property by which the occurrence Premises could be taken, occupied or attempted to be taken and occupied by someone other than Lessee; or if Lessee shall default under any of an Event the terms and conditions of Defaultthis Lease; Lessor, Lessor may at its option and without further notice to Lessee, and in addition to all any other remedies given hereunder or by available at law or in equity, do any one shall be entitled, at Lessor's election, to the following remedies:
a. Lessor may, in accordance with Florida law, re-enter the Premises and dispossess Lessee or more its legal representatives, successors or assigns, and remove the personal property of the following: (A) terminate this AgreementLessee, at Lessee's expense, in which event Lessor shall have the right to immediately collect from Lessee shall immediately surrender the full amount of all rent and other charges which are due or are to become due to Lessor for the remaining unexpired term of the Lease; or,
▇. ▇▇▇▇▇▇ may take possession of the Premises and sublease the same for the benefit of Lessee and collect from the Lessee all expenses of Lessor in retaking, repairing, modifying, advertising and re-letting the Premises, together with any shortfall in the amounts due and owing to Lessor; (B) enter upon Lessor pursuant to this Lease. In the event that Lessor shall release the Premises and expel or remove Lessee and/or for the benefit of Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and . Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to apply any rents received from any sublessee in the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of following order: (Ai) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remediescosts, including court costs and reasonable attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. expelling Lessee shall not be entitled to any excess rent obtained by Lessor reletting from the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.;
Appears in 1 contract
Default by Lessee. The following events shall be deemed 10.1 If:
(a) the Lessee fails to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely punctually pay any monthly rental payment as referenced in paragraph 3 above instalment of Monthly Lease or other sum due under the Leasing Arrangement or any other sum of money due hereunder agreement between LeasePlan and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A (b) the Lessee fails to observe or perform any of the other terms and conditions of the Leasing Arrangement or any other Agreement between LeasePlan and the Lessee; or
(c) any other Agreement between LeasePlan and the Lessee is terminated by LeasePlan following any breach or any occurrence of the nature described in this Clause; or
(d) any distress, execution, diligence, impounding or other legal process is levied on, or filed against the Vehicle or any part of the Vehicle or if the Lessee permits any judgement against the Vehicle to remain unsatisfied for seven (7) days or does or allows to be done any act or thing which may jeopardise LeasePlan’s rights in the Vehicle or any part of the Vehicle; or
(e) the Lessee calls any meeting of its creditors or enters into any liquidation or has a receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for administrator of all or any of its assets appointed; or
(f) the insurers of the Vehicle decline to insure or to continue to insure the Vehicle; or
(g) the financial position of the Lessee deteriorates to such a substantial part degree that there is an increased risk of Lessee's assets. Upon any of the above occurring; then in each and every case, LeasePlan will advise the Lessee in writing of the occurrence of an Event a default. In the case of Defaultfailing to punctually pay any instalment of Monthly Lease LeasePlan will allow the Lessee seven days to rectify that occurrence. In the case of each and every other occurrence described in this Clause, Lessor LeasePlan will allow the Lessee thirty days to rectify the occurrence.
10.2 If the Lessee does not rectify any occurrence specified in Clause 11.1 within the time permitted, LeasePlan may at its option and sole discretion, (but without further prejudice to any other rights under this Agreement) forthwith by notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do the Lessee terminate the Leasing Arrangement.
10.3 Following any one or more termination of the following: (A) terminate this AgreementLeasing Arrangement under Clause 11.2, the Lessee will then no longer be in which event Lessee shall immediately surrender possession of the Premises Vehicle with LeasePlan’s consent. In that event LeasePlan may without prejudice to Lessor; (B) LeasePlan’s claim for any arrears of Monthly Lease or damages for any breach of the Leasing Arrangement or any other rights under the Leasing Arrangement, retake possession of the Vehicle, and may for that purpose enter upon any premises belonging to or in the Premises and expel occupation or remove control of the Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances which to the Site knowledge of LeasePlan is housing the Vehicle.
10.4 The Lessee will be responsible for all costs, charges and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser LeasePlan in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder retaking possession of the termVehicle except any costs, minus any net sums thereafter received by Lessor through reletting the Premises during such period; charges and (F) any other damages or relief which Lessor may be entitled to at law expenses arising as a result of or in equity. consequence of the negligence or wilful default of LeasePlan.
10.5 If LeasePlan does terminate the Leasing Arrangement as provided in Clause 11 then without prejudice to the right of LeasePlan to bring a claim for damages for breach of the Leasing Arrangement, Clause 5.2 will apply and the Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall forthwith upon written demand pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus LeasePlan any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts amount due by the Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLeasePlan under Clause 5.4.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The Each of the following events shall constitute, and hereafter be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as as, an "“Event of Default"):”:
A. (a) if Lessee shall fail fails or refuses to timely pay any monthly rental payment installment of rent as referenced in paragraph 3 above or any other sum of money and when due hereunder and such failure shall continue unless payment in full thereof is made within five (5) days thereafter without any requirement for a period of ten daysnotice or demand by Lessor;
B. (b) if Lessee shall fail fails or refuses to perform, observe or comply with any provision covenant, agreement, duty or obligation of the Lessee strictly according to the terms of this Agreement not requiring Lease unless such failure or refusal is cured within thirty (30) days after receipt of notice thereof from Lessor;
(c) if Lessee or any guarantor of this Lease shall make an assignment for the payment benefit of moneyits creditors;
(d) if Lessee’s interest in this Lease or in the Premises is encumbered or taken by attachment, all lien, execution of which provisions other legal process;
(e) if any petition shall be deemed materialfiled by or against Lessee or any guarantor of this Lease in any court, and such failure shall continue for a period of twenty days after written notice of such default is delivered whether or not pursuant to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute statue of the United States or of any state thereof State, in any bankruptcy, reorganization, composition, extension, arrangement, receivership, insolvency or a similar proceeding or if Lessee, or if any guarantor of this Lease, shall be adjudicated bankrupt, or if any such petition shall be filed against Lessee under approved by the appropriate court or it the court shall assume jurisdiction of the subject matter thereof;
(f) if in any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A proceedings any receiver or trustee shall be appointed for Lessee's leasehold interest in ’s property or the property of any guarantor of this Lease; or
(g) if Lessee shall vacate or abandon the Premises or for all or a any substantial part of Lessee's assetsthereof. Upon and at any time after the occurrence happening of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event aforesaid Events of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and for all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser purposes be in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received default under this Agreement for the remainder Lease and Lessor may, at its option, exercise any or all of the term, minus any net sums thereafter received its rights and/or remedies as provided in Section 22 of this Lease and as otherwise provided by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in In equity. Lessee shall not be entitled to hereby waives any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason right of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeredemption.
Appears in 1 contract
Sources: Lease (Boston Gear LLC)
Default by Lessee. 18.01 The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) Any failure by Lessee to pay any rental or any other sum required to be paid by Lessee hereunder, in which event as and when the same becomes due and payable, and failure continues for a period of more than five (5) days after receiving written notice to Lessee shall immediately surrender possession by Lessor,
(b) Any failure by Lessee to observe and perform any other provision of the Premises this Lease to Lessor; be observed or performed by Lessee, where such failure continues for fifteen (B15) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee business days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such fifteen (C15) to the extent the same were not paidbusiness days period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(c) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the filing by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premises. If Lessor repossesses case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises without terminating or of Lessee's interest in this Agreement by reason of an Lease, where such seizure is not discharged within forty-five (45) days.
18.02 Any notice given under this Article shall specify the Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee shall pay to Lessor perform the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provisions of this AgreementLease, within the applicable period of time. Lessee No such notice shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one deemed a forfeiture or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon a termination of this Agreement or repossession Lease provided Lessee cures the default within the applicable period of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 1 contract
Default by Lessee. The following events Each and every covenant and condition contained in this Lease is declared to be a condition to this Lease, and to the term hereby demised to Lessee. Lessee shall be deemed considered to be events of default by Lessee under have materially breached this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced Lease, giving ▇▇▇▇▇▇ the remedies specified in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneySection 10.3 below, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do event that any one or more of the following: following occur:
(Aa) terminate this Agreement▇▇▇▇▇▇ fails or refuses to pay to Lessor any rent due hereunder when due, in which event Lessee shall immediately and such rent remains unpaid for ten (10) days after written notice to pay rent or surrender possession of the Premises to Lessoris served on Lessee by ▇▇▇▇▇▇; or
(Bb) enter upon Lessee defaults in the Premises performance of or breaches any covenant, condition or provision contained in this Lease other than as set forth in Section 10.2(a) hereinabove, and expel such default or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and breach is not cured within twenty (C20) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise is served by Lessor of any one on Lessee; or, if such default or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall breach cannot be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultcured within said twenty (20) days, then Lessee shall pay so indicate to Lessor in writing within said twenty (20) days and shall set forth in writing its plan and schedule for effecting such a cure on an immediate basis, and Lessee shall commence such cure within said twenty (20) days and shall diligently with best efforts pursue such cure to completion within the sum of plan and schedule submitted to Lessor, but in no event in a time frame exceeding one hundred eighty (A180) the cost of recovering days; or
(c) Lessee abandons the Premises; or
(Bd) ▇▇▇▇▇▇ becomes insolvent; for purposes of this Lease, Lessee shall be conclusively presumed to have become insolvent if:
(i) A receiver is appointed to take possession of all or substantially all of ▇▇▇▇▇▇’s property because of insolvency; or
(ii) ▇▇▇▇▇▇ makes a general assignment for the unpaid monthly payments benefit of creditors; or
(iii) Lessee allows any judgment against Lessee to remain unsatisfied or unbonded for a period of thirty (30) days or longer; or
(iv) An attachment or execution is levied upon or against any or all of ▇▇▇▇▇▇’s right, title or interest in or under this Lease, and all other indebtedness accrued hereunder to the same shall not have been released within thirty (30) days from the date of such repossessionthereof; or
(Cv) the Reletting ExpensesProceedings in receivership or bankruptcy have been or are about to be instituted against ▇▇▇▇▇▇; or
(Dvi) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeis adjudicated a bankrupt.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Leased Premises, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the Premises case of involuntary proceedings, are not dismissed or for all stayed within 30 days of the commencement thereof), or a substantial part if the leasehold estate created hereby shall be taken on execution or by any process of Lessee's assets. Upon the occurrence of an Event of Defaultlaw, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may may, at its option and option, terminate this Lease without further notice to Lesseenotice, and in addition to declare all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof amounts due or to provide Lessee with a new key to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Leased Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Defaultreasonably necessary force, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paidsummary proceedings, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.or
Appears in 1 contract
Default by Lessee. The following events If a.) default shall be deemed made in the timely payment of any sum to be events of default paid by Lessee under this Agreement Lease (each such event of default is hereinafter referred notwithstanding the preceding provision, for the first two times Lessee fails to as an "Event of Default"):
A. pay a sum timely, Lessee shall fail not be in default until Lessor gives Lessee written notice of Lessee's failure to make timely payment and Lessee fails to make such payment within ten (10) days from the date such notice is sent; any failure to pay a sum after the second failure shall be an immediate default under this lease), or b.) default shall be made in the performance of any monthly rental payment as referenced in paragraph 3 above of the other covenants or any other sum of money due hereunder conditions which Lessee is required to observe and to perform and such failure default shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty (20) days after written notice of such default is delivered to Lessee or deposited in the U.S. Mail addressed to Lessee;
C. 's address above, or c.) the interest of Lessee under this Lease shall become insolvent be levied on under execution or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States other legal process, or any state thereof or a petition shall be filed by or against Lessee to declare Lessee a bankrupt or to delay, reduce or modify Lessee's debts or obligations, or any petition under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will the Bankruptcy Act shall be filed or Lessee notifies Lessor that it expects such a petition other action taken to be filed; or
E. A receiver reorganize or trustee shall be appointed for modify Lessee's leasehold interest in the Premises capital structure, or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessee be declared
A. Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon Lease and forthwith repossess the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and be entitled to recover (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (Ai) the cost of recovering the Premises; , including the cost of the removal and storage of any of Lessee's possessions left within the Premises, (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to rent earned at the term time of such termination; , plus interest thereon at the highest lawful rate from the due date, (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (Biii) the total monthly payments and other benefits which Lessor would have received under this Agreement balance of the rent for the remainder of the term, minus any Term less the present fair market net sums thereafter received by Lessor through reletting rental value of the Premises during such period; for said period and (Fiv) any other sum of money and damages owed by Lessee to Lessor.
B. L▇▇▇▇▇ ▇▇▇ terminate Lessee's right of possession, and repossess the Premises by forcible entry and detainer suit without demand or relief notice of any kind to Lessee, and without terminating this Lease, in which event Lessor may, but shall have no obligation to, relet the same for the account of Lessee, for such rent and upon such terms as shall be satisfactory to Lessor. For the purpose of such reletting, Lessor is authorized to decorate or make any repairs, changes, alterations or additions in or to the Premises that may be entitled necessary. If
(i) Lessor shall fail to at law relet the Premises, or in equity. Lessee (ii) the same are relet and a sufficient sum shall not be entitled to any excess realized from such reletting after deducting the due and unpaid Base Rent and Additional Rent, the accrued interest thereon, the cost of recovering possession, the costs and expenses of all decorations, repairs, changes, alterations and additions deemed necessary in the reasonable judgment of Lessor and the expense of such reletting and of the collection of the rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultaccruing therefrom, then Lessee shall pay to Lessor the as damages a sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder equal to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder amount of the termBase Rent and Additional Rent provided for in this Lease for such period or periods, minus any net sums thereafter received by Lessor through reletting or if the Premises during have been relet, the Lessee shall satisfy and pay any such period; and (F) any other damages or relief which deficiency upon demand therefor from time to time. Lessee agrees that Lessor may file one or more suits to recover any sums falling due under the terms of this section from time to time. No such reletting shall be entitled construed as an election on the part of Lessor to at law or in equityterminate
C. L▇▇▇▇▇ ▇▇▇ change the locks on the Premises and not return the new key to the Lessee unless the Lessee cures the default(s). Re-entry by The Lessor will not affect have to give the obligations of Lessee for a new key unless the unexpired term of this Agreement. Lessee shall not cures the default(s); and the new key will be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lessonprovided only during Lessor's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeregular business hours.
Appears in 1 contract
Sources: Lease Agreement (Champion Communication Services Inc)
Default by Lessee. The following events shall If Lessee shall, at any time, be deemed to be events in default of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyeither rent or any payments required of Lessee hereunder or any part thereof, all of which provisions for more than ten (10) days after the same shall be deemed materialdue hereunder, regardless of whether demand has been made therefor, or if Lessee shall be in default of any of the other covenants and conditions of this Lease to be kept, observed, and such failure shall continue performed by Lessee for a period of twenty more than thirty (30) days after the giving of written notice by Lessor to Lessee of such default is delivered to Lessee;
C. or if Lessee shall become insolvent be adjudged a bankrupt, or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file if a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed and shall not be discharged within thirty (30) days from the date of such appointment, then and in any such events Lessor may re-enter the Leased Premises by summary proceedings or otherwise, and thereupon may expel all persons and remove all property therefrom, without becoming liable to prosecution therefor, and may, among other remedies, elect:
(a) To relet the Leased Premises as the agent of Lessee, and reserve the rent therefrom, applying the same first to the payment of the reasonable expense of such re-entry, and then to the payment of the rent accruing hereunder; but whether or not the Leased Premises are relet, Lessee shall remain liable for Lessee's leasehold interest in the Premises equivalent of all rent and other charges provided for under this Lease, plus the cost of reletting, if any, which said amount shall be due and payable to Lessor as damages, or for rent, as the case may be, on the successive monthly rent days herein above provided; or
(b) To terminate this Lease and immediately resume possession of the Leased Premises, wholly discharged from any obligations under the Term, and may re-enter and repossess the Leased Premises, free from any and all or a substantial claims on the part of Lessee's assets. Upon the occurrence Termination of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law this Lease does not discharge or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or way affect Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof pay Lessor all the rents or to provide Lessee with a new key to the Site. The exercise by Lessor of any one other charges or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received accruing under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder Lease up to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetermination.
Appears in 1 contract
Default by Lessee. 17.1 The following events shall be deemed to be events of default by Lessee under this Agreement Lease:
(each such event of default is hereinafter referred to as an "Event of Default"):
A. a) Lessee shall fail to timely pay when due any monthly rental payment as referenced in paragraph 3 above installment of rent or any other sum of money due hereunder and such failure shall continue for a period of ten dayspayment required pursuant to this Lease;
B. (b) Lessee shall abandon any substantial portion of the Leased Premises;
(c) Lessee shall fail to comply with any term provision or covenant of this Agreement not requiring Lease, other than the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lesseerent;
C. (d) Lessee shall become file a petition or be adjudged bankrupt or insolvent under any applicable federal or fail to pay state bankruptcy or insolvency law, or admit that it cannot meet its debts financial obligations as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof due; or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part substantially all of the assets of Lessee's assets. ; or Lessee shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors; or
(e) Lessee shall do or permit to be done any act which results in a lien being filed against the Leased Premises.
17.2 Upon the occurrence of an Event any event of Defaultdefault set forth in this Lease, Lessor may at its shall have the option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do pursue any one or more of the following: remedies set forth herein without any notice or demand.
(A1) Without declaring the Lease terminated, Lessor may enter upon and take possession of the Leased Premises, by picking or changing locks if necessary, and lock out, expel or remove Lessee and any other person who may be occupying all or any part of the Leased Premises without being liable for any claim for damages, and relet the Leased Premises on behalf of Lessee, and receive the rent directly by reason of the reletting. Lessee agrees to pay Lessor on demand any deficiency that may arise by reason of any reletting of the Leased Premises; further, Lessee agrees to reimburse Lessor for any expenditures made by it in order to relet the Leased Premises, including, but not limited to, remodeling and repair costs.
(2) Without declaring the Lease terminated, Lessor may enter upon the Leased Premises, by picking or changing locks if necessary, without being liable for any claim for damages, and do whatever Lessee is obligated to do under the terms of this Lease. Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may incur in effecting compliance with Lessee's obligations under this Lease; further, Lessee agrees that Lessor shall not be liable for any damages resulting to Lessee from effecting compliance with Lessee's obligations under this Lease caused by the negli- gence of Lessor or otherwise.
(3) Lessor may terminate this AgreementLease, in which event Lessee shall immediately surrender the Leased premises to Lessor, and if Lessee fails to surrender the Leased Premises, Lessor may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Premises to Lessor; (B) enter upon the Premises Leased Premises, by picking or changing locks if necessary, and lock out, expel or remove Lessee and/or Lessee's Equipment therefrom, with Leasee and any other person who may be occupying all or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance part of the surrender of the Premises by LesseeLeased Premises, without being liable for any claim for damages. Lessee acknowledges that a surrender agrees to pay on demand the amount of the Premises can be effected only by a written agreement between all loss and damage which Lessor and Lessee. If Lessor terminates this Agreement may suffer by reason of an Event the termination of Defaultthis Lease under this Section, including without limitation, loss and damage due to failure of Lessee shall pay to Lessor maintain and/or repair the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued Leased Premises as required hereunder and/or due to the term inability to relet the Leased Premises on satisfactory terms or otherwise. In addition, upon termination the Lessor may collect from Lessee the value of such termination; (C) all future rentals required to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received be paid under this Agreement for Lease from the remainder date lessor terminates the Lease until the original termination date, discounted to present value using a discount rate of six (6%) percent, less the reasonable market value of the term, minus any net sums thereafter received by Lessor through reletting Leased Premises in the specific area in which the Leased Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to are located on the date of such repossession; (C) termination. Notwithstanding anything contained in this Lease to the Reletting Expenses; (D) all expenses incurred contrary, this Lease may be terminated by Lessor in enforcing Lessor's remediesonly by mailing or delivering written notice of such termination to Lessee, including attorneys' fees and court costs; (B) the total monthly payments and no other benefits which act or omission of Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may shall be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon construed as a termination of this Agreement Lease.
(4) in the event that Lessor exercises its remedy to lock out Lessee in accordance with any provision of this Lease, Lessee agrees that no notice shall be required to be posted by Lessor on any door to the Leased Premises (or repossession of elsewhere) disclosing the Premises due to an Event of Defaultreason for such action, or any other information, and Lessor shall not be obligated to relet or attempt provide a key to relet the changed lock to Lessee unless Lessee shall have first:
(i) brought current all payments due to Lessor under the Lease (unless Lessor has permanently repossessed the Leased Premises or any portion thereof terminated this Lease, in which event payment of all past due amounts shall not obligate Lessor to provide a key);
(ii) fully cured and remedied to Lessor's satisfaction all other defaults of Lessee under this Lease (unless Lessee has abandoned or to collect rent after relettingvacated the Leased Premises, but in which event Lessor shall have not be obligated to provide the new key to Lessee under any circumstances), and;
(iii) provided Lessor with additional security deposit and assurances satisfactory to Lessor that Lessee intends to and is able to meet and comply with its future obligations under this Lease, both monetary and nonmonetary. Lessor may, upon written request by Lessee, at Lessor's convenience and upon Lessee's execution and delivery of such waivers and indemnifications as Lessor may require, at Lessor's option, either:
(a) escort Lessee or its specifically authorized employees or agents to the Leased Premises to retrieve personal belongings of Lessee's employees and property of Lessee that is not subject to a security interest provided in this Lease, or
(b) obtain from Lessee a list of such property and arrange for such items to be removed from the Leased Premises and make avail- able to Lessee at such place at such time as Lessor may designate, provided, however, that if Lessor elects option (b), then Lessee shall be required to relet pay in cash in advance to Lessor the whole or estimated cost that Lessor may incur upon moving and storage charges theretofore incurred by Lessor with respect to such property. THE PROVISIONS OF THIS ARTICLE ARE INTENDED TO OVERRIDE AND SUPERSEDE ANY CONFLICTING PROVISIONS OF THE FLORIDA PROPERTY CODE AND ANY AMENDMENTS OR SUCCESSOR STATUTES THERETO, AND OF ANY OTHER LAW, TO THE MAXIMUM EXTENT PERMITTED BY THE LAW.
(5) In the event Lessor exercises any portion of its rights provided herein and Lessee subsequently cures such default, Lessor shall be entitled to receive a service charge of $500.00 from the Premises Lessee for any period its time and expense, in addition to any tenant other amounts owed hereunder, prior to allowing the Lessee to reenter and for any use and purposereoccupy the Leased Premises.
Appears in 1 contract
Sources: Lease Agreement (Medicore Inc)
Default by Lessee. The following events shall be deemed If (a) Lessee fails to timely pay any sum to be events of default paid by Lessee under this Agreement Lease after 5 days written notice from Lessor; (each such event b) Lessee fails to perform any of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above its other duties or any other sum of money due hereunder obligations under this Lease and such failure shall continue default continues for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty 20 business days after Lessor delivers written notice of such default is delivered to Lessee or deposits written notice in the U. S. Mail addressed to Lessee;'s address above; (c) any of the following actions occur and Lessee fails to vigorously contest and cause same to be removed, dismissed, or vacated within 30 days from the date of entry or filing:
C. (i) Lessee's interest under this Lease is levied on under execution or other legal process, or (ii) any petition is filed by or against Lessee shall become insolvent to declare Lessee a bankrupt or fail to pay its delay, reduce or modify Lessee's debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes obligations, or (iii) any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be is filed or other action taken to reorganize or modify Lessee's capital structure, or (iv) Lessee notifies Lessor that it expects such is declared insolvent according to law, or (v) any general assignment of Lessee's property is made for the benefit of creditors, or (vi) a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest Lessee or its property; (d) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the Premises State of Texas; or for all (e) if Lessee is a partnership or a substantial part of Lessee's assets. Upon other entity, Lessee is dissolved or otherwise liquidated, then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate foregoing events as a breach of this Agreement, in which event Lessee shall immediately surrender possession Lease. Upon the occurrence of any of the Premises to foregoing events, at Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromoption, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of following described remedies, in addition to all other rights and remedies provided at law or in equity:
A. Lessor may terminate this Lease and forthwith repossess the Premises by Lessee. Lessee acknowledges that and recover damages in a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of money equal to the total of (Ai) the cost of recovering the Premises; , including the cost of the removal and storage of any of Lessee's possessions left within the Premises, (ii) the unpaid Base Rent and Additional Rent earned at the time of termination, plus interest thereon at the lesser of (A) thirteen percent (13%) per annum, or (B) the unpaid monthly payments and all other indebtedness accrued hereunder then maximum interest rate permitted to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.be
Appears in 1 contract
Sources: Lease Agreement (Telxon Corp)
Default by Lessee. The following events shall be deemed If and in the event any payment due or to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money become due hereunder shall not be paid when and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring as due, including, without limitation, the payment of moneyrent stipulated herein, all a late payment charge equal to five (5%) percent of which provisions the sum otherwise due shall be deemed materialadded to the payment due from Lessee and, in addition, any delinquent rent shall accrue interest from the due date at the rate of twelve (12%) percent per annum until paid. Nonpayment of rent shall be a default as of the day following the day upon which it is otherwise due pursuant hereto and, at the option of the Lessor, shall be a basis for immediate termination of this Joint Grassland Venture Lease Agreement and such failure shall continue for a period of twenty days after written the tenancy created hereby by Lessor if notice of such default said termination is delivered to Lessee;
C. . If default is made by Lessee shall become insolvent or fail with respect to pay its debts as they become due or the duties of Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of contained in the United States Bankruptcy Code or under any similar law or statute of the United States Conservation Plan referenced in Paragraph 7 hereof or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition other covenant herein contained to be filed; or
E. A receiver or trustee shall be appointed for kept by Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option provide Lessee written notice of said default in conformance with Paragraph 20 hereof and without further allow Lessee sixty (60) days to cure same. In the event said default is not cured to Lessor’s satisfaction within said sixty (60) day period, Lessor may by notice to Lessee declare this lease immediately terminated. In the event of termination for reason of default by Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon demised hereby and, in addition thereto, Lessor may, at its option, pursue the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor recovery of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paidsums due from Lessee including, the cost of repairingwithout limitation, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectivelydelinquent rent, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedieslate charge, including attorneys' fees interest and court costs; (B) the total monthly payments and other benefits which Lessor would any damages it may have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposesuffered.
Appears in 1 contract
Default by Lessee. The following events shall be deemed If Lessee fails to be events make payments within ten (10) days of default by date due and such failure continues for five (5) days after written notice from Lessor, Lessee is adjudged bankrupt or insolvent, makes a transfer in fraud of creditors, makes an arrangement for the benefit of creditors; institutes voluntary bankruptcy or insolvency proceedings or consents to the filing of a bankruptcy or insolvency proceeding or files a petition or answer or consent seeking reorganization or liquidation under any bankruptcy or similar laws; a receiver or trustee is appointed for substantially all of the assets of Lessee or for Lessee's leasehold interest in this Agreement Lease, or; any representation, warranty, or covenant of Lessee herein is untrue, false, or misleading at any time; or Lessee fails to comply with any other term of this Lease after receipt of written notice from Lessor, and does not cure such other failure within thirty (30) days of such written notice, or does not commence to cure within thirty (30) days and complete such cure within ninety (90) days of such written notice (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee ); then Lessor shall fail have the option to timely pay any monthly rental payment as referenced in paragraph 3 above terminate this Lease or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, or all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this AgreementSchedules, in which event Lessee shall immediately surrender possession of the Premises to Lessor; leased premises within ten (B10) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromdays, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key pursue any other remedy available to the SiteLessor under this Lease or otherwise provided by law or equity. The exercise by Lessor of may also apply any one or more remedies hereunder shall not constitute an acceptance all of the surrender of the Premises by Lesseedeposit or prepaid rent to cure a default. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of Upon an Event of Default, Lessee shall pay to Lessor the sum of of: (A) the cost of recovering the Premises; (Ba) the unpaid monthly payments rent and all other indebtedness accrued amounts payable hereunder to through the term date of such terminationEvent of Default; (Cb) to the extent the same were not paid, the cost of repairing, altering altering, or otherwise putting the Premises leased premises into a condition acceptable to a new tenant lessee or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses")lessees; (Dc) all expenses incurred by Lesser Lessor in enforcing Lessor's its remedies, including reasonable attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (Fd) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) liable for all expenses incurred by Lessor in enforcing for recovery, and repossession by Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will actions shall not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lease unless Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of terminates this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLease.
Appears in 1 contract
Sources: Master Tower Site Lease (Teletouch Communications Inc)
Default by Lessee. The following events shall be deemed to be events If LESSEE defaults in the payment of default rent or the payment of any monetary amount required by Lessee under this Agreement LEASE (each such event of default is hereinafter referred to as an collectively, a "Event of Monetary Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder ) and such failure shall continue Monetary Default continues for a period of ten days;
B. Lessee shall fail thirty (30) days after written notice has been given by LESSOR to comply with LESSEE specifying the Monetary Default; or LESSEE defaults in the performance of any provision of other non-monetary agreement or condition required by this Agreement not requiring the payment of moneyLEASE to be performed by LESSEE (collectively, all of which provisions shall be deemed materiala "Non-Monetary Default"), and such failure shall continue Non-Monetary Default continues for a period of twenty thirty (30) days after written notice of such default has been given by LESSOR to LESSEE specifying the Non-Monetary Default, unless the Non-Monetary Default, by necessity, will require more than thirty (30) days to cure and LESSEE has commenced actions necessary to cure that Non-Monetary Default within said thirty (30) day period and is delivered diligently pursuing the same to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States completion; or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be proceedings are filed or Lessee notifies Lessor that it expects such action taken by or against LESSEE to declare LESSEE bankrupt or to appoint a petition to be filed; or
E. A receiver or trustee for LESSEE or to reorganize LESSEE or to make an assignment for the benefit of the creditors of LESSEE or to do any other act of similar mature or purpose under any state or federal bankruptcy or insolvency laws, and if such proceedings or actions shall be appointed for Lessee's leasehold interest not have been discharged within ninety (90) days thereafter, then, in the Premises event of any of the above events; or for all or subject to the rights of any Leasehold Mortgagee (if any), LESSOR may declare a substantial part breach of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further this LEASE by written notice to LesseeLESSEE and said Leasehold Mortgagee (if any) , and in addition to all other remedies given hereunder or by law or in equity, do exercise any one or more of the followingrights available to a LESSOR under the laws of the State of California, including without limitation, the right: (A) to terminate this AgreementLEASE, immediately and without further notice to LESSEE, and recover (i) the worth at the time of ▇▇▇▇ of the unpaid rent which has been earned at the time of termination; and (ii) any other reasonable monetary amount necessary to compensate LESSOR for all the detriment suffered by LESSOR which was proximately caused by LESSEE'S default under this LEASE, including all costs of litigation and attorney's fees incurred by LESSOR. B to continue this LEASE in full force and effect, including LESSOR'S right to collect rent as is becomes due; provided, LESSOR may, at LESSOR'S option, take any action necessary or appropriate including entering upon the Leased Premises to cure default of this LEASE, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses reasonable costs incurred by Lesser in enforcing Lessor's remediesLESSOR to effect such cure, including attorneys' fees attorney's fees, shall become due and court costs; payable by LESSEE, including interest at ten percent (B10%) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the termannum, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to calculated from the date of payment due LESSOR to date of repayment by LESSEE shall be due and payable upon written notice from LESSOR to LESSEE. to seek such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and equitable or other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor as may be entitled available to at law or in equity. Re-entry LESSOR by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposelaw.
Appears in 1 contract
Sources: Triple Net Lease
Default by Lessee. The following events If at any time:
(a) the Rent is in arrears and unpaid for 10 Business Days after any payment date (whether it has been demanded or not)
(b) repairs required by any notice given by the Lessor under this Lease are not commenced within 10 Business Days of such notice having been given, or if commenced are not diligently completed
(c) the Lessor gives written notice to the Lessee specifying any breach (other than a breach of the type referred to in (a) or (b) above) in this Lease which breach remains unremedied 5 Business Days after giving the notice
(d) the Lessee (if an individual) shall be deemed to declared or adjudicated bankrupt or insolvent
(e) any assignment shall be events made of default by the Lessee’s property for the benefit of creditors or if the Lessee compounds with the Lessee’s creditors
(f) the interests of the Lessee in or under this Agreement Lease or in the Premises shall be attached or taken in execution under any legal process or
(each such event g) the Lessee (if a company) has a resolution passed, or an order made by a Court, for the liquidation of default the Lessee (except for the purposes of reconstruction approved by the Lessor), or if the Lessee is hereinafter referred to as an "Event of Default"):placed into receivership or under official or statutory management the Lessor may:
A. Lessee shall fail to timely pay (i) distrain for rent or other moneys payable under this Lease remaining unpaid after the due date
(ii) immediately, or at any monthly rental payment as referenced in paragraph 3 above time subsequently, and without any notice or demand re-enter (forcibly if necessary) the Premises or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter part of the United States Bankruptcy Code or under any similar law or statute of Premises and
(iii) by such action determine the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold ’s estate and interest in the Premises or for all or a substantial part of Lessee's assets. Upon and
(iv) expel and remove the occurrence of an Event of Default, Lessor may at its option Lessee and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more the chattels of the following: (A) terminate this Agreement, Lessee and those claiming under the Lessee without being guilty of any manner of trespass or conversion and in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet liable for any loss or attempt to relet damage resulting from the Premises or exercise of any portion thereof or to collect rent after relettingof its powers set out in this clause. Upon such event, this Lease shall cease and determine, but Lessor shall have without releasing the option to relet the whole or Lessee from liability in respect of any portion breach of the Premises for any period to any tenant and for any use and purposecovenant.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. 18.01 The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) Any failure by Lessee to pay any rental or any other sum required to be paid by Lessee hereunder, in which event as and when the same becomes due and payable.
(b) Any failure by Lessee shall immediately surrender possession to observe and perform any other provision of the Premises this Lease to Lessor; be observed or performed by Lessee, where such failure continues fifteen (B15) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such fifteen (C15) to the extent the same were not paidday period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(c) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the fling by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premises. If Lessor repossesses case of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days: or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises without terminating or of Lessee's interest in this Agreement by reason of an Lease, where such seizure is not discharged within forty-five (45) days.
18.02 Any notice given under this Article shall specify the Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee shall pay to Lessor perform the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provisions of this AgreementLease or pay the rent that is in arrears, as the case may be, within the applicable period of time. Lessee No such notice shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one deemed a forfeiture or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon a termination of this Agreement or repossession Lease provided Lessee cures the default within the applicable period of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 1 contract
Sources: Real Estate Matters Agreement (Catalytica Energy Systems Inc)
Default by Lessee. The occurrence of any one or more of the following ----------------- events shall be deemed constitute a material default of this Lease by Lessee.
(a) The vacating or abandonment of the Premises by Lessee.
(b) The failure of Lessee to be events make any payment of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rent or any other sum of money due payment required to be made by Lessee hereunder as and when due, where such failure shall continue for a period of ten days;(10) days after written notice thereof from Lessor to Lessee; provided, however, that any such notice shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161.
B. (c) The failure by Lessee shall fail to comply with observe or perform any provision of the covenants, conditions or provisions of this Agreement not requiring the payment of moneyLease to be observed or performed by Lessee, all of which provisions shall be deemed materialother than as described in Paragraph 12.1 (b) hereof, and where such failure shall continue for a period of twenty thirty (30) days after written notice of such default is delivered thereof from Lessor to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor ; provided, however, that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition such notice shall be filed against Lessee in lieu of, and not in addition to, any notice required under any such statute or Lessee or may creditor California Code of Lessee notifies Lessor Civil Procedure Section 1161; provided further, that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in if the Premises or for all or a substantial part nature of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or default is such that more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement than 30 days are reasonably required for the remainder of the termcure, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. then Lessee shall not be entitled deemed to be in default if Lessee commenced such cure within said 30 day period and thereafter diligently prosecutes such cure to completion.
(d) The making by Lessee of any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultgeneral assignment, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement or general arrangement for the remainder benefit of creditors; the filing by or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petiton filed against Lessee, the same is dismissed within 60 days); the appointment of a trustee or receiver to take possession of substantially all of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions or of Lessee's interest in this Lease, where possession is not restored to collect amounts due by Lessee may be brought on one within 30 days; or more occasions without the necessity attachment, execution or other judicial seizure of Lessonsubstantially all of Lessee's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged within thirty days.
(e) The discovery by Lessor that any portion thereof or financial statement given to collect rent after relettingLessor by Lessee, but Lessor shall have the option to relet the whole and assignee of Lessee, any subtennant of Lessee, any successor in interest of Lessee or any portion guarantor of the Premises for Lessee's obligation hereunder, and any period to any tenant and for any use and purposeof them, was materially false.
Appears in 1 contract
Sources: Lease (Iown Holdings Inc)
Default by Lessee. The following events Each and every covenant and condition contained in this Lease is declared to be a condition to this Lease, and to the term hereby demised to Lessee. Lessee shall be deemed considered to be events of default by Lessee under have materially breached this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced Lease, giving Lessor the remedies specified in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneySection 10.3 below, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do event that any one or more of the following: following occur:
(Aa) terminate this AgreementLessee fails or refuses to pay to Lessor any rent due hereunder when due, in which event Lessee shall immediately and such rent remains unpaid for ten (10) days after written notice to pay rent or surrender possession of the Premises to is served on Lessee by Lessor; or
(Bb) enter upon Lessee defaults in the Premises performance of or breaches any covenant, condition or provision contained in this Lease other than as set forth in Section 10.2(a) hereinabove, and expel such default or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and breach is not cured within twenty (C20) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise is served by Lessor of any one on Lessee; or, if such default or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall breach cannot be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultcured within said twenty (20) days, then Lessee shall pay so indicate to Lessor in writing within said twenty (20) days and shall set forth in writing its plan and schedule for effecting such a cure on an immediate basis, and Lessee shall commence such cure within said twenty (20) days and shall diligently with best efforts pursue such cure to completion within the sum of plan and schedule submitted to Lessor, but in no event in a time frame exceeding one hundred eighty (A180) the cost of recovering days; or
(c) Lessee abandons the Premises; or
(Bd) Lessee becomes insolvent; for purposes of this Lease, Lessee shall be conclusively presumed to have become insolvent if:
(i) A receiver is appointed to take possession of all or substantially all of Lessee’s property because of insolvency; or
(ii) Lessee makes a general assignment for the unpaid monthly payments benefit of creditors; or
(iii) Lessee allows any judgment against Lessee to remain unsatisfied or unbonded for a period of thirty (30) days or longer; or
(iv) An attachment or execution is levied upon or against any or all of Lessee’s right, title or interest in or under this Lease, and all other indebtedness accrued hereunder to the same shall not have been released within thirty (30) days from the date of such repossessionthereof; or
(Cv) the Reletting ExpensesProceedings in receivership or bankruptcy have been or are about to be instituted against Lessee; or
(Dvi) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeis adjudicated a bankrupt.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events shall be deemed If any of the rent or other sums of money to be events of default paid by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled paid as and when the same becomes due or if Lessee shall default in the performance of any of the other agreements, conditions, covenants or terms herein contained, or if Lessee shall abandon the premises, or fail to timely commence operations, as described in Article III; or if this lease or the estate of Lessee hereunder shall be transferred or passed to or devolve upon any excess rent obtained by Lessor reletting other person, firm, association or corporation except in the Premisesmanner provided hereunder; then and in any of said events, District shall have the right to terminate this lease and the term hereby granted, as well as the right, title and interest of Lessee hereunder; provided, however, that the District shall first give Lessee 30 days' notice in writing of such default, specifying in particularity the nature of the default, and shall give Lessee the opportunity to cure such default within such 30-day period. If Lessor repossesses the Premises without terminating ▇▇▇▇▇▇ should fail to cure such default within such 30-day notice period, District may terminate this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such periodlease; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until it is agreed that upon the expiration of the term fixed in such notice, if the nonpayment, default or other cause of termination specified in such notice shall not have been made good or removed, this Agreementlease and the term hereby granted and created, as well as all the right, title and interest of Lessee hereunder shall, at the option of the District, terminate in the same manner and with the same force and effect as if the expiration of time in such notice were the end of the term herein originally demised; and the District may immediately, or at any time thereafter, and without further notice or demand, enter into and upon said premises, or any part thereof, in the name of the whole, and repossess the same as of its first and former estate and expel the Lessee and those claiming under it, and remove its effects (forcibly, if necessary) without being taken or deemed guilty of any manner of trespass, and without prejudice to any remedies which might be otherwise used for arrears of rent or preceding breach of covenants. Upon Notwithstanding the termination of this Agreement or repossession lease and possession regained by District, ▇▇▇▇▇▇ will indemnify District against all loss of rent which may accrue to District by reason of such termination during the remainder of the Premises due lease term. ▇▇▇▇▇▇ specifically agrees that this Article supersedes its rights under Section 93.002 of the Texas Property Code. In the event District does not exercise the right hereinabove given it, it may accept rent from the receiver, trustee or other officer in possession thereof for the term of such occupancy without impairing or affecting in any way the right of District against Lessee hereunder. Any neglect or failure to an Event enforce the right of Defaultforfeiture of this lease or re-entry upon breach of any of the conditions, Lessor covenants, terms and agreements herein contained, shall not be obligated to relet or attempt to relet the Premises deemed a waiver of such right upon any subsequent breach of any such or any portion thereof other condition, covenant, term and/or agreement herein contained. It is understood and agreed that no part of the time of the discontinuance or cessation in operation referred to collect rent after relettingin Article III that is caused by the interference of military authorities, but Lessor shall have the option to relet the whole strikes, floods, fires, navigation hazards, embargoes, or limitations on production instituted by state, national or local authorities, or any portion other act not within the control of either party hereto, shall be counted in the Premises for any 90-day period to any tenant and for any use and purposementioned in said Article III.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default" (sometimes referred to herein as a "):default") by Lessee and a material breach of this Lease:
A. (a) Lessee shall fail to timely pay make any monthly rental payment owed by Lessee under this Lease, as referenced and when due, and the Lessor shall have delivered a Notice to Pay or Quit. Any such notice shall be in paragraph 3 above lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure;
(b) Lessee shall fail to observe, keep or perform any of the terms, covenants, agreements or conditions under this Lease that Lessee is obligated to observe or perform, other sum of money due hereunder and such failure shall continue than that described in subsection (a) above, for a period of ten days;
B. (10) days after notice to Lessee of said failure; provided, however, that if the nature of Lessee's default is such that more than ten (10) days are reasonably required for its cure, then Lessee shall fail not be deemed to comply with be in default under this Lease if Lessee shall commence the cure of such default so specified within said ten (10) day period and diligently prosecute the same to completion within thirty (30) days after the original notice to Lessee of said failure. Such notice shall be in lieu of, and not in addition to, any notice required under Section 1161 of the California Code of Civil Procedure.
(c) Lessee shall (i) make any general arrangement or assignment for the benefit of creditors; (ii) become a "debtor" as defined in 11 U.S.C. Section 101 or any successor statute thereto (unless, in case of a petition filed against Lessee, the same is dismissed within 60 days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where possession is not restored to Lessee within 30 days; or (iv) the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Premises or of Lessee's interest in this Lease, where such seizure is not discharged within 30 days. Provided, however, in the event that any provision of this Agreement not requiring the payment of moneysubparagraph is contrary to any applicable law, all of which provisions such provision shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent no force or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedeffect; or
E. A receiver (d) The vacating or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender abandonment of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Sources: Lease Agreement (iDcentrix, Inc.)
Default by Lessee. 18.01. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (A"Events of Default") terminate shall constitute a material default and breach of this AgreementLease by Lessee:
(a) With (10) ten days written notice from Lessor, in which event any failure by Lessee shall immediately surrender possession to pay any rental or any other sum required to be paid by Lessee hereunder, as and when the same becomes due and payable.
(b) Any failure by Lessee to observe and perform any other provision of the Premises this Lease to Lessor; be observed or performed by Lessee, where such failure continues for ten (B10) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee days after written notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of to Lessee; provided, however, that if the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term nature of such termination; default is such that it cannot reasonably be cured within such ten (C10) to the extent the same were not paidday period, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to be in default if Lessee shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(c) The making by Lessee of any excess rent obtained general assignment or general arrangement for the benefit of creditors; the filing by Lessor reletting or against Lessee of a petition to have Lessee adjudged a bankrupt or a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the Premisescase of a petition filed against Lessee, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of Lessee's interest in this Lease, where possession is not restored to Lessee within sixty (60) days; or the attachment, execution or other judicial seizure of substantially all of Lessee's assets located at the Demised Premises or of Lessee's interest in this Lease, where such seizure is not discharged within forty-five (45) days.
18.02. If Lessor repossesses Any notice given under this Article shall specify the Premises without terminating this Agreement by reason of an Event of DefaultDefault and the applicable lease provisions, then and shall demand that Lessee shall pay to Lessor perform the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term provisions of this AgreementLease, within the applicable period of time. Lessee No such notice shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one deemed a forfeiture or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon a termination of this Agreement or repossession Lease provided Lessee cures the default within the applicable period of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposetime.
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events of default by If Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced defaults in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyrent, all or any additional rent, or defaults in the performance of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code other covenants or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultconditions hereof, Lessor may may, at its option and without further written notice to Lessee, and in addition to all the other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate [1] Terminate this AgreementLease, in which event Lessee shall immediately surrender possession of the Leased Premises to Lessor; [3] Apply all or any portion of the Security Deposit to cure such Event of Default; and
(BA) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise Exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Leased Premises by Lessee. Lessee acknowledges , it being understood that a such surrender of the Premises can be effected only by a the written agreement between of Lessor and Lessee. .
(B) If Lessor terminates this Agreement Lease by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments all Rent and all other indebtedness accrued hereunder to the term date of such termination, the amounts stated in Section 7.08(f) hereof, plus, as liquidated damages, an amount equal to the then present value of the Rent and all other indebtedness as would otherwise have been required to be paid by Lessee to Lessor during the period following the termination of the Term measured form the date of such termination to the date of expiration stated in Section 1.02, less the then present fair market rental value of the Leased Premises for such period; because of the difficulty of ascertaining the fair market rental value of the Leased Premises and the costs and time associated with reletting the Leased Premises, the Lessor and Lessee stipulate that such fair market rental value shall in no event be deemed to exceed seventy-five (75%) of the then present value of the Rent reserved for such period.
(C) If Lessor repossesses the Leased Premises without terminating the Lease, then Lessee shall pay to Lessor all Rent and other indebtedness accrued to the extent the same were not paiddate of such repossession, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments plus Rent and other benefits which Lessor would have received under this Agreement for sums required to be paid by Lessee during the remainder of the termTerm, minus diminished by any net sums thereafter received by Lessor through reletting the Leased Premises during such period; and said period (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all after deducting expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costsas provided below); (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry reentry by Lessor will not affect the obligations of Lessee for the unexpired term of this AgreementTerm. Lessee shall not be entitled to any excess rent of any Rent obtained by Lessor reletting over the Premises, Rent herein reserved. Actions to collect amounts due by Lessee may be brought on one or more occasions occasions, without the necessity of LessonLessor's waiting until the expiration of the term Term.
(D) In case of this Agreement. an Event of Default, to the extent the same were not paid or deducted, as appropriate, under Section 7.08(b) or (c), Lessee shall also pay to Lessor: all costs and expenses incurred by Lessor in enforcing Lessor's remedies, including reasonable attorney's fees and costs.
(E) Upon termination of this Agreement or repossession of the Leased Premises due to for an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after relettingLeased Premises, but Lessor shall have the option to relet or attempt to relet. In the event of reletting, Lessor may relet the whole or any portion of the Leased Premises for any period period, to any tenant Lessee, and for any use and an purpose.
(F) If Lessee should fail to make any payment, perform any obligation, or cure any default hereunder, Lessor may at its sole option, make such payment, perform such obligation, and/or remedy such other default for the account of Lessee (and enter the Leased Premises for such purpose), and Lessee shall pay upon demand all costs, expenses and disbursements (including reasonable attorney's fees) incurred by Lessor in taking such remedial action, plus interest thereon at the highest rate of interest permitted by law.
Appears in 1 contract
Default by Lessee. The following events If Lessee shall at any time be deemed to be events in default in the payment of default by Lessee under rent herein reserved or in the performance of any of the covenants, terms conditions or provisions of this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lease, and Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any remedy such default within twenty (20) days after receipt of notice thereof if the default relates to matters other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring than the payment of moneyrent, all of which provisions or if there shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered filed by or against Lessee in any Court pursuant to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates any statute either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or of any state thereof state, a Petition in Bankruptcy or Insolvency or for reorganization or for the appointment of a Receiver or a petition Trustee of all or a portion of the Lessee's property or if the Lessee makes an assignment for the benefit of creditors, or if there is an assignment by operation of law if any execution or attachment shall be filed levied upon any of the Lessee's property, or occupied by someone other than the Lessor, or if a receiver of any property of Lessee in or upon the Premises, be appointed in any action, suit or proceeding by or against Lessee under any such statute and not removed within thirty (30) days after appointment, or Lessee or may creditor if the interest of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises shall be offered for sale or for all sold under execution or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultother legal process, Lessor may at its option and without further notice to Lessee, and in addition to all other of the remedies given hereunder or by to Lessor in law or in equity, do may by written notice to Lessee terminate this Lease, or without terminating this Lease re-enter the Premises by summary proceedings or otherwise, and in any one event may dispossess the Lessee, it being the understanding that under no circumstances is the Lease to be an asset for Lessee's creditors by operation of law or more otherwise. In the event of such re-entry, Lessor may relet the Premises without being obligated so to do, and in the event of reletting may apply the rent therefrom, first to the payment of Lessor's expenses, including attorney fees incurred by reason of Lessee's default and the expense of reletting, including but not limited to the repairs, renovation or alteration of the following: (A) terminate this AgreementPremises, in which and then to the repayment of rent and all other sums due from Lessee hereunder, Lessee remaining liable for any deficiency. In the event of a default or threatened default by Lessee shall immediately surrender possession of any of the Premises to Lessor; (B) enter upon terms, provisions, covenants, conditions, rules and regulations of the Premises and expel or remove Lessee and/or Lessee's Equipment therefromLease, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation the right to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of invoke any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay remedy permitted to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee All remedies available to Lessor are declared to be cumulative and concurrent. No termination of this Lease or any taking or recovering or possession of the Premises shall not deprive Lessor of any of its past or future rent, nor shall the bringing of any action for rent or other default be entitled construed as a waiver of the right to any excess rent obtained by Lessor reletting take possession of the Premises. If Lessor repossesses the Lessee shall not remove all effects from the Premises without terminating this Agreement after termination of the Lease following default by reason Lessee or after Lessor shall secure possession of an Event of Defaultthe Premises after default by Lessee, then Lessor may, at its option, remove all Lessee's effects from the Premises and shall store the same without liability for loss thereof. Lessee shall pay be liable to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) for all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees such removal and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder storage of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposesaid effects.
Appears in 1 contract
Sources: Lease Agreement (GLB Bancorp Inc)
Default by Lessee. The Each of the following events shall be deemed to be events of a default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced (a) If Lessee, or Parent on behalf of the Lessee, defaults in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of moneyany installment of Rent or other sum to be paid by Lessee, all or Parent on behalf of which provisions the Lessee, hereunder when due and fails to cure such default within ten (10) days after receiving written notice from Lessor (provided that Lessor will not be obligated to provide more than two such notices in any calendar year, and after providing such notices in any calendar year, Lessor shall not thereafter be deemed materialobligated to provide further notices to Lessee in such calendar year for a default in the payment of Rent).
(b) If Lessee defaults in the performance of any of Lessee’s other covenants, agreements or obligations contained in this Lease, and such failure default shall continue not have been cured within thirty (30) days after Lessor shall have given Lessee notice specifying such default; provided, that such 30-day period shall be extended for a such additional period of twenty days after written notice of time reasonably necessary for Lessee to cure such default (with such additional period not to exceed 30 days) if such default is delivered not capable of being cured within thirty (30) days so long as Lessee proceeds with due diligence to Lesseecure such default;
C. (c) If a voluntary or involuntary petition is filed by or against Lessee shall become insolvent or fail to pay its debts as they become due any guarantor of this Lease under any bankruptcy law (including a petition for reorganization, extension of payment, composition or adjustment of liabilities) which is not dismissed within ninety (90) days and, in connection with such bankruptcy proceeding, there is another Event of Default which is not cured by Lessee notifies Lessor that it anticipates either conditionwithin the time periods permitted by this Lease;
D. (d) If a receiver should be appointed for Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof guarantor of this Lease or a petition shall be filed against Lessee under any such statute or if Lessee or may creditor any guarantor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedthis Lease should make any assignment for the benefit of creditors; or
E. A receiver or trustee shall be appointed (e) If Lessee defaults in the performance of any of its agreements providing funding for Lessee's leasehold interest Improvements, or if Lessee defaults in the Premises or for all or a substantial part performance of Lessee's assetsits obligations under the Gluconate Patent Rights Agreement dated August 24, 2001 by and between Lessee and NEC Partnership, and Lessee fails to cure any such default within the time permitted by any such agreements. Upon the occurrence of an any Event of Default by Lessee (and following expiration of all applicable cure periods as specified in this Section 15), Lessor may, at Lessor’s election, whether or not Lessor terminates this Lease, enter into the Premises and repossess the same through exercise of the legal remedies applicable in the jurisdiction where the Premises are situated. In the event of any Event of Default, and the failure of Lessee to cure the default within ten (10) days after receiving another written notice from Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in written notice which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or is otherwise obligated to provide Lessee with a new key in this Section, Lessor shall also have the right to the Siteaccelerate and declare all Rent due hereunder to be immediately due and payable. The exercise Any such actions by Lessor shall not prejudice Lessor’s rights against Lessee for all past due rent, for breach of any one term or more remedies hereunder condition of this Lease, or any other cost or expense resulting from such breach on the part of Lessee. In case of such default and entry by Lessor, Lessor may, without terminating the Lease, relet the Premises for the remainder of the Term to any tenant and may recover from Lessee any deficiency between the amount so obtained and the rent herein provided, and such reletting shall not constitute be considered an acceptance of the or a surrender of the Premises by Lessee. Lessee acknowledges that a surrender Upon the occurrence of any Event of Default, Lessor may elect to terminate the Premises can be effected only Lease by a written agreement between Lessor and notice to Lessee. If The rights and remedies of Lessor terminates set forth in this Agreement Lease shall be cumulative and exclusive of any other right or remedy at law or in equity, and Lessor shall be entitled to collect from Lessee the reasonable attorneys’ fees and costs of collection incurred by reason Lessor in pursuing its remedies under this Lease upon occurrence of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.
Appears in 1 contract
Default by Lessee. The following events shall be deemed If
(a) Lessee defaults in the timely payment of any sum to be events of default paid by Lessee under this Agreement Lease and said default continues for more than 10 days after Lessor delivers written notice to Lessee as described in Article 25 hereof; (each such event b) Lessee defaults in the performance of default is hereinafter referred to as an "Event any of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above its other duties or any other sum of money due hereunder obligations under this Lease and such failure shall continue default Continues for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty 20 days after Lessor delivers written notice to Lessee as described in Article 25 hereof, except that said 20 day period will be extended up to 45 days if Lessee commences to cure the default within the 20 day period and diligently proceeds to cure the default; (c) any of such default the following actions occur and Lessee fails to Vigorously contest and cause same to be removed, dismissed, or vacated within 30 days from the date of entry or filing:
(i) Lessee's interest under this Lease is delivered levied on under execution or other legal process, or (ii) any petition is filed by or against Lessee to declare Lessee a bankrupt or to delay, reduce or modify Lessee;
C. Lessee shall become insolvent 's debts or fail to pay its debts as they become due obligations, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes (iii) any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be is filed or other action taken to reorganize or modify Lessee's capital structure, or (iv) Lessee notifies Lessor that it expects such is declared insolvent according to law, or (v) any general assignment of Lessee's property is made for the benefit of creditors, or (vi) a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest Lessee or its property; (d) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the Premises State of Texas; or for all (e) if Lessee is a partnership or a substantial part of Lessee's assets. Upon other entity, Lessee is dissolved or otherwise liquidated, then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate foregoing events as a breach of this AgreementLease and thereupon, in which event Lessee shall immediately surrender possession of the Premises to at Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromoption, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall may have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of following described remedies, in addition to all other rights and remedies provided at law or in equity:
A. Lessor may terminate this Lease and forthwith repossess the Premises by Lessee. Lessee acknowledges that and be entitled to recover forthwith as damages a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of money equal to the total of (Ai) the cost of recovering the Premises; , including the cost of the removal and storage of any of Lessee's possessions left within the Premises, (Bii) the unpaid monthly payments Base Rent and all other indebtedness accrued hereunder Additional Rent earned at the time of termination, plus interest thereon at the lesser of 18% or the then maximum interest rate permitted to be charged by applicable law ("Interest") from the term of such termination; (C) to the extent the same were not due date until paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (Biii) the total monthly payments balance of the Base Rent and other benefits which Lessor would have received under this Agreement Additional Rent for the remainder of the termTerm, minus any net sums thereafter received by Lessor through reletting less the present fair market rental value (allowing a reasonable period for reletting) of the Premises during such for said period; , both discounted to their present values at the rate of 12 % per annum (provided said sum shall not be less than zero), and (Fiv) any other sum of money and damages or relief which owed by Lessee to Lessor.
B. Without terminating this Lease, Lessor may be entitled terminate Lessee's right of possession and repossess the Premises by forcible entry and detainer suit or otherwise, without demand or notice of any kind to at law or in equityLessee. Lessee If Lessor pursues this remedy, Lessor may, but shall not be entitled obligated to, relet the Premises for Lessee's account, for such rent and upon such terms and conditions as Lessor deems satisfactory. For the purpose of such reletting, Lessor is authorized to decorate or to make any excess rent obtained by Lessor reletting repairs, changes, alterations or modifications in or to the PremisesPremises as it deems necessary to prepare the Premises to relet at Lessee's expense. If Lessor repossesses fails to relet the Premises without terminating this Agreement by reason of an Event of DefaultPremises, then Lessee shall pay to Lessor as damages a sum equal to the amount of the Base Rent and Additional Rent provided for in this Lease for such period or periods. If Lessor relets the Premises and fails to realize a sufficient sum of from such reletting after deducting (Aa) the due and unpaid Base Rent and Additional Rent, (b) the accrued Interest thereon, (c) the cost of recovering the Premises; possession, (Bd) the unpaid monthly payments costs and expenses of all other indebtedness accrued hereunder decorations, repairs, changes, alteration and modifications, and (e) the expense of such reletting and the collection of the rent accruing therefrom, then Lessee shall pay to Lessor any such deficiency upon demand from time to time. Lessor may file one or more suits to recover any sums falling due under this Section from time to time. Any reletting shall not be an election by Lessor to terminate this Lease unless Lessor gives a written notice of such intention to Lessee. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous default.
C. L▇▇▇▇▇ ▇▇▇ change the locks on the Premises and not return the new key to the date of such repossession; (C) Lessee unless the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) Lessee cures the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equitydefault(s). Re-entry by The Lessor will not affect have to give the obligations of Lessee for a new key unless the unexpired term of this Agreement. Lessee shall not cures the default(s); and the new key will be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lessonprovided only during Lessor's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeregular business hours.
Appears in 1 contract
Sources: Lease Agreement (Exult Inc)
Default by Lessee. The following events shall be deemed to be events If Lessee defaults in the payment of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder to be paid under this Lease and such failure shall continue default continues for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty (10) days after written notice to Lessee of such default is delivered default; or if Lessee fails to perform any covenant or condition required to be performed by Lessee which failure shall not be remedied within ten (10) days after notice thereof by Lessor to Lessee;
C. ; or if Lessee shall become insolvent dissolve, make or fail to pay its debts as they become due commit any act of bankruptcy, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if any action to file a petition proceeding under any section bankruptcy or chapter insolvency statute of any laws relating to relief of debtors is commenced by Lessee, or if any such proceeding is commenced against Lessee and same shall not have been removed within thirty (30) days of the United States Bankruptcy Code or under any similar law or statute date of the United States filing thereof, or any state thereof if a receiver, trustee or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be liquidator is appointed for Lessee's leasehold interest in the Premises Lessee or for all or a substantial part of Lessee's assets. Upon assets with Lessee's consent, of if, without Lessee's consent, the occurrence same shall not have been removed within thirty (30) days of the date of the appointment thereof; or if an Event order, judgment or decree be entered by a court of Defaultcompetent jurisdiction and continue unpaid and in effect for any period of thirty (30) consecutive days without a stay of execution; or if a writ of attachment or execution is levied on any car and is not discharged within ten (10) days thereafter, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any exercise one or more of the following: (A) following remedies with respect to the cars:
1. Immediately terminate this AgreementLease and Lessee's right hereunder;
2. Require Lessee to return the cars to Lessor at Lessee's expense, in which event and if Lessee shall immediately surrender fails to so comply. Lessor may take possession of such cars without demand or notice and without court order or legal process. Lessee hereby waives any damages occasioned by such taking of possession whether or not Lessee was in default at the Premises to Lessortime possession was taken, so long as Lessor reasonably believes that Lessee was in default at such time; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that it may have a surrender right to notice of possession and the taking of possession with a court order or other legal process. Lessee, however, knowingly waives any right to such notice of possession and the taking of such possession without court order or legal process;
3. Lease the cars to such persons, at such rental and for such period of tine as Lessor shall elect. Lessor shall apply the proceeds from such leasing, less all costs and expenses incurred in the recovery, repair, storage and renting of such cars, toward the payment of Lessee's obligations hereunder. Lessee shall remain liable for any deficiency, which, at Lessor's option, shall be paid monthly, as suffered, or immediately or at the end of the Premises can Lease term as damages for Lessee's default;
4. Bring legal action to recover all rent or other amounts then accrued or thereafter accruing from Lessee to Lessor under any provision hereunder;
5. Pursue any other remedy which Lessor may have. Each remedy is cumulative and may be effected only by a written agreement between Lessor and Lesseeenforced separately or concurrently. If Lessor terminates this Agreement by reason In the event of an Event of Defaultdefault, Lessee shall pay to Lessor upon demand all costs and expenses including reasonable attorneys' fees expended by Lessor in the sum enforcement of it rights and remedies hereunder, and Lessee shall pay interest on any amount owing to Lessor from the time such amount becomes due hereunder at a rate per annum equal to three percentage points above the prime rate of Chase Manhattan Bank (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder or its successor), such rate to the term of such termination; (C) be reduced, however, to the extent it exceeds the same were not paidmaximum rate permitted by applicable law. In addition, Lessee shall, without expense to Lessor, assist Lessor in repossessing the cost of repairingcars and shall, altering or otherwise putting the Premises into for a condition acceptable to a new tenant or tenants (reasonable time if Lessor elects to so relet) (collectivelyrequired, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement furnish suitable trackage space for the remainder storage of the termcars. If Lessee fails to perform any of its obligations hereunder, minus Lessor, at Lessee's expense, and without waiving any net sums thereafter received by Lessor through reletting the Premises during rights it may have against Lessee for such period; and (F) any other damages or relief which Lessor nonperformance, may be entitled to at law or in equityitself render such performance. Lessee shall not be entitled to any excess rent obtained reimburse Lessor on demand for all sums so paid by Lessor reletting on Lessee's behalf, together with interest at a rate equal to three percentage points above the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason prime rate of an Event of DefaultChase Manhattan Bank (or its successor), then Lessee shall pay such rate to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder be reduced however, to the date of such repossession; (C) extent it exceeds the Reletting Expenses; (D) all expenses incurred maximum rate permitted by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeapplicable law.
Appears in 1 contract
Sources: Railroad Car Net Lease Agreement (Soybean Processors LLC)
Default by Lessee. The following events All of the right and remedies of Lessor herein enumerated shall be cumulative, and none shall exclude any other right or remedy allowed by Law. It is agreed that in the event:
(i) That the Lessee shall fail, neglect or refuse to pay any installment of Fixed Minimum Rent or Percentage Rent or Additional Rent at the time, and in the amount as herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due and payable under the terms hereof, if such failure to pay exceeds a period of more than ten (10) days after notice thereof in writing is given to Lessee (provided such notice is not required if such notice were previously given in any twelve (12) month period), or if the Lessee shall vacate or abandon the Demised Premises during the term hereof;
(ii) That any voluntary petition or similar pleading, under any section or sections of any bankruptcy act, shall be filed by or against Lessee, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Lessee insolvent, or unable to pay Lessee's debts, and the same shall not be dismissed or discharged within thirty (30) days after notice thereof in writing, given to the Lessee by Lessor;
(iii) That the Lessee shall fail, neglect or refuse to keep and perform any of the other covenants conditions, stipulations or agreements herein contained and covenants and agrees to be kept and performed by it, and in the event any such default shall continue, for a period of more than thirty (30) days after notice thereof in writing given to the Lessee, by the Lessor; provided, however, that if the cause for giving such notice involves the making of repairs, or other matters reasonably requiring a longer period of time than the period of such notice, the Lessee shall be deemed to be events of default by Lessee under this Agreement (each have complied with such event of default is hereinafter referred to notice so long as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail it has commenced to comply with said notice within the period set forth in the notice, and is diligently prosecuting compliance with said notice, or has taken proper steps or proceedings, under the circumstances, to prevent the seizure, destruction, alteration or other interference with said Demised Premises by reason of non-compliance with the requirements of any provision law or any ordinance or with the regulations, rules or directions of this Agreement not requiring any government authority, as the payment case may be;
(iv) That the Lessee makes any assignment of moneyits property for the benefit of creditors, all or should the Demised Premises be taken under a levy of which provisions shall be deemed materialexecution or attachment, in action against the Lessee, and such failure shall continue for a period of twenty levy, attachment or assignment is not dismissed and discharged within thirty (30) days after written notice thereof to Lessee by Lessor; The Lessee does hereby authorize and fully empower said Lessor or Lessor's agent to cancel or annul this Lease at once and to re-enter and take possession of said Demised Premises immediately, and by force if necessary, without any previous notice to re-enter and remove all persons and their property therefrom, and to use such force and assistance in effecting and perfecting such removal as said Lessor may deem necessary and advisable to recover at once full and exclusive possession of all of said Demised Premises, whether in possession of said Lessee or of their persons or otherwise, and relet the Demised Premises, and Lessee agrees to pay to Lessor, on demand, any deficiency that may arise by reason of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lesseereletting. Alternatively, at Lessor's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultoption, Lessor may declare all installments of Minimum Rent and Additional Rent as adjusted at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more the time of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement default for the remainder of the lease term, minus to be immediately due and payable (the "Lump Sum") whereupon the same shall become immediately due and payable. Should Lessor elect such option and subsequently Lessor relets the Demised Premises whereupon rent is payable by a new lessee prior to January 31, 2018, then Lessor will (to the extent the new rent is equal to or greater The Lessor may, however, at its option, at any net sums thereafter received by Lessor through reletting the Premises during time after such period; default or violation of condition or covenant, re-enter and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the take possession of said Demised Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder re-entering working a forfeiture of the termrents to be paid and the covenants, minus any net sums thereafter received agreements and conditions to be kept and performed by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of said Lessee for the unexpired full term of this AgreementLease. Lessee shall not be entitled to any excess rent obtained by Lessor reletting In such event, the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option right, but not the obligation, to divide or subdivide the Demised Premises in any manner the Lessor may determine and to lease or let the same or portions thereof for such periods of time and at such rentals and for such use and upon such covenants and conditions as Lessor may elect, applying the net rentals from such letting first to the payment of the Lessor's expenses incurred in dispossessing the Lessee and the costs and expenses of making such improvements in the Demised Premises as may be necessary in order to enable the Lessor the relet the whole same, and to the payment of any brokerage commissions or any portion other necessary expenses of the Premises Lessor in connection with such reletting. The balance, if any, shall be applied by the Lessor from time to time, but in any event not less than once each month, on account of the payments due or payable by the Lessee hereunder, with the right reserved to Lessor to bring such actions or proceedings for the recovery of any period deficits remaining unpaid as it may deem advisable from time to time, without being obligated to await the end of the term hereof for a final determination of the Lessee's account and the commencement or maintenance of one (1) or more actions shall not bar the Lessor from bringing other or subsequent actions for further accruals pursuant to the provisions of this Paragraph. Any balance remaining, however, after full payment and liquidation of Lessor's account, as aforesaid, shall be paid to the Lessee from time to time with the right reserved to the Lessor at any tenant time to give notice in writing to the Lessee of Lessor's election to cancel and for terminate this Lease and all Lessee's obligations hereunder and upon the giving of such notice and simultaneous payment by Lessor to Lessee of any use credit balance in Lessee's favor that may at the time be owing to Lessee shall constitute a final and purposeeffective cancellation and termination of this Lease and the obligations thereunder on the part of either party to the other.
Appears in 1 contract
Sources: Lease Agreement (Gi Joes Inc)
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: following events (Athe "Events of Default") terminate will constitute a default and breach of this Agreement by Lessee:
(i) Lessee's failure to pay the Lease Payment or additional rent when due and the continuation of that failure for more than five (5) days after the date on which Lessor gives Lessee written notice of the delinquency.
(ii) Lessee's permanent vacating or abandonment of the Property for a period of sixty (60) or more consecutive days; with exception of cause force majeure, acts of God or strikes.
(iii) Lessee's failure to observe or perform any of the covenants, conditions or provisions of this Agreement that Lessee must observe or perform, other than the late payment of the Lease Payment, where the failure continues for a period of thirty (30) days after Lessee's receipt of written notice from Lessor; if however, the nature of the obligation that Lessee has failed to perform is such that more than thirty (30) days are reasonably required for rectification, Lessee will be entitled to an additional period of time to cure its failure, as reasonably determined by Lessor, and an Event of Default will not occur so long as Lessee commences the rectification within that thirty (30)-day period and diligently and continuously prosecutes the rectification to completion;
(iv) The making by Lessee of any general assignment or general arrangement for the benefit of its creditors; the filing by or against Lessee of a petition seeking relief under any law relating to bankruptcy (unless, in the case of a petition filed against Lessee, Lessee causes the petition to be dismissed within 60 days after the date of its filing); the appointment of a lessee or a receiver to take possession of substantially all of Lessee's assets located in the Property or of Lessee's interest in this Agreement, in which event where possession is not restored to Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to within 60 days after the date of such repossessionthe appointment; (C) or the Reletting Expenses; (D) attachment, execution or other judicial seizure of substantially all expenses incurred by Lessor of Lessee's assets located in enforcing Lessorthe Property or of Lessee's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under interest in this Agreement for unless Lessee causes the remainder seizure to be discharged within 60 days after the date of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration initiation of the term of this Agreement. Upon termination seizure; or
(v) Lessee's failure to discharge any lien placed upon the Property in violation of this Agreement within 60 days after the lien or repossession of encumbrance is filed against the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeProperty.
Appears in 1 contract
Sources: Lease Agreement (Pemstar Inc)
Default by Lessee. The 1. Any of the following events occurrences or acts shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as constitute an "Event of Default"):" under this Agreement:
A. a. If Lessee at any time during the Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity or before any administrative tribunal which have or might have the effect of preventing Lessee from complying with the terms of this Agreement) shall fail (1) to make payment of any installment of Base Rent, Percentage Rent or of any other payment herein specified to be paid by Lessee, when due; or (2) to observe or perform any of Lessee’s other covenants, agreements or obligations hereunder; and if any such default shall not be cured as to any default referred to in clause (1) within three (3) days after receipt of written or telegraphic notice thereof by Lessee or as to any default referred to in clause (2) with the exception of an abandonment which shall have no applicable cure period, within fifteen (15) days after District shall have given to Lessee written notice specifying such default (or, in the case of any default referred to in clause (2) which cannot with diligence be cured within such fifteen-day period, if Lessee shall fail to proceed promptly to cure the same and thereafter prosecute the curing of such default with diligence, it being intended, in connection with a default not susceptible of being cured with diligence within such fifteen-day period, that the time within which to cure the same shall be extended for such period as may be necessary to complete the curing of the same with diligence); or,
b. If Lessee shall file a petition in bankruptcy or for reorganization or for any arrangement pursuant to any present or future federal bankruptcy act or under any similar federal or state law, or shall be adjudicated as bankrupt or insolvent or shall make an assignment for the benefit of its creditors or shall admit in writing its inability to pay its debts generally as they become due, or if a petitioner or answer proposing the adjudication of Lessee as bankrupt or its re-organization under any present or future federal bankruptcy act or any similar federal or state law shall be filed in any court and such petition or answer shall not be discharged or denied within sixty (60) days after the filing thereof; or
c. If a receiver, trustee or liquidator of Lessee or of all or substantially all of the property of Lessee or of the Premises shall be appointed in any proceeding brought by Lessee, or if any such receiver, trustee or liquidator shall be appointed in any proceeding brought against Lessee and if such receiver, trustee or liquidator shall not be discharged within sixty (60) days after such appointment, or if Lessee shall acquiesce in or consent to such appointment; or
d. If Lessee shall be liquidated or dissolved or shall begin proceedings toward its liquidation or dissolution; or
e. If Lessee shall fail:
i. To timely pay any monthly rental payment as referenced in paragraph 3 above taxes when due; or
ii. To observe or perform any of Lessee’s other covenants, Agreements or obligations under any Agreement with District relating to taxes; or
f. If Lessee shall commit or suffer to be committed any waste or impairment of the Premises or any other sum of money due hereunder and such failure part thereof; or
g. If Lessee shall continue for a period of ten days;alter the improvements in any manner, except as expressly permitted by this Agreement; or
B. h. If Lessee shall fail to comply with any provision of maintain insurance as required by this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedAgreement; or
E. A receiver or trustee i. If Lessee shall be appointed for Lessee's leasehold interest engage in any financing except as permitted by the Premises or for all or a substantial part terms of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to transaction creating any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting mortgage on the Premises, Actions or place or suffer to collect amounts due by be placed thereon any lien or other encumbrance, or suffer any levy or attachment to be made thereon; or
j. If Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of uses the Premises for any period purposes other than those provided for in this Agreement without the prior written approval of District; or
k. If Lessee fails to any tenant and be open for any use and purpose.business on the Premises for more than seventy-two
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The occurrence of any one or more of the following events shall constitute a default and breach of the Lease by Lessee.
(a) The vacating or abandonment of the Leased Premises by Lessee. Such vacating or abandonment shall be deemed to have occurred upon the absence of the Lessee from the Leased Premises for ten (10) consecutive days while Lessee is in default in the payment of any sum to be events of default paid by Lessee under this Agreement hereunder, during the term of the Lease or any renewals or extensions thereof
(each such event b) The failure by Lessee to make any payment of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above Monthly Rental, Additional Rental or Forecast Additional Rental or any other sum payment required to be made by Lessee hereunder as and when due, provided such failure shill continue for a period of money due hereunder ten (10) business days after written notice thereof by Lessor to Lessee.
(c) The failure by Lessee to observe or perform any of the covenants, conditions or provisions of this Lease to be observed or- performed by the Lessee, other than described in Paragraph 13 (a) and (b) above, where such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty thirty (30) days after written notice of such default is delivered thereof by Lessor to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor ; provided, however, that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of if the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part nature of Lessee's assets. Upon the occurrence of an Event of Defaultdefault is such that more than thirty (30) days are reasonably required for its cure, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. then * Lessee shall not be entitled deemed to be in default if Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion.
(d) The making 6y Lessee, or any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason guarantor of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received Lessees obligations under this Agreement Lease, of any general assignment or general arrangement for the remainder benefit of creditors; or the termfiling by or against Lessee, minus or any net sums thereafter received by Lessor through reletting guarantor of Lessee's obligations under this Lease, of a petition to have Lessee, or any guarantor of Lessee's obligations under this Lease, adjudged a bankrupt, or a petition for reorganization or arrangement under any laws relating to bankruptcy (unless, in the Premises during such periodcase of a petition filed against Lessee, or any guarantor of Lessee's obligations under this Lease, the same is dismissed within thirty (30) days); and (F) any other damages or relief which Lessor may be entitled the appointment of a trustee or a receiver to take possession of substantially all of Lessee's assets located at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Leased Premises or any portion thereof of interests in this Lease, where possession' is not restored to Lessee within thirty (30) days; or to collect rent after relettingthe attachment, but Lessor shall have execution or other judicial seizure of substantially all of Lessees assets located at the option to relet the whole Leased Premises or any portion of the Premises for any period to any tenant and for any use and purpose-of Lessees interest in this Lease, where such seizure is not discharged in thirty (30) days.
Appears in 1 contract
Default by Lessee. The following events If LESSEE fails to repair and maintain the Aircraft, discharge all liens (except for liens created by Owner), secure all licenses or registrations, pay all taxes (except for any sales tax due on OWNER’s purchase of the Aircraft and any of Owner’s income tax obligations), assessments, licenses, and other fees or charges, pay all costs and expenses to be paid by LESSEE, procure and maintain insurance, all as above provided, or to perform any of the other covenants or obligations of LESSEE, OWNER, at its option, may do so, and all advances and expenses incurred by OWNER in connection therewith shall be deemed repaid by LESSEE to be events OWNER upon demand, together with interest thereon at the highest applicable rate allowed by law (but not more than one and one-half percent (1.5%) per month or fraction thereof) until paid. OWNER may enter upon the premises where the Aircraft is located for purpose of default by Lessee under this Agreement (each such event inspection, and may remove the Aircraft forthwith, without notice to LESSEE, if, in the reasonable opinion of default OWNER, the Aircraft is hereinafter referred to as an "Event of Default"):
A. Lessee being improperly used or maintained. If LESSEE shall fail to timely pay make any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent Regular Monthly Rental Payment or fail to pay its debts as they become any other amounts payable hereunder when the same are due and payable, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes if LESSEE should default in the performance of any action of the other terms, conditions, or covenants to file a petition be performed by LESSEE hereunder, or if LESSEE should default in the performance of any of the terms, conditions, or covenants to be performed by LESSEE under any section other contracts or chapter of agreements between LESSEE and OWNER at any time, or if the United States Bankruptcy Code insurance required to be maintained hereunder shall expire or under any similar law be canceled and LESSEE shall fail to replace such insurance, or statute of if the United States or any state thereof or a petition Aircraft shall be filed misused or abandoned by LESSEE, or if LESSEE shall become insolvent, commit any act of bankruptcy, or if bankruptcy proceedings are begun by or against Lessee under any such statute LESSEE, or Lessee or may creditor of Lessee notifies Lessor that it knows such if a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest LESSEE, or if for any reason OWNER shall, in the Premises good faith, reasonably deem said Aircraft or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultitself insecure, Lessor may then OWNER, at its option and without further notice to Lesseeoption, and in addition to all and without prejudice to any other remedies given hereunder or by law or in equityremedies, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises premises where the Aircraft is located and expel or take possession of and remove Lessee and/or Lessee's Equipment therefromthe Aircraft, with or without having terminated this Agreement; notice to LESSEE, and (C) change with or re-key all locks to entrances without legal proceedings, and in removing the Aircraft, OWNER may, if permitted by law, use any of LESSEE’s licenses in respect to the Site Aircraft and Lessor OWNER may thereupon terminate this Aircraft Lease. Upon such termination, LESSEE shall have no obligation be liable to give Lessee notice thereof or to provide Lessee with a new key to OWNER and shall forthwith pay OWNER the Site. The exercise amount of OWNER’s damages caused by Lessor of LESSEE’s default(s), including, but not limited to, any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all reasonable costs and expenses incurred by Lesser OWNER in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after relettingAircraft (including, but Lessor not limited to, court costs and reasonable attorneys’ fees, where allowed by law, and transportation and storage expenses). In addition, LESSEE shall have the option to relet the whole or forthwith pay OWNER any portion other sums due under other provisions of the Premises this Aircraft Lease, including, but not limited to, past due Regular Monthly Rental Payments, reserves for any period to any tenant engine replacement, and for any use and purposelate payment fees.
Appears in 1 contract
Sources: Aircraft Lease (Nb Finance Corp)
Default by Lessee. The following events Lessee shall be deemed to be events of in default by Lessee under this Agreement upon the occurrence of any one of the following events (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail 19.1. Failure to timely pay make any monthly rental payment as referenced of Basic Rent or Cash Flow Sweep within ten (10) days of when due under this Lease, the Charter and any Lease Schedule by its due date;
19.2. Lessee's cancellation, termination, alteration, or rescission of the Authorization for Automatic Payment without the prior approval of Lessor;
19.3. Lessee's rejection of any authorized withdrawal, payment or entry permitted by the Authorization for Automatic Payment;
19.4. Failure to perform in paragraph 3 above any material respect any other obligation under this Agreement, any Lease Schedule, Master Lease, Charter or any other sum written agreement between Lessee and Lessor, regardless of money due hereunder and whether such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring other agreement, lease or charter covers the payment of moneysame or similar maritime vessel or gaming equipment, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty within thirty (30) days after receipt of written notice of default and failure to cure; provided, however, that no notice shall be required where a breach or threatened breach would cause irreparable harm to Lessor and Lessor may immediately seek equitable relief in a court of competent jurisdiction to enjoin such default is delivered to Lesseebreach;
C. 19.5. Lessee shall become insolvent or generally fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action due, shall make an assignment for the benefit of its creditors, shall admit in writing its inability to pay its debts as they become due, shall file a petition under any section or chapter of the United States Federal Bankruptcy Code or any similar law, state or federal, now or hereafter existing, shall become "insolvent" as that term is generally defined under the Federal Bankruptcy Code, shall in any involuntary bankruptcy case commenced against it file an answer admitting insolvency or inability to pay its debts as they become due, or shall fail to obtain a dismissal of such case within one hundred twenty (120) days after its commencement or convert the case from one chapter of the Federal Bankruptcy Code to another chapter, or be the subject of an order for relief in such bankruptcy case, or be adjudged a bankrupt or insolvent, or shall have a custodian, trustee or receiver appointed for, or have any court take jurisdiction of its property, or any part thereof, in any proceeding for the purpose of reorganization, arrangement, dissolution or liquidation, and such custodian, trustee or receiver shall not be discharged, or such jurisdiction shall not be relinquished, vacated or stayed within sixty (60) days of the appointment;
19.6. Lessee materially defaults under any similar law mortgage, indenture or statute instrument under which there may be issued or by which there may be secured or evidenced, any indebtedness of Lessee for money borrowed, whether such indebtedness now exists or shall be created hereafter, which material default (monetary or otherwise) is not cured within (30) days;
19.7. Lessee shall be dissolved, liquidated or wound up or is enjoined, restrained, fails or is in any way prevented from maintaining its existence as a going concern in good standing (excepting, however, reorganizations, consolidations and/or mergers into or with, and sales to, affiliates owned by, owning or under common control of or with Lessee and reorganizations, consolidations and/or mergers resulting from the death of Frances W. Murray);
19.8. Lessee attempts to remove, sell, ▇▇▇▇▇▇▇▇, ▇▇▇▇mber, part with possession or sublet any part of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor Equipment without the prior written consent of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest other than in the Premises ordinary course of business or for all or a substantial as otherwise provided in the Charter;
19.9. Any part of the Equipment, which is material to the operation of Lessee's assets. Upon business or the occurrence functionality of an Event of Defaultthe Vessel, Lessor may at its option and without further notice to Lesseeis lost, stolen, materially changed or destroyed, and in addition to all other remedies given hereunder or is not replaced by law or in equity, do any one or more Lessee within a reasonable period of time;
19.10. Any part of the following: (A) terminate Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable to acts or debts of Lessor;
19.11. Any warranty or representation made or furnished to Lessor by or on behalf of Lessee in this AgreementLease, any Lease Schedule or the Charter is false or misleading in which event any material respect when made or furnished;
19.12. Failure of Lessee shall immediately surrender possession to maintain in full force and effect the licenses, permits and certifications that may be required under any applicable gaming laws for the operation of Lessee 's business;
19.13. The revocation of any gaming license of Lessee;
19.14. The denial of any gaming license application of Lessee;
19.15. Failure of Lessee to comply with all applicable gaming statutes and regulations;
19.16. Failure of Lessee to maintain the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated insurance required by this Agreement; and and/or
19.17. Any merger, consolidation, sale, change in control of Lessee (Cother than a change in control resulting from the death of Frances W. Murray) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with any transfer of a new key to the Site. The exercise by Lessor majority of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default's busine▇▇ ▇▇ ▇▇▇▇▇▇, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing ▇▇thout Lessor's remediesprior written consent, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may consent not to be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeunreasonably withheld.
Appears in 1 contract
Sources: Master Lease Agreement (International Thoroughbred Breeders Inc)
Default by Lessee. A. The following events shall be deemed to be events of default defaults by Lessee under this Agreement hereunder:
(each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. i) Lessee shall become insolvent insolvent, or fail shall make a transfer to pay its debts as they become due defraud his creditors, or shall make an assignment for the benefit of creditors.
(ii) Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to shall file a petition under any section or chapter of the United States Bankruptcy Code Code, as amended, or under any similar law or statute of the United States or any state thereof or a petition State thereof.
(iii) Lessee shall be adjudged bankrupt or insolvent in proceedings filed against Lessee under any section or chapter of The United States Bankruptcy Code, as amended, or under any similar law or statute of The United States or any State thereof.
(iv) A receiver, trustee, or committee be appointed in any action, suit or proceedings by or against Lessee either voluntary or involuntary, whether under the United States Bankruptcy Code or any other law or jurisdiction, and not removed within ninety (90) days after such statute or Lessee or may creditor of Lessee notifies Lessor appointment, it being the understanding between the parties hereto that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition under no circumstances is the lease to be filed; or
E. A receiver or trustee shall be appointed an asset for Lessee's leasehold creditors by operation of law or otherwise.
(v) The interest of Lessee in the Premises is offered for sale under execution or for all other legal process or a substantial part of Lessee's assets. sold under execution or other legal process.
B. Upon the occurrence of an Event any of Defaultthe foregoing events of default, Lessor may at its shall have the option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do pursue any one or more of the following: following remedies without any further notice or demand whatsoever:
(Ai) terminate Terminate this Agreementlease, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) , and if Lessee fails so to do Lessor may, without prejudice to any other remedy which its may have for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Lessee and/or and any other person who may be occupying the Premises or any part thereof (by force if necessary) without being liable for prosecution of any claim or damages therefor; and Lessee agrees to pay to Lessor on demand the amount of all loss and damage which Lessor may suffer by reason of such termination, whether through inability to relet the premises on satisfactory terms or otherwise.
(ii) Enter upon and take possession of the Premises and expel or remove Lessee and any person who may be occupying the Premises or any part thereof (by force if necessary) without being liable for prosecution of any claim for damages therefor, and relet the Premises and receive the rent therefor; and Lessee agrees to pay to Lessor on demand any deficiency that may arise by reason of such reletting.
(iii) Enter upon the Premises (by force if necessary) without being liable for prosecution of any claim for damages therefor, and do whatever Lessee is obligated to do under the terms of this lease, and Lessee agrees to reimburse Lessor on demand for expenses which Lessor may incur in effecting compliance with Lessee's Equipment therefromobligation under this lease.
C. In the event of default by Lessee under Paragraph 16, Subsections A(i) through A(v), Lessor agrees to recognize any existing sublease previously approved by Lessor, provided the sublessee shall begin paying rent directly to Lessor in the amount described in the sublease and provided that said sublessee shall be in compliance with or without having terminated this Agreement; all terms and conditions of its sublease.
D. If Lessee fails to pay rent within fifteen (C15) change or re-key all locks days of when due, and shall not cure such failure within fifteen (15) days after written notice thereof to entrances to the Site Lessee, then such failure shall be an event of default and Lessor shall have no obligation the remedies described above.
E. Nothing contained herein to give the contrary, if Lessee fails to comply with any term, condition or covenant of this lease, other than the events of default specifically listed in this Paragraph 16, Subsections A(i) through A(v) and Subsection D, and shall not cure such failure within thirty (30) days after written notice thereof to Lessee, or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall if such failure cannot constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can reasonably be effected only by a written agreement between Lessor cured within said thirty (30) days and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled have commenced to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Defaultcure such failure within thirty (30) days after written notice thereof to Lessee, then Lessee such failure shall pay to Lessor the sum be an event of (A) the cost of recovering the Premises; (B) the unpaid monthly payments default and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeremedies described above.
Appears in 1 contract
Default by Lessee. The following events shall be deemed If
(a) Lessee fails to timely pay any sum to be events of default paid by Lessee under this Agreement Lease. (each Lessor shall endeavor, but shall not be obligated, to deliver written notice to Lessee within 15 days after the occurrence of any such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail failure to timely pay pay; Lessor shall not be in default of this Lease, or be deemed to waive Lessee"s failure to pay, if Lessor fails to deliver such notice); (b) Lessee fails to perform any monthly rental payment as referenced in paragraph 3 above of its other duties or any other sum of money due hereunder obligations under this Lease and such failure shall continue default continues for a 20 days after Lessor delivers written notice to Lessee or deposits written notice in the U. S. Mail addressed to Lessee's address above, except that said 20 day period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed materialextended up to 10 additional days if Lessee commences to cure within the 20 day period and is diligently pursuing to cure the default; (c) any of the following actions occur and Lessee fails to contest same using Lessee"s best reasonable efforts, and such failure shall continue for cause same to be removed, dismissed, or vacated within 30 days from the date of entry or filing:
(i) Lessee's interest under this Lease is levied on under execution or other legal process, or (ii) any petition is filed by or against Lessee to declare Lessee a period of twenty days after written notice of such default is delivered bankrupt or to delay, reduce or modify Lessee;
C. Lessee shall become insolvent 's debts or fail to pay its debts as they become due obligations, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes (iii) any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be is filed or other action taken to reorganize or modify Lessee's capital structure, or (iv) Lessee notifies Lessor that it expects such is declared insolvent according to law, or (v) any general assignment of Lessee's property is made for the benefit of creditors, or (vi) a petition to be filed; or
E. A receiver or trustee shall be is appointed for Lessee's leasehold interest Lessee or its property; (d) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the Premises State of Texas; or for all (e) if Lessee is a partnership or a substantial part of Lessee's assets. Upon other entity, Lessee is dissolved or otherwise liquidated, then Lessor may treat the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate foregoing events as a breach of this Agreement, in which event Lessee shall immediately surrender possession Lease. Upon the occurrence of any of the Premises to foregoing events, at Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromoption, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of following described remedies, in addition to all other rights and remedies provided at law or in equity:
A. Lessor may terminate this Lease and forthwith repossess the Premises by Lessee. Lessee acknowledges that and recover damages in a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of money equal to the total of (Ai) the cost of recovering the Premises; , including the cost of the removal and storage of any of Lessee's possessions left within the Premises, (Bii) the unpaid monthly payments Base Rent and all other indebtedness accrued hereunder Additional Rent earned at the time of termination, plus interest thereon at the lesser of 18% or the then maximum interest rate permitted to be charged by applicable law ("Interest") from the term of such termination; (C) to the extent the same were not due date until paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (Biii) the total monthly payments balance of the Base Rent and other benefits which Lessor would have received under this Agreement Additional Rent for the remainder of the termTerm, minus any net sums thereafter received by Lessor through reletting discounted to its present value at the rate of 6% per annum, less the fair market rental value (allowing a reasonable period for reletting) of the Premises during such period; for said period (provided said sum shall not be less than zero), and (Fiv) any other sum of money and damages or relief which owed by Lessee to Lessor.
B. Without terminating this Lease, Lessor may be entitled terminate Lessee's right of possession and repossess the Premises by forcible detainer suit or otherwise, without demand or notice of any kind to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the PremisesLessee. If Lessor repossesses pursues this remedy, Lessor shall use reasonable efforts to relet the Premises without terminating this Agreement for Lessee's account, for such rent and upon such terms and conditions as Lessor deems satisfactory. Lessor shall be deemed to have used "reasonable efforts" to relet the Premises if Lessor offers the Premises as "for lease" and entertains in good faith, bona fide offers to lease submitted to Lessor. In no event shall Lessor be obligated to lease the Premises in priority of other space in the Building or adjacent buildings owned by reason Lessor or any affiliate thereof. For the purpose of an Event of Defaultsuch reletting, Lessor is authorized to make any repairs, changes, alterations or modifications in or to the Premises as it deems necessary to prepare the Premises to relet at Lessee's expense, including building standard buildout. If Lessor fails to relet the Premises, then Lessee shall pay to Lessor as damages a sum equal to the amount of the Base Rent and Additional Rent provided for in this Lease for such period or periods. If Lessor relets the Premises and fails to realize a sufficient sum of from such reletting after deducting (Aa) the due and unpaid Base Rent and Additional Rent, (b) the accrued Interest thereon, (c) the cost of recovering possession, (d) the costs and expenses of all repairs, changes, alterations and modifications, and any building standard buildout, and (e) the expense of such reletting and the collection of the rent accruing therefrom, then Lessee shall pay to Lessor any such deficiency upon demand from time to time. Lessor may file one or more suits to recover any sums falling due under this Section from time to time. Any reletting shall not be an election by Lessor to terminate this Lease unless Lessor gives a written notice of such intention to Lessee. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous default.
C. L▇▇▇▇▇ ▇▇▇ change the locks on the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by The Lessor will not affect have to give the obligations of Lessee for a new key unless the unexpired term of this Agreement. Lessee shall not cures the default(s); the new key will be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lessonprovided only during Lessor's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeregular business hours.
Appears in 1 contract
Sources: Lease Agreement (Telxon Corp)
Default by Lessee. The following events shall be deemed to be events considered an act of default by Lessee under this Agreement (each such event of default is hereinafter referred Lease:
6.2.1 Failure by Lessee to as an "Event of Default"):
A. Lessee shall fail to timely pay make any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue within fifteen (15) calendar days after written notice of the past due payment is sent to Lessee,
6.2.2 Failure by Lessee to conduct business at the Airport for a period of ten days;seven (7) consecutive days without reasonable cause including, but not limited to, strikes, work stoppage and equipment failures.
B. Lessee shall fail 6.2.3 Material default in the performance of any covenant or agreement in this Lease required to comply with any provision of this Agreement not requiring be performed by Lessee, other than the payment of money, all and the failure of which provisions shall be deemed material, and Lessee to remedy such failure shall continue default for a period of twenty thirty (30) days after receipt from the City of written notice to remedy the same, or if such default shall reasonably take more than thirty (30) days to cure, Lessee shall not have provided the City with documents evidencing such cure, and commenced the same within the thirty (30) days and diligently prosecuted the same to completion.
6.2.4 The occurrence of any act or omission by the Lessee resulting in suspension or revocation of Lessee's ability to provide liquor service under the Liquor License for a period exceeding thirty (30) days, or any default under said License by Lessee.
6.2.5 Failure to maintain and/or submit adequate records of its business and gross receipts at the Airport, as required by sections 3.2.4 or 3.2.5 of this Lease.
6.2.6 An act occurs which results in the suspension or revocation of any right, power, license, permit or authority necessary for the conduct and operation of Lessee's business authorized herein for a period of more than fifteen (15) days.
6.2.7 The interest of Lessee under this Agreement is transferred, passes to or devolves upon, by operation of law or otherwise, any other person, firm or corporation without the prior written consent of the City which consent shall not be unreasonably withheld.
6.2.8 An attachment or execution is levied, a receiver is appointed, or any other process of any court of competent jurisdiction is executed, which is not vacated, dismissed or set aside within a period of thirty (30) days, and which does, or as a direct consequence of such default is delivered to process will, interfere with Lessee;'s use of the Premises or with its operations under this Lease.
C. 6.2.9 Lessee shall become insolvent becomes insolvent, or fail to pay its debts as they become due takes the benefit of any present or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file future insolvency statute, or makes a general assignment for the benefit of creditors, or files a voluntary petition in bankruptcy, or a petition or answer seeking an arrangement for its reorganization, or the readjustment of its indebtedness under any section or chapter of the United States Bankruptcy Code federal bankruptcy laws or under any similar other law or statute of the United States or of any state thereof state, or consents to the appointment of a petition shall be filed against receiver, trustee or liquidator of all or substantially all of its property or its property located within the Premises.
6.2.10 Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition fails to provide services and/or products required to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received provided under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises lease for any period to which, in the reasonable opinion of the City, materially and adversely affects the public interest at the Airport.
6.2.11 Any lien is filed against the Premises because of any tenant act or omission or Lessee and such lien is not removed, enjoined or a bond for any use and purposesatisfaction of such lien is not posted within thirty (30) days.
6.2.12 Lessee voluntarily abandons, deserts, vacates or discontinues its operation of the business herein authorized, including by acts described in the section above.
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events In the event of a default by Lessee under Lessee, Authority agrees not to terminate this Agreement Lease (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder 1) unless and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, until Lessee’s notice and such failure shall continue for a period of twenty days after cure periods have expired and Authority thereafter provides written notice of such default is delivered to Lessee;any Mortgagee and such Mortgagee shall have failed to cure such Event of Default within thirty (30) days of delivery of such notice, and (2) as long as:
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file (i) In the case of a petition under any section or chapter default which cannot practicably be cured by the Mortgagee without taking possession of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition Premises, Mortgagee shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition proceed diligently to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender obtain possession of the Premises as Mortgagee (including possession by receiver) and, upon obtaining such possession, shall proceed diligently to Lessorcure such default; and
(Bii) enter In the case of a default which is not susceptible to being cured by the Mortgagee, the Mortgagee shall institute foreclosure proceedings and diligently prosecute the same to completion (unless in the meantime it shall acquire Lessee’s right, title and interest hereunder, either in its own name or through a nominee, by assignment in lieu of foreclosure) and upon the Premises and expel such completion of acquisition or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks foreclosure such default shall be deemed to entrances have been cured. The Mortgagee shall not be required to the Site and Lessor shall have no obligation to give Lessee notice thereof obtain possession or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender continue in possession as Mortgagee of the Premises pursuant to Subsection (i) above, or to continue to prosecute foreclosure proceedings pursuant to Subsection (ii) above, if and when such default shall be cured. Nothing herein shall preclude Authority from exercising any of its rights or remedies with respect to any other default by Lessee during any period of such forbearance, but in such event the Mortgagee shall have all of its rights provided for herein. If the Mortgagee, its nominee, or a purchaser in a foreclosure sale, shall acquire title to Lessee’s right, title and interest hereunder and shall cure all defaults which are susceptible of being cured by the Mortgagee or by said purchaser, as the case may be, then prior defaults which are not susceptible to being cured by the Mortgagee or by said purchaser shall no longer be deemed defaults hereunder. Lessee acknowledges that a surrender References herein to defaults which are "not susceptible of the Premises can be effected only being cured" by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of Mortgagee or purchaser (Aor similar language) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled deemed to refer to any excess rent obtained by Lessor reletting default which the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason Mortgagee or purchaser is not able to cure because of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost or difficulty of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder curing such default, but rather shall be deemed to refer only to defaults specifically relating to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations identity of Lessee for the unexpired term of this Agreement. Lessee shall not which by their nature can be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due cured only by Lessee may be brought on one (such as Lessee bankruptcy or more occasions without the necessity a change in control of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLessee).
Appears in 1 contract
Default by Lessee. The 22.1 If during the term of this lease there shall occur any of the following events shall be deemed to be events of default by (“Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event Events of Default"):
A. (a) if Lessee shall fail to timely pay any monthly rental payment as referenced make a general assignment for the benefit of creditors, or shall admit in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail writing its inability to pay its debts as they become due due, adjudicated a bankrupt or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any section present or chapter of the United States Bankruptcy Code or under any similar future statute, law or statute regulation, or shall file an answer admitting or not contesting the material allegations of the United States or any state thereof or a petition shall be filed against Lessee under it in any such statute proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Lessee or may creditor of Lessee notifies Lessor that it knows any material part of its assets, and such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedappointment shall not have been vacated; or
E. A (b) if, within 60 days after the commencement of any proceeding against Lessee seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, such proceeding shall not have been dismissed, or if, within 60 days after the appointment without the consent or acquiescence of Lessee of any trustee, receiver or trustee liquidator of Lessee or of any material part of its assets, such appointment shall be appointed for Lessee's leasehold not have been vacated; or
(c) if the interest of Lessee in the Premises shall be sold under execution or other legal process; or
(d) if Lessee shall fail to pay any installment of the rent within five (5) days when due; or
(e) if Lessee shall fail to perform or observe any requirement, obligation, agreement, covenant or condition of this lease, other than the payment of any installment of Base Rent or Additional Rent, and any such failure shall continue for 30 days after Lessor gives Lessee notice thereof, or if such failure cannot be remedied within 30 days, then for a reasonable time thereafter, provided ▇▇▇▇▇▇ commences to remedy such failure within said 15-day period and prosecutes the same to completion with diligence; or
(f) if any representation or warranty made by Lessee contained in this lease shall prove to be incorrect in any material respect on the date upon which it was made, that has a material and detrimental effect to Lessor, then at any time following any of such Events of Default, Lessor, without waiving any other rights herein available to Lessor at law or in equity, may either (1) give Lessee notice of termination of this lease, or (2) without terminating this lease, give Lessee notice of ▇▇▇▇▇▇'s intention to re-enter and take possession of the Premises, with legal process. The giving of either of such notices to ▇▇▇▇▇▇ shall terminate ▇▇▇▇▇▇'s right to possession of the Premises under this lease without prejudice, however, to the rights of Lessor to exercise all or a substantial part other available legal remedies and without discharging Lessee from any of Lesseeits liabilities hereunder.
22.2 If Lessor elects to terminate ▇▇▇▇▇▇'s assets. Upon right to possession of the occurrence of Premises under Section 22.1 following an Event of Default, Lessor may at its option re-enter and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender take possession of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromPremises, with or without having terminated this Agreement; legal process, and (C) change or re-key all locks Lessee hereby waives any claim for damages as a result thereof, and Lessee shall be obligated to entrances pay to the Site Lessor as damages upon demand, and Lessor shall have no obligation be entitled to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor recover of any one or more remedies hereunder shall not constitute an acceptance and from Lessee:
(a) all rent which is in arrears as of the surrender date of the Premises by Lessee. Lessee acknowledges that a surrender termination of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default▇▇▇▇▇▇'s right to possession, Lessee shall pay to Lessor the sum of plus
(Ab) the cost to Lessor of recovering all reasonable legal and other reasonable and documented expenses and costs, including reasonable attorneys’ fees, incurred by Lessor in obtaining possession of the Premises; (B) , in enforcing any provision of this lease, in preserving the unpaid monthly payments Premises during any period of vacancy, in making such alterations and all other indebtedness accrued hereunder repairs to the term of such termination; (C) Premises as the Lessee was required to make pursuant to the extent terms of this lease and in reletting the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remediesPremises, including attorneys' fees all reasonable brokerage commissions therefore. In such event, Lessor may relet the Premises, or any part thereof, and court costs; (B) may grant concessions or charge a rent in excess of that agreed to in this lease agreement. In that event, lessee shall pay rent, damages, costs and expenses, as specified in this 22.2 above, and the total monthly payments net amount of rent collected and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through as a result of reletting the Premises during such period; and (F) any other the balance of the term shall be applied against the rent still owed by ▇▇▇▇▇▇, not against damages or relief which Lessor may be entitled to at law or in equityexpenses. Lessee shall not be entitled have no right to any excess rent obtained by excess. Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments may sue for and all other indebtedness accrued hereunder collect any amounts which may be due pursuant to the date provisions of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Section 22.2 above from time to time as Lessor may be entitled to at law elect, but no such suit shall bar or in equity. Re-entry by any way prejudice the rights of Lessor will not affect to enforce the obligations collection of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due at any time or time thereafter by Lessee may be brought on one a like or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposesimilar proceeding.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this Lease or any other agreement between the parties proves to have been false in which event Lessee shall immediately surrender any material respect when made or furnished.
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the Premises by Lesseesole option of LESSOR. Lessee acknowledges that a surrender of the Premises can In addition, LESSEE shall be effected only by a written agreement between Lessor liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Premises, and any reletting shall be done by LESSOR as agent for LESSEE. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering possession and reletting the same, which difference shall either (a) accrue and be payable monthly, or (b) be accelerated and become payable at once, at LESSOR'S sole option.
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease. This Lease shall remain in full force and effect and shall not be terminated unless LESSOR so elects in writing.
20.5. At LESSOR'S election, LESSOR may cure any default of LESSEE by expending money, contracting for the making of repairs, purchasing insurance, or by any other actions. If LESSOR takes any such actions, LESSEE will promptly, upon demand, reimburse LESSOR for all of LESSOR'S expenses. All such expenses shall bear interest from the dates they are incurred until the dates they are paid, at a rate of 10 percent (10%) per annum.
20.6. LESSOR shall be entitled to recover from LESSEE all of LESSOR'S expenses in exercising any of its rights under this Lease, including without limitation LESSOR'S reasonable attorney's fees.
20.7. All of LESSOR'S remedies are cumulative, and may be exercised successively or concurrently, at LESSOR'S election.
Appears in 1 contract
Sources: Commercial Lease
Default by Lessee. The 15.1 Each of the following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as constitute an "Event of Default")::
A. (a) if default shall be made by Lessee shall fail to timely pay in the making of any monthly rental Rent, Reserve Rate and/or Agreed Value payment as referenced in paragraph 3 above when due and payable under this Agreement or of any other sum Supplemental Rent payment within 5 Business Days after the date when such other Supplemental Rent is due and payable under this Agreement; or
(i) if default shall be made by Lessee at any time in the procurement or maintenance of money due hereunder and any insurance coverage prescribed herein or (ii) any insurance which may be maintained by Lessor, Head Lessor or the Bank under Article 11.4 is cancelled or terminated or notice of cancellation is given; or
(c) if default shall be made by Lessee in the observance or performance of any of the other obligations of Lessee contained in this Agreement and, if such failure default is in the opinion of Lessor capable of remedy, such default shall continue for a period of ten days;fifteen (15) Business Days after notice from Lessor to Lessee specifying the default and requiring that the same be remedied; or
B. (d) if any representation or warranty made (or deemed to be repeated) by Lessee shall fail in or pursuant to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall or in any document or certificate or statement referred to in or delivered under this Agreement is or proves to have been incorrect in -58- any material respect when made or deemed to be deemed material, repeated and such failure incorrectness, if capable of being cured, shall continue for fifteen (15) Business Days after notice from Lessor specifying such incorrectness; or
(e) if any borrowed money of Lessee or any of its subsidiaries is not paid when due, or by reason of breach or default under the terms of any instrument evidencing or guaranteeing the same on the part of Lessee or any of its subsidiaries any borrowed money of Lessee or any of its subsidiaries becomes due or capable of being declared due prior to the date when it would otherwise have become due, or the security for any such borrowed money or any guarantee in respect thereof becomes enforceable, or Lessee is in default under any lease, hire-purchase, conditional sale or credit sale agreement (including without limitation any other agreement between Lessor, its associates, subsidiaries or affiliates and Lessee) for equipment having a period casualty value in excess of twenty days after written notice $100,000; or
(f) if an encumbrancer takes possession or a receiver, administrator, administrative receiver, trustee, liquidator or similar officer is appointed of such default the whole or any part of the assets, rights or revenues of Lessee or any of its subsidiaries or a distress, execution, sequestration or other process is delivered levied or enforced upon or sued out against any of the assets, rights or revenues of Lessee or any of its subsidiaries and is not discharged within fourteen days, or Lessee applies for or consents to Lessee;the appointment of a receiver, administrator, administrative receiver, trustee, liquidator or similar officer for it or for all or any part of its assets, rights or revenues; or
C. (g) if Lessee shall become insolvent or fail any of its subsidiaries suspends payment of its debts, or is unable or admits its inability to pay its debts as they become due fall due, or shall be adjudicated or found, or becomes, bankrupt or insolvent, or proposes or enters into any composition or other arrangement for the benefit of its creditors generally, or Lessee notifies Lessor that it anticipates either condition;or any of its subsidiaries shall, by voluntary petition, answer or consent, seek relief under the provisions of any bankruptcy, insolvency or other similar law providing for the reorganization, liquidation, administration, dissolution or winding-up of corporations, or providing for an agreement, composition, extension or adjustment with its creditors; or
D. Lessee takes any action to file (h) if a petition against Lessee in a proceeding under any section applicable bankruptcy or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition other insolvency laws shall be filed against Lessee under and shall not be withdrawn or dismissed within 30 days thereafter, or if any such statute order shall be made by any competent court or resolution passed by Lessee or may creditor any of its subsidiaries or their respective board of management or supervisory board, whichever is competent to pass such resolution for the winding-up or dissolution of Lessee notifies Lessor that it knows such or any of its subsidiaries or for the appointment of a petition will be filed liquidator, trustee or Lessee notifies Lessor that it expects such a petition to be filedconservator, save for winding-up or dissolution for the purposes of amalgamation or reorganization (not involving or arising out of insolvency) the terms of which shall have received the prior written approval of Lessor; or
E. A receiver (i) if Lessee or trustee shall be appointed for Lessee's leasehold interest in the Premises or for any of its subsidiaries disposes of all or a substantial material part of Lessee's its assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or whether by law or in equity, do any one or more a series of transactions, related or not, other than for the purpose of a reconstruction or amalgamation the terms of which have received the previous consent in writing of Lessor; or
(j) if any action shall be taken by Lessee which shall impair the title or ownership of Lessor (or Head Lessor), or the Security Interest of the following: (A) terminate this AgreementBank, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon the Premises and expel Aircraft or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement is or becomes wholly or partly invalid, ineffective or unenforceable by reason of an Event any act or omission of DefaultLessee; or
(k) if any consent, authorization, license, certificate or approval of or registration with or declaration to any Government Entity in connection with this Agreement including, without limitation:
(i) any Certificate of Public Convenience and Necessity; or
(ii) required by Lessee shall pay or as a condition precedent required by Lessor pursuant to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder Article 2.3 to the term of such termination; (C) to the extent the same were not paidauthorize, or in connection with, the cost of repairingexecution, altering delivery, validity, enforceability or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser admissibility in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination evidence of this Agreement or repossession the performance by Lessee of its obligations under this Agreement; or
(iii) the registration of the Premises due Aircraft; or
(iv) any airline license or air transport license; is changed such that it materially impairs the ability of Lessee to an Event of Defaultperform its obligations hereunder, Lessor shall or is withheld, or is revoked, suspended, cancelled, withdrawn, terminated or not renewed, or otherwise ceases to be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purpose.in full force; or
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement Lease:
(each such event of default is hereinafter referred a) Lessee fails to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above rentals or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed materialpayments when due, and such failure shall continue for a period ten (10) days after the date such rent is due, or
(b) Lessee fails to comply with any of the other terms, covenants or obligations of this Lease on Lessee's part to perform hereunder, and such failure has not been cured within twenty (20) days after written notice of such default is delivered to Lessee;thereof from Lessor; or
C. (c) Lessee shall become insolvent or fail to pay its debts occupy the Premises on the commencement date as they become due fixed herein, or any time thereafter, or shall fail to remain open for business throughout the term of this Lease as hereinabove provided; or
(d) At any time during the term hereof should there be filed by or against Lessee notifies Lessor that it anticipates or against any successor Lessee then in possession, in any court, pursuant to any statute, either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or state, a petition in bankruptcy alleging insolvency, for reorganization, for the appointment of a receiver or trustee, for an arrangement under the Bankruptcy Acts, or if a similar type of proceeding shall be filed and any such petition or filing against Lessee under any such statute or Lessee or may creditor has not been dismissed within a period of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedtwenty (20)days; or
E. A receiver (e) Lessee makes or trustee shall proposes to make an assignment for the benefit of creditors; or
(f) Lessee does, or permits to be appointed for Lessee's leasehold interest in done, any act which creates a mechanics' lien or claim therefor against the Premises or for all the Building and such lien or a substantial part claim is not removed within fifteen (15) days from the date of Lessee's assets. Upon the occurrence filing of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder such lien or by law or in equity, do claim; or
(g) Lessee falsifies any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises monetary report to Lessor; or
(Bh) enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks fails to entrances to the Site and furnish Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor copy of any one insurance policy or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises certificate thereof required to be furnished by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum when due and such failure shall continue for thirty (30) days after written notice from Lessor; or
(i) Lessee or any guarantor of (A) the cost of recovering the Premises; (B) the unpaid monthly payments this Lease experiences adverse and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser material change in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred financial circumstances as determined by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received exercise of its sole discretion. In the event of any default by Lessee under this Agreement for Lease or if Lessor becomes entitled to terminate this Lease, the remainder of the termLessor, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) without limiting any other damages right or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect remedy, shall, if the obligations default is other than nonpayment of rent, serve on the Lessee for the unexpired term written notice of this Agreement. such default and Lessee shall not be entitled have ten (10) days after receipt of such notice to any excess rent obtained by Lessor reletting correct such default, If the Premisesdefault is the failure to pay rent, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Defaultother monetary sums, Lessor shall not be obligated required to relet notify Lessee, The failure to correct such default within the ten (10) day period or attempt to relet pay such rent or other sums, shall cause this Lease to expire at the end of the ten (10) day period, and the term hereof shall terminate as fully and completely as if the date of expiration of the ten (10) day period were the day herein definitely fixed for the termination of this Lease and the balance of the rent for the full term of this Lease shall be due and payable. The Lessee shall then quit and surrender the Premises or to the Lessor without release of any portion thereof or to collect rent after reletting, but Lessor liability of the Lessee under this Lease. If this Lease shall have the option to relet the whole or been so terminated, Lessor may at any portion time thereafter resume possession of the Premises for by any period lawful means and remove Lessee or other occupants and their effects. In the event the Lessee issues any check to any tenant and for any use and purposethe Lessor that does not clear the bank, a charge of Fifty Dollars ($50.00) will he levied against the Lessee.
Appears in 1 contract
Default by Lessee. The following events shall be deemed to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. a) If Lessee shall fail to timely pay make default in making any monthly rental payment as referenced in paragraph 3 above or herein provided for and any other sum of money due hereunder and such failure default shall continue for a period of ten days;
B. (10) business days after written notice to Lessee, or if Lessee shall fail make default in the performance of any obligation of Lessee herein (other than as to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, ) and any such failure default shall continue for a period of twenty thirty (30) days after written notice of such default is delivered to Lessee;
C. , or if Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a voluntary petition in bankruptcy, or if Lessee shall file any petition or institute any proceedings under any section Insolvency or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States Act or any state thereof amendment thereto hereafter made, seeking to effect its reorganization or a petition shall be filed against Lessee under composition with its creditors, or if, in any such statute or proceedings based on the insolvency of Lessee or may creditor of Lessee notifies Lessor that it knows such relating to bankruptcy proceedings, a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest Lessee or the Tower Space, or if any proceedings shall be commenced for the reorganization of Lessee (which, in the Premises case of involuntary proceedings, are not dismissed or for stayed within 30 days of the commencement thereof), or if the leasehold estate created hereby shall be taken on execution or by any process of law, or if Lessee shall admit in writing its inability to pay its obligations generally as they become due, then Lessor may, at its option, terminate this Lease without notice, and declare all amounts due or a substantial to become due hereunder immediately due and payable, and Lessor's agents and servants may immediately, or any time thereafter, reenter the Tower Space by reasonably necessary force, summary proceedings, or otherwise, and remove all persons and properly therein, without being liable to indictment, prosecution, or damage therefor, and Lessee hereby expressly waives the service of any notice in writing of intention to reenter said Tower Space. Lessor may, in addition to any other remedy provided by law or permitted herein, at its option, relet the Tower Space (or any part thereof) on behalf of Lessee's assets, applying any monies collected first to the payment of expenses of resuming or obtaining possession, and, second, to the payment of the costs of placing the premises in rentable condition, including any leasing commission, and, third, to the payment of rent due hereunder, and any other damages due to the Lessor. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice Any surplus remaining thereafter shall be paid to Lessee, and Lessee shall remain liable for any deficiency in addition rental, the amount of which deficiency shall be paid upon demand therefor to all Lessor.
(b) Should Lessor re-enter and terminate according to the provisions of this subparagraph, Lessor may remove and store the Lessee's Property at the expense and for the account of Lessee. Alternatively, Lessor may sell, or cause to be sold, Lessee's Property at public sale to the highest bidder for cash, and remove from the proceeds of such sale any rent or other remedies given hereunder or by law or in equity, do any one or more payment then due Lessor under this Lease. Any disposition of the following: (A) terminate this Agreement, Lessee's Property pursuant thereto shall be subject to the rights of any lender to Lessee holding a mortgage on Lessee's Property and shall be made in which event Lessee shall immediately surrender possession a manner that is commercially reasonable within the meaning of the Premises to Lessor; (B) enter upon Uniform Commercial Code as in effect in the Premises and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances to State of North Carolina at the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term time of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposedisposition.
Appears in 1 contract
Default by Lessee. The following events shall be deemed 10.1 If:
(a) the Lessee fails to be events of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely punctually pay any monthly rental payment as referenced in paragraph 3 above instalment of Monthly Lease or other sum due under the Leasing Arrangement or any other sum of money due hereunder agreement between LeasePlan and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A (b) the Lessee fails to observe or perform any of the other terms and conditions of the Leasing Arrangement or any other Agreement between LeasePlan and the Lessee; or
(c) any other Agreement between LeasePlan and the Lessee is terminated by LeasePlan following any breach or any occurrence of the nature described in this Clause; or
(d) any distress, execution, diligence, impounding or other legal process is levied on, or filed against the Vehicle or any part of the Vehicle or if the Lessee permits any judgement against the Vehicle to remain unsatisfied for seven (7) days or does or allows to be done any act or thing which may jeopardise LeasePlan’s rights in the Vehicle or any part of the Vehicle; or
(e) the Lessee calls any meeting of its creditors or enters into any liquidation or has a receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for administrator of all or any of its assets appointed; or
(f) the insurers of the Vehicle decline to insure or to continue to insure the Vehicle; or
(g) the financial position of the Lessee deteriorates to such a substantial part degree that there is an increased risk of Lessee's assets. Upon any of the above occurring; then in each and every case, LeasePlan will advise the Lessee in writing of the occurrence of an Event a default. In the case of Defaultfailing to punctually pay any instalment of Monthly Lease LeasePlan will allow the Lessee seven days to rectify that occurrence. In the case of each and every other occurrence described in this Clause, Lessor LeasePlan will allow the Lessee thirty days to rectify the occurrence.
10.2 If the Lessee does not rectify any occurrence specified in Clause 11.1 within the time permitted, LeasePlan may at its option and sole discretion, (but without further prejudice to any other rights under this Agreement) forthwith by notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do the Lessee terminate the Leasing Arrangement.
10.3 Following any one or more termination of the following: (A) terminate this AgreementLeasing Arrangement under Clause 10.2, the Lessee will then no longer be in which event Lessee shall immediately surrender possession of the Premises Vehicle with LeasePlan’s consent. In that event LeasePlan may without prejudice to Lessor; (B) LeasePlan’s claim for any arrears of Monthly Lease or damages for any breach of the Leasing Arrangement or any other rights under the Leasing Arrangement, retake possession of the Vehicle, and may for that purpose enter upon any premises belonging to or in the Premises and expel occupation or remove control of the Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances which to the Site knowledge of LeasePlan is housing the Vehicle.
10.4 The Lessee will be responsible for all costs, charges and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser LeasePlan in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder retaking possession of the termVehicle except any costs, minus any net sums thereafter received by Lessor through reletting the Premises during such period; charges and (F) any other damages or relief which Lessor may be entitled to at law expenses arising as a result of or in equity. consequence of the negligence or wilful default of LeasePlan.
10.5 If LeasePlan does terminate the Leasing Arrangement as provided in Clause 11 then without prejudice to the right of LeasePlan to bring a claim for damages for breach of the Leasing Arrangement, Clause 5.2 will apply and the Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall forthwith upon written demand pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus LeasePlan any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts amount due by the Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeLeasePlan under Clause 5.4.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events If it is mutually agreed that in the event:
a) Lessee shall default in the payment when due of any sums required herein to be paid and fails to cure such default within fifteen (15) calendar days (including Saturday, Sunday and any legal holidays) after written notice thereof from Lessor; or
b) If Lessee abandons or vacates the Premises; or
c) If Lessee shall be deemed to be events in default in performing any of default by Lessee under this Agreement (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above the terms or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement provisions not requiring the payment of any sum of money, all and fails to cure such default within fifteen (15) calendar days (including Saturday, Sunday and legal holidays) after the date of which provisions shall be deemed material, and such failure shall continue for a period receipt of twenty days after written notice of such default is delivered to Lessee;from Lessor; or
C. d) If Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file files a petition in bankruptcy, insolvency, dissolution or for reorganization or arrangement under any section or chapter of the United States Bankruptcy Code or under any similar law or statute laws of the United States or of any state thereof state, or a petition shall be filed against Lessee under voluntarily takes advantage of any such statute law or Lessee act or may creditor is dissolved or makes an assignment for the benefit of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filedcreditors; or
E. A e) If involuntary proceedings under any bankruptcy law or insolvency act or for the dissolution of a corporation are instituted against Lessee or if a receiver or trustee shall be is appointed for Lessee's leasehold interest in the Premises or for of all or a substantial substantially all of the property of ▇▇▇▇▇▇ and such proceedings are not dismissed or such receivership or trusteeship vacated within ninety (90) days after such institution or appointment;
f) Whether voluntarily or involuntarily, ▇▇▇▇▇▇ takes advantage of any debtor relief proceedings under any present or future law, whereby the rent or any part thereof is, or is proposed to be, reduced or payment thereof deferred; or
g) If ▇▇▇▇▇▇ makes an assignment for benefit of creditors; or
h) Violation by ▇▇▇▇▇▇ of the same covenant herein more than two times in any twelve (12) month period hereunder, irrespective of whether such violations are subsequently cured by ▇▇▇▇▇▇ within any applicable grace period; or
i) If Lessee's assets. Upon the occurrence of an Event of Default’s effects should be levied upon or attached under process against
j) Then in any such event, Lessor shall have the following options:
(i) Lessor may at its option and without further terminate this Lease upon written notice to Lessee, whereupon this Lease shall end, and in addition upon such termination by Lessor, ▇▇▇▇▇▇ agrees to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate this Agreement, in which event Lessee shall immediately and peacefully surrender possession of the Premises to Lessor, and if ▇▇▇▇▇▇ refuses to do so, Lessor may, among other things, reenter and repossess the Premises, using such force for that purpose as may be necessary without being guilty of trespass, forcible entry or other tort, and Lessee shall nevertheless remain and continue to be liable to Lessor in a sum equal to all rent, additional rent and other charges payable under this Lease through the Term expiration date; and
(Bii) Lessor, as ▇▇▇▇▇▇’s agent, may enter upon and offer the Premises for rent at the best price obtainable by reasonable effort, without advertisement and expel or remove Lessee and/or Lessee's Equipment therefromby private negotiation, with or without having terminated this Agreement; for any term Lessor deems proper and (C) change or re-key all locks to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of the Premises by Lessee. Lessee acknowledges that a surrender of the Premises can be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay be liable to Lessor in damages for deficiency between ▇▇▇▇▇▇’s rent hereunder and the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting for re-letting. Any suit brought to collect the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date amount of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee deficiency may be brought on one or more occasions without for all the necessity of Lesson's waiting until the expiration remaining months of the term of this Agreementthereof in one suit prospectively. Upon termination of this Agreement ▇▇▇▇▇▇’s remedies as set forth herein shall in no event be construed to limit those otherwise available in law or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion of the Premises for any period to any tenant and for any use and purposeequity.
Appears in 1 contract
Sources: Lease Agreement
Default by Lessee. The following events provisions shall be deemed to be events of govern default by Lessee the LESSEE:
20.1. LESSEE will be in default under this Agreement (each such event Lease upon the happening of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty days after written notice of such default is delivered to Lessee;
C. Lessee shall become insolvent or fail to pay its debts as they become due or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a petition under any section or chapter of the United States Bankruptcy Code or under any similar law or statute of the United States or any state thereof or a petition shall be filed against Lessee under any such statute or Lessee or may creditor of Lessee notifies Lessor that it knows such a petition will be filed or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more of the following: (A) terminate following events:
20.1.1. Failure of LESSEE to make any rent payment when due or fully and timely perform any obligation contained in this AgreementLease.
20.1.2. Any warranty, representation or statement made or furnished to LESSOR by or on behalf of LESSEE for the purpose of inducing the execution of this Lease or any other agreement between the parties proves to have been false in which event Lessee shall immediately surrender any material respect when made or
20.1.3. LESSEE is dissolved or its existence terminated; LESSEE becomes insolvent, its business fails, or a receiver is appointed for any of LESSEE'S property; LESSEE is generally not paying its debts as they become due; or LESSEE makes an assignment for the benefit of its creditors or is the subject of any voluntary or involuntary bankruptcy or insolvency proceeding.
20.1.4. Any of the occurrences set forth in Section 20.1.3. of this Lease above occurs with respect to any guarantor or surety of LESSEE'S obligations.
20.1.5. LESSEE abandons the Premises, or the Premises or LESSEE'S leasehold interest in the Premises are attached or taken under any court order or writ of execution.
20.2. If LESSEE defaults, LESSOR may enforce its rights by an action for rent and possession, unlawful detainer, or other legal remedy. LESSEE agrees that, notwithstanding LESSOR'S possession of the Premises to Lessor; (B) enter upon the Premises Premises, LESSEE shall remain liable for and expel or remove Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances shall pay LESSOR an amount equal to the Site and Lessor shall have no obligation to give Lessee notice thereof or to provide Lessee with a new key entire rent payable to the Site. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance end of the surrender then-applicable term of this Lease. This amount may either (a) be accelerated and become payable at once, or (b) become due and be payable monthly, at the Premises by Lesseesole option of LESSOR. Lessee acknowledges that a surrender of the Premises can In addition, LESSEE shall be effected only by a written agreement between Lessor liable for and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay to Lessor the sum LESSOR any loss or deficiency sustained by LESSOR because of (A) the cost LESSEE'S default.
20.3. Notwithstanding LESSOR'S re-entry and possession of recovering the Premises; (B) , LESSOR, upon LESSEE'S default, shall have the unpaid monthly payments right, without notice to LESSEE, and all other indebtedness accrued hereunder without terminating this Lease, to the term of such termination; (C) to the extent the same were not paid, the cost of repairing, altering or otherwise putting the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectively, the "Reletting Expenses"); (D) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees make alterations and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement repairs for the remainder purpose of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor may be entitled to at law or in equity. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses the Premises without terminating this Agreement by reason of an Event of Default, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments and other benefits which Lessor would have received under this Agreement for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; and (F) any other damages or relief which Lessor LESSOR may be entitled to at law or in equity. Re-entry by Lessor will not affect the obligations of Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises, Actions to collect amounts due by Lessee may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion part of the Premises for any period to any tenant and the remainder of the then-applicable Lease term or for any use longer or shorter period as opportunity may offer, to such persons and purposeat such rent as may be obtained. Nothing in this Lease shall require LESSOR to relet or make any attempt to relet the Premises, and any reletting shall be done by LESSOR as agent for LESSEE. In case the Premises are relet, LESSEE shall pay the difference between the amount of rent payable during the remainder of the term and the net rent actually received by LESSOR during the term after deducting all expenses for repairs, alterations, recovering possession and reletting the same, which difference shall either (a) accrue and be payable monthly, or (b) be accelerated and become payable at once, at LESSOR'S sole option.
20.4. No actions taken by LESSOR after LESSEE'S default shall be construed as indicating a termination of this Lease. This Lease shall remain in full force and effect and shall not be terminated unless LESSOR so elects in writing.
20.5. At LESSOR'S election, LESSOR may cure any default of LESSEE by expending money, contracting for the making of repairs, purchasing insurance, or by any other actions. If LESSOR takes any such actions, LESSEE will promptly, upon demand, reimburse LESSOR for all of LESSOR'S expenses. All such expenses shall bear interest from the dates they are incurred until the dates they are paid, at a rate of 10 percent (10%) per annum.
20.6. LESSOR shall be entitled to recover from LESSEE all of LESSOR'S expenses in exercising any of its rights under this Lease, including without limitation LESSOR'S reasonable attorney's fees.
20.7. All of LESSOR'S remedies are cumulative, and may be exercised successively or concurrently, at LESSOR'S election.
Appears in 1 contract
Sources: Commercial Lease