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 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 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 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 If:
(each such event of default is hereinafter referred to as an "Event of Default"):
A. a) the Lessee shall fail to timely pay breach any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder the Lessee's Covenants and such failure the breach shall continue for FOURTEEN (14) DAYS after notice has been served on the Lessee by the Lessor; or
(b) the Lessee being a period company shall enter into liquidation whether compulsory or voluntary (except for the purpose of ten days;amalgamation or reconstruction) or a receiver or manager or administrator (voluntary or otherwise) is appointed; or
B. (c) the Lessee being an incorporated association shall fail have its incorporation cancelled, be wound up or cease to be an association eligible to be incorporated under the Associations Incorporation ▇▇▇ ▇▇▇▇; or
(d) the Lessee ceases or threatens to cease carrying on business; or
(e) the Lessee being a natural person shall commit an act of bankruptcy, then and in any of these cases the Lessor may at any time thereafter and without any notice or demand enter and repossess the Premises and the Term and the estate and interest of the Lessee in the Premises shall immediately determine but without prejudice to any rights of the Lessor under this Lease and at law and without releasing the Lessee from liability in respect of any of the Lessee's Covenants. Upon re-entry by the Lessor, the Lessor shall, after the Lessee has failed 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 remove its property within three (3) days, have the absolute right to remove any property left in 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 about the Premises and expel or remove the Lessee and/or Lessee's Equipment therefrom, with or without having terminated this Agreement; shall indemnify the Lessor from and (C) change or re-key against all locks damage to entrances that property and any reasonable costs that may be incurred by the Lessor as a consequence including but not limited to the Site costs of removal 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 purposestorage.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
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 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. 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 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 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 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 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 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. 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 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 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 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 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 If (a) Lessee fails to timely pay any sum 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 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 5 business days after Lessor delivers written notice of such default is delivered failure to pay to Lessee or deposits written notice in the U. S. Mail addressed to Lessee;
C. 's address set forth in Section 35; (b) Lessee fails to perform any of its other duties or obligations under this Lease and such default continues for 20 days after Lessor delivers written notice to Lessee or deposits written notice in the U. S. Mail addressed to Lessee's address set forth in Section 35, provided such notice sets forth the nature and extent of such default. The period of time to cure such a default described in this subparagraph (b) shall become insolvent be extended, provided Lessee commences to cure such default within said 20 days and continues to completion with due diligence, speed and continuity, said period of extension, however, not to exceed 40 days from the expiration of the 20 days; (c) any of the following actions occur and Lessee fails to vigorously contest and cause same to be removed, dismissed, or fail 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 pay its declare Lessee a bankrupt or to 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) Lessee vacates or abandons the Premises and does not pay rent provided for herein; (e) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the Premises State of Texas; or for all (f) 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 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 possession, (d) the costs and expenses of all 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.
▇. ▇▇▇▇▇▇ may 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
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 occurrence of any of the following events shall be deemed to be events constitute a “Default” of default this Lease by L▇▇▇▇▇:
(a) Any failure by Lessee under this Agreement to pay within 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 5) days following written notice from Lessor the Annual Base Rent or Additional Rent, or any other sum monetary sums required to be paid hereunder; provided that such written notice shall only be required twice in any 12-month period, and after two such notices are given, in any 12-month period, the 5-day period shall revert to a grace period only of money five (5) days following the due hereunder date thereof;
(b) A failure by Lessee to observe and perform any other non-monetary provision or obligation of or under this Lease where 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 thirty (30) days after written notice thereof by Lessor to Lessee, provided, however, that if the nature of such default or failure is delivered such that the same cannot reasonably be cured within such thirty (30) day period, Lessee shall within such period commence such cure and thereafter diligently prosecute the same to Lesseecompletion, but in no event shall such cure period exceed sixty (60) additional days;
C. (c) The making by Lessee shall become insolvent of any general assignment or fail to pay its debts as they become due general arrangement for the benefit of creditors; the filing by 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 filedhave Lessee adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against L▇▇▇▇▇, the same is dismissed within ninety (90) days); the appointment of a trustee or receiver to take possession of substantially all of L▇▇▇▇▇’s assets located at the Leased Premises or of L▇▇▇▇▇’s interest in this Lease, where possession is not restored to Lessee within ninety (90) days; or the attachment, execution or other judicial seizure of substantially all of Lessee’s assets located at the Leased Premises or of Lessee’s interest in this Lease, where such seizure is not discharged within ninety (90) days; or
E. A receiver or trustee (d) Lessee shall be appointed for Lessee's leasehold interest in default under the Premises or for all or a substantial part terms and conditions of Lessee's assets. Upon the occurrence of an Event of Default, Lessor may at its option and without further notice to Lesseesubleases as defined herein, and in addition to all other remedies given hereunder such default is not cured within any applicable grace 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 cure period to any tenant and for any use and purposethereunder.
Appears in 1 contract
Default by Lessee. The occurrence of any one or more of the following events shall be deemed to be events of default by Lessee under this Agreement (each such constitute an event of default is hereinafter referred to as an or breach of this Lease Agreement by Lessee ("Event of Lessee Default"):
A. Lessee shall fail fails to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum rent on the date due and, within fifteen (15) days after written notice from Lessor to Lessee of money due hereunder and such Lessee's failure shall continue for a period of ten daysto pay is delivered, Lessee again fails to make payment;
B. Lessee shall fail makes any assignment for the benefit of creditors, files a voluntary petition in bankruptcy, is adjudicated a bankrupt by any court, takes advantage of the benefit of any bankruptcy or insolvency statute, or a receiver or trustee respecting the property of Lessee is appointed by any judicial authority; or
C. Lessee fails to perform or comply with any provision term, provision, or covenant of this Agreement not requiring the payment of moneyLease Agreement, all of which provisions terms, provisions, or covenants shall be deemed to be material, and Lessee fails to correct or cure any such failure shall continue for a period default prior to the expiration of twenty days after 15 days, except as specified otherwise in this Lease Agreement, following written notice of such default is delivered given by Lessor to Lessee;
C. ; however, said 15-day default cure period shall be deemed extended for a reasonable period of time if, during such 15-day default cure period 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 commences 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 cure 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, and diligently pursues same in the Premises or for all or a substantial part of Lessee's assetsgood faith. Upon the occurrence of an Event of any Lessee Default, which is not cured by Lessee within the applicable cure period, Lessor may at its option may, in the sole and without further notice absolute discretion of Lessor, 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 Lease Agreement, in which event Lessee shall immediately surrender possession of the Premises premises to Lessor; (B) . In the event that Lessee should fail to immediately surrender the premises, Lessor may re-enter upon and repossess the Premises premises, and expel or remove Lessee and/or Lessee's Equipment and any other person or entity thereof, and remove all property therefrom, all in accordance with or without having terminated this Agreement; due process, and (C) change or re-key all locks as may be permitted under the laws of the State of West Virginia. Lessor, in the event Lessor is required to entrances undertake the remedies set forth herein shall, in addition to any rent and other sums due pursuant to the Site and Lessor shall have no obligation terms of this Lease Agreement, be entitled to give Lessee notice thereof or to provide Lessee with a new key to the Sitereasonable expenses, including attorney's fees incurred in connection herewith. The exercise by Lessor of any one or more remedies hereunder remedy provided herein shall not constitute an acceptance preclude the exercise 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 Defaultany other remedy set forth herein, 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 existing 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 it being agreed and all other indebtedness accrued hereunder to the date of understood that such repossession; (C) the Reletting Expenses; (D) all expenses incurred by Lessor in enforcing Lessor's remedies, including attorneys' fees remedies are cumulative 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 full advantage of all such remedies. Notwithstanding the option to relet provisions of this paragraph number 23, and any other provisions of the whole Lease Agreement, in the event that Lessee's banking and/or financing services operations are either closed and terminated, or taken over, by the banking regulatory and/or supervisory authority of the State of West Virginia, the United States of America, or any portion other governmental authority, Lessor may terminate this Lease Agreement only with the concurrence of such banking regulatory and/or supervisory authority, and any such authority shall, in any event, have the Premises election to either continue or to terminate this Lease Agreement, as provided for any period to any tenant and for any use and purposein West Virginia Code 31A-7-10.
Appears in 1 contract
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. 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 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 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, Vessel Lease Documents 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, sel▇, ▇▇▇▇▇▇▇▇, ▇▇▇umber, part with possession or sublet any part of the United States Equipment without the prior written consent of Lessor other than in the ordinary course of business or as otherwise provided in the Vessel Lease Documents;
19.9. Any part of the Equipment is lost, stolen, materially changed or destroyed, and is not replaced by Lessee within a reasonable period of time;
19.10. Any part of the Equipment is attached, levied upon, encumbered, pledged, or seized under any judicial process, unless attributable to the acts or debts of Lessor;
19.11. 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;
19.12. 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;
19.13. 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 insurance required by this Agreement; and/or
19.17. Any merger, consolidation, sale, change in control of Lessee (other than a petition will be filed change in control resulting from the death of Frances W. Murray) or Lessee notifies Lessor that it expects such any transfer of 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 assets. Upon the occurrence of an Event of Defaultbusin▇▇▇ ▇▇ ▇▇▇▇▇▇, 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 ▇ithout 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 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 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 vacate or abandon the Demised Premises at any monthly rental payment as referenced in paragraph 3 above time during the Term, or any other sum of money due hereunder and such failure shall continue for a period of if after 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 of non-payment when due, Lessee fails to pay any Minimum Rent, Percentage rent or other payment hereunder, or after fifteen (15) days written notice of non-performance fails to perform any other of the terms of this Lease to be observed or performed by Lessee, or, if such default is delivered term or obligation (other than non-payment of monetary obligations) hereof cannot be performed within fifteen (15) days if Lessee fails within said fifteen (15) day period to Lessee;
C. commence and thereafter to diligently and continually pursue its obligation hereunder, or if Lessee shall become insolvent bankrupt or fail insolvent, or file any debtor proceedings or take or have taken against Lessee in any court pursuant 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 or a petition shall be filed against Lessee under any such statute in bankruptcy or Lessee for reorganization or may creditor for the appointment 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 of all or a substantial part portion of Lessee's assets. Upon property, or if Lessee makes an assignment for the occurrence benefit of creditors, or petitions for or enters into an Event arrangement or suffers this Lease to be taken under any writ of Defaultexecution or attachment, Lessor may at its option and without further notice or if this Lease shall pass to Lesseeor devolve upon, and in addition to all other remedies given hereunder or by law or otherwise, one other than Lessee except as herein provided, then, in equity, do any one or more of such events, upon Lessor's service of a written five (5) day notice of cancellation upon Lessee specifying the following: nature of such default and Lessee's failure within said five (A5) day period to comply with or remedy such default, then this Lease and the Term shall, at the option of Lessor, terminate this Agreementand come to an end on the date specified in such notice of cancellation, in which event and Lessee shall immediately quit and surrender possession of the Demised Premises to Lessor; (B) enter upon Lessor as if 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 Term ended 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 relettingtime affixed herein, but Lessor Lessee 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 purposeremain liable as hereinafter provided.
Appears in 1 contract
Sources: Shopping Center Lease (Futurus Financial Services 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. 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 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 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. The following events shall be deemed to be events of default by Lessee under this Agreement (each such In the event of default is hereinafter referred to as an "Event of Default"):
A. Lessee shall fail to timely pay any the monthly rental payment as referenced in paragraph 3 above or any other sum by the tenth (10TH) day of money due hereunder the month and such failure shall continue continues for thirty (30) days after Lessee receives written notice from Lessor of such failure or if Lessee is adjudicated as bankrupt; or if Lessee files a period petition in bankruptcy under any section or division of ten days;
B. the bankruptcy law; or if an involuntary petition is bankruptcy is filed against Lessee, and same is not withdrawn or dismissed within sixty (60) days from the filing thereof; or if a receiver or trustee is appointed for Lessee’s property and the order appointing such receiver or trustee remains in force for sixty (60) days after the entry of such order; or if, whether voluntarily or involuntarily, Lessee 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 if Lessee makes an assignment for the benefit of creditors; or if Lessee’s effects should be levied upon or attached under process against Lessee, not satisfied or dissolved within sixty (60) days after written notice from Lessor to Lessee to obtain satisfaction thereof; or if Lessee shall fail to comply with perform or observe any provision other covenant, agreement, or condition to be performed or kept by the Lessee under the terms and provisions 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 thirty (30) days after written notice thereof has been given by Lessor to the Lessee; then in any one of such default is delivered to Lessee;
C. Lessee events, Lessor 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 have the right, at the option of the United States Bankruptcy Code Lessor, then or under at any similar law time thereafter while such default or statute defaults shall continue, to elect either: (1) to cure such default or defaults at the expense of the United States Lessee and without prejudice to any other remedies which it might otherwise have, any payment made or any state thereof expenses incurred by Lessor in curing such default shall bear interest thereon at 18% per annum, or a petition at such maximum legal rate as permitted by Louisiana law, whichever 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 lower, to be filedand become additional rent to be paid by Lessee within thirty (30) days of written request therefor from Lessor; 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 (2) 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 and upon said termination of this Lease, in which event Lessee shall immediately surrender possession of the Premises to Lessor; or (B3) re-enter upon the Premises and expel or remove dispossess Lessee and/or and anyone claiming under Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances by summary proceedings pursuant 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 laws of the surrender State of Louisiana and remove their effects, and take complete possession of the Premises by and elect to continue this Lease in full force and effect, but with the right at any time thereafter to declare this Lease terminated and the term ended; or (4) exercise any other remedies or maintain any action permitted to Landlords pursuant to the Laws of the State of Louisiana. After such termination or in such re-entry the Lessor may, under process of law, have all persons and Lessee’s personal property removed from the Premises. Lessee acknowledges that a surrender of hereby covenants in such event, for itself and all others occupying the Premises can under Lessee, to peacefully yield up and surrender the Premises to the Lessor. Should Lessor declare this Lease terminated and the term ended, as provided for herein, the Lessor shall be effected only by a written agreement between Lessor and Lessee. If Lessor terminates this Agreement by reason of an Event of Default, entitled to recover from Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments rental 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 sums due and owing 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 remediestermination, including attorneys' fees any rental amounts heretofore waived, plus the costs of curing any of Lessee’s defaults existing at or prior to the date of termination, including reasonable attorney’s fees, plus the deficiency, if any, between Lessee’s rental hereunder 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 rental that could 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 on another lease for 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 remaining under this Agreement. Upon termination of this Agreement or repossession of the Premises due to an Event of DefaultLease, however, Lessor shall not be obligated to relet or attempt re-let the Premises, but shall use its best efforts to relet mitigate its damages. Should Lessor, following default as aforesaid, elect to continue this Lease in full force, Lessor may, but shall not be obligated to, rent the Premises by private negotiations, with or any portion thereof without advertising, and on the best terms available for the remainder of the term hereof, or to collect rent after relettingfor such longer or shorter period as Lessor shall deem advisable. Lessee shall remain liable for payment of all rentals and other charges and costs imposed on Lessee herein, in the amounts, at the times and upon the conditions as herein provided, but Lessor shall have credit against such liability of the option to relet the whole or any portion of Lessee all amounts received by Lessor from such reletting after first reimbursing itself for all reasonable costs incurred in curing Lessee’s defaults and re-entering, preparing and refinishing the Premises for any period to any tenant reletting, and reletting the Premises, and for the payment of any use procurement fee or commission paid to obtain another tenant, and purposefor all reasonable attorney fees and legal costs incurred by Lessor.
Appears in 1 contract
Sources: Lease Agreement (SCP Pool Corp)
Default by Lessee. (a) The occurrence of any of the following events shall constitute a default under this Lease:
(i) Any failure by the Lessee to pay the rent when due as herein specified. The Lessors shall forward notice of such default in writing to the Lessee, and the failure of the Lessee to cure such default within thirty (30) days after the date of receipt of such notice shall, at the option of the Lessors, authorize the Lessors to terminate this Lease.
(ii) The abandonment of the Demised Premises by the Lessee.
(iii) A failure by the Lessee to observe and perform any other provision of this Lease, where such failure continues for thirty (30) days after written notice by the Lessors. However, if the nature of such default is such that it cannot reasonable be cured within such period, the Lessee shall not be deemed to be events in default if the Lessee shall within this period commence to cure and then diligently complete such curing.
(iv) The making by the Lessee of default by an assignment of its interest hereunder without prior written approval from the Lessors, or if the Lessee shall file a petition in bankrupt or the appointment of a receiver or assignee shall automatically terminate all rights of the Lessee under this Agreement Lease and no rights thereto shall pass to the receiver, trustee in bankruptcy or assignee.
(each b) In any such event of default is hereinafter referred to as an "Event of Default"):
A. events, the Lessors may give the Lessee written notice specifying a day not less than five (5) days thereafter whereupon the Term 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 materialend, and such failure on the day specified the Term shall continue expire as if that day were the day herein fixed 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 Term, and the Lessee shall quit and surrender the Demised Premises to the Lessors, and the rent for the balance of the Term of this Agreement. Upon termination of this Agreement or repossession of the Premises Lease shall become immediately due to an Event of Default, Lessor shall not be obligated compensate the Lessors for all damages sustained by the Lessors which resulted from the Lessee's failure 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 purposeperform its obligations hereunder.
Appears in 1 contract
Sources: Lease Agreement (Margo Caribe 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 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 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. The Each of the following events shall be deemed to be events of a default by Lessee under (“Lessee Default”) hereunder and a material breach of this Agreement Lease:
(each such event of default is hereinafter referred to as an "Event of Default"):
A. 1) Lessee shall fail to timely pay 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. payable by Lessee shall fail to comply with any provision of County under this Agreement not requiring the payment of money, all of which provisions shall be deemed materialLease when due, and such failure shall continue for ten (10) days after delivery by County to Lessee of written notice of the failure;
(2) Lessee shall fail to pay when due any taxes, assessments, or utility charges when due, or fails to deliver to County evidence of payment thereof, and such failure shall continue for thirty (30) days after delivery by County to Lessee of written notice of the failure, subject to Lessee’s right to contest the amount of such Taxes;
(3) Lessee shall fail to keep, perform, or observe any of the non-monetary covenants, agreements, terms, or provisions contained in this Lease that are to be kept or performed by Lessee, and Lessee shall fail to cure such failure within thirty (30) days after delivery by County to Lessee of written notice specifying the failure; provided, however, if the failure is curable, but cannot be cured within such 30-day period, a Default shall not occur under this subsection if Lessee commences the cure of the failure during such 30-day period, and thereafter, diligently and continuously pursues the cure to its completion within an additional period not to exceed ninety (90) days;
(4) Lessee shall abandon or vacate the Premises, and the Premises remain abandoned or vacant for a period of twenty thirty (30) days after receipt of written notice of such default is delivered to Lesseefrom County;
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 (5) An involuntary petition shall be filed against Lessee under any such statute applicable Bankruptcy Law, or Lessee a receiver of Lessee, or may creditor of Lessee notifies Lessor that it knows such a petition will be filed all or Lessee notifies Lessor that it expects such a petition to be filed; or
E. A receiver or trustee substantially all of the property of Lessee, shall be appointed for Lessee's leasehold without acquiescence, and such petition or appointment shall not discharged or stayed within sixty (60) days after the happening of such event;
(6) Lessee shall make an assignment of its interest in the Premises for the benefit of creditors, shall file a voluntary petition under applicable Bankruptcy law, or seek relief under any other law for all the benefit of debtors;
(7) Any representation or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultwarranty made by Lessee under this Lease that is found to be false, Lessor may at its option and without further notice misleading, or inaccurate shall be considered to Lesseebe materially false, and in addition to all other remedies given hereunder misleading or by law or in equity, do any one or more inaccurate as of the following: date made;
(A) terminate this Agreement, 8) Lessee tenders more than one check to County in which event Lessee shall immediately surrender possession payment of the Premises to Lessor; (B) enter upon the Premises and expel fees 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 charges under this Agreement for the remainder of the term, minus Lease in any net sums thereafter received twenty-four month period which is not paid upon presentment 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 purposeConcessionaire’s bank.
Appears in 1 contract
Sources: Fixed Base Operator Lease Agreement
Default by Lessee. The following events Lessor shall be deemed not declare a default hereunder because of failure 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 rentals when due, 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 other terms of this Agreement not requiring Lease Agreement, without first giving Lessee fifteen (15) days written notice of its intention to do so with respect to the payment of moneyrentals or other monies due hereunder or thirty (30) days written notice with respect to any other default. If during said fifteen (15) or thirty (30) day period as the case may be, all Lessee shall pay said rental or remedy the default in the terms of the Lease in regard to which provisions default has been made, then the right of the Lessor to declare a default under this lease shall cease and this Lease shall continue as though no default has been made, EXCEPT, if Lessor has give notice of default for non-payment on three separate occasions, during any twelve month period, Lessor shall have the following options in addition to any other legal options available to Lessor:
(a) If Lessee shall have abandoned the Leased Premises, at Lessor’ option, without terminating this Lease, to change the locks on the doors to the Leased Premises and exclude Tenant therefrom, for the purposes of securing the premises;
(b) At its option, by notice to Lessee, to terminate this Lease. No re-entry or taking of possession of the Leased premises by Lessor, as provided in clauses (a) and (c) of this article, shall be deemed material, and such failure shall continue for construed as an election on its part to terminate this Lease unless a period of twenty days after written notice of such default intention is delivered 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 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 service of an Event such notice of Defaulttermination, the term of this Lease shall automatically terminate. Notwithstanding any reletting without termination, Lessor may at its option and without further notice any time thereafter 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 AgreementLease for such previous breach in the manner provided in this section.
(c) At its option, in which event to require Lessee to surrender possession without termination of this Lease, whereupon Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon Lessor and immediately vacate the Premises same, and expel or remove Lessee and/or Lessee's Equipment all effects therefrom, with or without having terminated except such as may not be removed under other provisions of this Agreement; Lease. If Lessee fails to surrender possession and (C) change or re-key all locks vacate as aforesaid, Lessor may apply 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 court of any one or more remedies hereunder shall not constitute appropriate jurisdiction for an acceptance order for possession 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 property without thereby waiving Lessor’s rights to rent or any other rights given 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 lease or relief which Lessor may be entitled to at law or in equity. If Lessee shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses remove all effects from the Premises in a commercially reasonable time, Lessor may, at its option, remove any or all effects in any manner it shall choose and store the same without terminating this Agreement by reason of an Event of Defaultliability for loss, then and Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments Lessor, on demand, any and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred by in such removal and storage of said effects for any length of time during which the same shall be in Lessor’s possession or storage.
(d) At its option, to make such alterations and repairs as 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 shall determine may be entitled reasonably necessary 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 relet the Premises, Actions and to collect amounts due by Lessee relet the same or any part thereof for such term or terms (which may be brought on one or more occasions without the necessity of Lesson's waiting until the expiration of for a term extending beyond the term of this Agreementlease) and upon such terms and conditions as Lessor in its sole discretion may deem advisable. Upon termination In no event shall Lessee be entitled to receive any surplus funds generated by any re-letting of this Agreement the premises.
(e) At its option, to collect from Lessee any other loss or repossession damage which Lessor may sustain by reason of any breach and any diminished value of the Premises due resulting from said breach.
(f) At its option, in the event of a breach or threatened breach by Lessee, to an Event enjoin any such breach or threatened breach.
(g) No receipt of Default, moneys by Lessor shall not be obligated to relet from or attempt to relet for the Premises account of Lessee or any portion thereof from anyone in possession or to collect rent after reletting, but Lessor shall have the option to relet the whole or any portion occupancy of the Premises after the termination in any of this Lease or after the giving of any notice of termination, shall reinstate, continue or extend the term of this Lease or affect any notice given to Lessee prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, Lessor may receive and collect any period rent or other amounts due Lessor, and such payment shall not waive or affect said notice, suit or judgment. It is further understood that notice of default from the Lessor shall be a valid notice of default if issued by the City Manager, City Clerk, or City Attorney, regardless of formal action or approval by the governing body of the City of Coweta, and that the lack of formal approval by the governing body shall not constitute grounds for legal challenge to the sufficiency of any tenant and for any use and purpose.notice of default
Appears in 1 contract
Sources: Lease Agreement (Lmi Aerospace 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) 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 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 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 occurrence of any one or more of the following events shall be deemed constitute a default and breach of this Outlease by Lessee (hereinafter “Event of “Default”): (i) Lessee fails to make any payment of Rent on the Rent Due Date or any other payment required to be events of default made by the 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 Outlease, when due, and such failure shall continue for a period of ten days;
B. (10) days after Lessor has given Lessee shall fail written notice of such failure; or (ii) Lessee abandons the Premises for thirty days or more, or fails to comply with observe or perform any provision term, covenant, condition or the provisions of this Agreement not requiring the payment of moneyOutlease required to be observed or performed by Lessee, all of which provisions shall be deemed material, and where such failure shall continue for a period is not cured to the full satisfaction of twenty the Lessor within 30 days after written notice by the Lessor to Lessee of said failure Upon 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 DefaultDefault by Lessee, Lessor may the Lessor, at its option and option, without further notice or demand, shall have the right 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, following remedies in which event Lessee shall immediately surrender possession of the Premises addition 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 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 equity or elsewhere herein: a) declare this Outlease ended and terminated and may re-enter the Premises without terminating this Agreement and remove all persons or things therefrom, and the Lessee hereby expressly waives all service of any demand or notice prescribed 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 periodlaw or statute whatsoever; and (Fb) any other damages or relief which Lessor may be entitled enter the Premises and eject Lessee, forcibly or otherwise, without regard to at any law or statute to the contrary, dispose of Lessee’s personal property in equity. Re-entry by Lessor will not affect the obligations Premises as deemed in the best interest of Lessee for the unexpired term of this Agreement. Lessor, and Lessee shall not be entitled to any excess rent obtained by liable for such damages as 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 purposeincur.
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 If (a) Lessee fails to timely pay any sum to be paid by Lessee under this Lease and such failure continues for a period of 10 days following events the date on which written notice thereof is given (or deemed given) by Lessor; provided, however, that Lessor shall be required to give only two (2) such notices in any 12-month period, per calendar year, and upon the third such failure in any l2-month period, per calendar year, Lessor shall have the right to avail itself of any or all remedies afforded to Lessor hereunder without any further notice to Lessee; (b) Lessee fails to perform any of its other duties or obligations under this Lease and such default continues for 20 days after Lessor delivers written notice to Lessee or deposits written notice in the U. S. Mail addressed to Lessee’s address above; provided, however, that if such failure is one which is not reasonably susceptible of being cured within a 20-day period, then Lessor shall not be deemed to be events in default hereunder so long as Lessee commences its cure 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 within such 20-day period of ten days;
B. Lessee shall fail and diligently and continuously prosecutes the cure thereof 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 completion within ninety (90) days after delivery or deposit of Lessor’s written notice of such default failure; (c) any of the following actions occur and Lessee fails to contest same using Lessee’s best reasonable efforts 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) Lessee vacates or abandons the Premises and ceases payment of rent; (e) if Lessee is a corporation, Lessee ceases to exist as a corporation in good standing in the Premises State of Texas; or for all (f) if Lessee is a partnership or other entity, Lessee is dissolved or otherwise liquidated, then Lessor may treat the occurrence of anyone or more of the foregoing events as a substantial part breach of Lessee's assetsthis Lease. Upon the occurrence of an Event any of Defaultthe foregoing events, at Lessor’s option, Lessor may at its option and without further notice to Lesseeshall have anyone or more of the following described remedies, and in addition to all other rights and remedies given hereunder or by provided at law or in equity:
A. Lessor may continue this Lease in full force and effect, do any one or more of the following: (A) and this Lease shall continue in full force and effect as long as Lessor does not terminate this AgreementLease, 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 the right to give Lessee notice thereof or to provide Lessee with collect Rent, Additional Rent and other charges when due.
▇. ▇▇▇▇▇▇ may terminate this Lease and forthwith repossess the Premises and recover damages in a new key sum of money equal 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 (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/or damages or relief which owed by Lessee to Lessor.
C. 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 Lessee, and without terminating this Lease, without acceptance of surrender of the Premises, and without becoming liable for damages, or guilty of trespass. If Lessor repossesses pursues this remedy and if and to the extent required by law, 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 “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 of an Event of DefaultLessor or any affiliate thereof. If Lessor so relets, Lessor is authorized to decorate or 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. 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 to pay all Base Rent and Additional Rent due and payable hereunder 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 decorations, repairs, changes, alteration and modifications, (e) the expense of such reletting and the collection of the rent accruing therefrom, (f) the cost of any brokerage fees or commissions payable by Lessor in connection with such reletting or attempted related; (g) the cost of removing and storing the furniture, trade fixtures, equipment, inventory and/or personal property of Lessee or any other occupant’s property left on the Premises; , Parking, or Land after reentry, (Bh) the unpaid monthly payments and all any other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses costs 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 periodreletting; and (Fi) any other sum or money or damages owed by Lessee to Lessor at law, in equity, or relief hereunder, then Lessee shall pay to Lessor any such deficiency upon demand from time to time, Lessor shall in no event be obligated to pay any excess proceeds from such reletting to Lessee after deduction of the foregoing from such proceeds. 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 or acceptance of surrender of the Premises 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.
▇. ▇▇▇▇▇▇ may change the locks on the Premises and not return the new key to the Lessee unless the Lessee cures the default(s). The Lessor will not have to give the Lessee a new key unless the Lessee cures the default(s); the new key will be provided only during Lessor’s regular business hours.
▇. ▇▇▇▇▇▇ may enter upon the Premises and do whatever Lessee is obligated to do under the terms of this Lease; and Lessee agrees to reimburse Lessor on demand for any expenses which Lessor may incur in effecting compliance with Lessee’s obligations under this Lease plus fifteen percent (15%) of such cost to cover overhead, plus Interest, and Lessee further agrees that Lessor shall not be entitled liable for any damages resulting to Lessee from such action, except for Lessor’s gross negligence or willful misconduct. No action taken by Lessor under this section shall relieve Lessee from any of its obligations under this Lease or from any consequences or liabilities arising from the failure to perform such obligations.
F. Any furniture, trade fixtures, equipment, inventory or other personal property of Lessee which remains on the Premises following (i) the termination date of this Lease, or (ii) Lessor’s termination of Lessee’s possession of the Premises pursuant to this Section 29, shall conclusively be deemed abandoned, and without notice to Lessee, Lessor may dispose of the same in any manner deemed suitable by Lessor, sell such property and retain the proceeds therefor, or store such property at Lessee’s expense.
▇. ▇▇▇▇▇▇ shall have the right to exercise any and all other remedies available to Lessor in this Lease, 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 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 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) ▇▇▇▇▇▇’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 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 AFTER WRITTEN NOTICE TO LESSEE, 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 PINNACLE.WPD 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 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 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 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 LOWER OF THE maximum non-usurious rate OR TWELVE PERCENT (C12%) to per annum from the extent the same were not paiddue date, 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 here under plus interest at the LOWER OF THE maximum non-usurious rate OR TWELVE PERCENT (12%) 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 1 contract
Default by Lessee. The following events shall be deemed to be events In the event that Lessee at any time during the term 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 Lease or any other sum extension violates or fails to perform any of money due hereunder and such failure shall continue for a period of ten days;
B. Lessee shall fail to comply with any provision the agreements or obligations under the terms of this Agreement Lease and does not requiring the payment of money, all of which provisions shall be deemed material, and cure such failure shall continue for a period of twenty default within thirty (30) days after written notice to it by Lessor of such default is delivered to Lessee;
C. Lessee shall become insolvent failure 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 Defaultviolation, Lessor may at its option ▇▇▇ to collect any and all sums which accrue to Lessor by virtue of the breach of this Lease, or Lessor may, but shall not be obligated to do so, without further notice to Lessee, and in addition to all other remedies given hereunder demand for rent due or by law for the observance or in equity, do performance of any one or more of the following: (A) terms, conditions, or agreements of this Lease, terminate the Lease, reenter the premises and remove persons and property. In the event that this AgreementLease is terminated before its expiration, 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 DefaultLessee’s default, or in the event that Lessee shall pay to Lessor abandon or vacate said premises before 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 expiration of the term, minus any net sums thereafter received the same may be re-rented 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, but Lessor shall not be obligated to relet or attempt to relet do so) for such rent and upon such terms as Lessor may see fit and such re-entry and/or re-letting shall not release the Premises or any portion thereof or to collect rent after reletting, but Lessor Lessee from its obligations hereunder and Lessee shall have remain obligated and liable under the option to relet the whole or any portion terms of the Premises this Lease for any period to any tenant and all deficiencies for such replacement Lessee. In addition, Lessee shall be responsible for any use and purposeall losses, costs, damages, expense or charges resulting from or in any way connected with its defaults hereunder, including but not limited to court costs, and attorney fees for re-letting.
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
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 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 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 shall not be considered as abandoned as long as rent is being paid.) 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 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 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 : or five (5) days after receipt of written notice by Lessee, such notice being delivered by Lessor on the eleventh (11th) day after rent is not received, and such notice shall not be entitled to any excess rent obtained by required of 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.than twice per annum
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 18.1 In the event of default is hereinafter referred to as an "Event of Default"):
A. that Lessee shall fail to timely pay any monthly rental default,
(a) in the payment as referenced in paragraph 3 above or any other sum of money due hereunder rent when due, and such failure default shall continue for a period of ten days(10) days after written notice of failure to pay such amount has been given by Lessor to Lessee;
B. Lessee shall fail to comply with (b) in the performance of any provision of the other terms, conditions, covenants or provisions of this Agreement not requiring the payment of money, all of which provisions shall be deemed materialLease, and any such failure default shall continue for a period of more than twenty (20) days after written notice of such default is delivered failure by Lessor to Lessee;
C. , or if, by reason of the nature of such default, it cannot with reasonable diligence be corrected within twenty (20) days, then, if Lessee shall become insolvent or fail not commence 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 correct such default within said twenty (20) days and thereafter prosecute the work of correcting 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 filedsame with reasonable diligence; or
E. A 18.2 If the Lessee makes an assignment for the benefit of creditors or a receiver or trustee an assignee for its property shall be appointed for Lessee's leasehold interest in the Premises or for all or any proceeding other than a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultbankruptcy proceeding, then Lessor may at its option and without further notice to Lessee, and in addition to all any other rights or remedies given hereunder or provided by law or in equity, do pursue any one or more of the following: following remedies:
(Aa) terminate Terminate this AgreementLease by serving upon Lessee a written notice stating that the term hereof shall expire upon a date specified in said notice. The date shall not be less than ten (10) days after the date of the giving of such notice by Lessor to Lessee, in which event Lessee and the term of this Lease shall immediately surrender thereupon expire upon the date so specified. Lessor shall be entitled to and may demand immediate possession of the Premises to Lessor; Premises, any other notice or demand being hereby waived.
(Bb) enter upon Enter and take possession of the Premises and Premises. Lessor may expel or remove Lessee and/or Lessee's Equipment therefromand any other person who may be occupying the Premises or any part thereof, with or without having terminated terminating this Agreement; Lease and (C) change or re-key all locks to entrances to the Site and Lessor shall have no without relieving Lessee from its obligation to give Lessee notice thereof or to provide Lessee with a new key to the Sitepay rent. The exercise by Lessor of any one or more remedies hereunder shall not constitute an acceptance of the surrender of may then relet the Premises in the name of Lessor or Lessee at any rental readily obtainable, and if such rent exceeds the rent then paid by Lessee. Lessee acknowledges that a surrender of , Lessor may retain the Premises can be effected only by a written agreement between Lessor and Lesseedifference. If Lessor terminates this Agreement such rental is less than the rent paid by reason of an Event of DefaultLessee, Lessee shall pay to Lessor upon demand the sum of (A) deficiency.
18.3 In 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 event Lessee seeks relief under this Agreement for the remainder Title 11 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 DefaultUnited States Code, then Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments rights, duties 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 and Lessor shall be governed by 11 U.S.C. (S)(S)365 and 502 or as 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 same may be brought on one amended 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 purposemodified.
Appears in 1 contract
Sources: Ground Lease (Grand Prix Association of Long Beach Inc)
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 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 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 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 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 following events In the event Lessee fails to pay any installment of rent punctually when due, or fails to perform or violates any of the covenants, conditions, provisions or agreements herein contained, or if petition in bankruptcy shall be deemed to be events filed by or against Lessee or if Lessee, without the written consent 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 Lessor, closes the Leased Premises or any other sum of money due hereunder and such failure shall continue discontinues active business therein for a period of ten days;
B. three (3) consecutive months, or abandons, vacates or misuses the Leased Premises, or makes or attempts to make any sale or removal of the principal part of Lessee’s movables or contents in the Leased Premises on which Lessor has Lessor liens or by any other means attempts to deprive Lessor of its Lessor’s liens thereon, or denies Lessor the opportunity of showing the Leased Premises to prospective tenants, as herein stipulated, then in said events or any of them, Lessor shall send written notice to Lessee shall fail of such default and if Lessee fails to comply with cure such default within thirty-(30) days from and after receipt of such notice, Lessor may declare the Lessee to be in default of its obligations hereunder and may thereafter pursue such legal remedies as may be available to Lessor. Lessor may, in addition to any other right or rights which Lessor may have under the provision of this Agreement not requiring the payment of money, all of which provisions shall be deemed materialLease or by law, 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.’s option:
Appears in 1 contract
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 and Lessor LESSEE.
22.2: The LESSEE shall have no obligation indemnify the LESSOR against loss of rent to give Lessee notice thereof or to provide Lessee with a new key to maximum of ninety days 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 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) the unpaid monthly payments ,
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 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 effect 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 terminated unless LESSOR so elects 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 purposewriting.
Appears in 1 contract
Sources: Commercial Lease
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 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 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 ▇▇▇▇▇ 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 applicable. 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 (Pinnacle Holdings 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. 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 Each and every of the following events shall be deemed to be events of will constitute 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 Lease and result in its automatic termination:
a. Failure to pay rent when due, if the failure is not requiring the payment of money, all of which provisions shall be deemed material, and such failure shall continue for a period of twenty cured within five (5) days after written notice of such default failure has been given to Lessee by the Board; or
b. Failure to perform any other terms or conditions of this Lease, which are the responsibility of Lessee, if the failure is delivered to not cured within five (5) days after vmtten notice by the Board. If the failure is caused by events beyond the Lessee;
C. 's reasonable control, the Lessee shall become insolvent so inform the Board and shall nse due diligence to cure the default as soon as feasible and shall not be considered in default; or
c. Vacating or fail to pay its debts abandoning the Premises in excess of five (5) days Vl�thout previously notifying the Board in riting; except that a temporary closing for remodeling or repairs, or for any scheduled break or holiday, shall not be deemed vacation or abandonment; or
d. Adjudgement as they become due a bankrupt, or Lessee notifies Lessor that it anticipates either condition;
D. Lessee takes any action to file a decree or order, approving as properly filed, a petition under any section or chapter answer asking reorganization of the United States Lessee under Federal Bankruptcy Code Lmvs as now or hereafter amended, or under any similar law or statute the laws of the United States State of Wisconsin, shall be entered, and any such decree, judgment or order shall not have been vacated, stayed or set aside within fifteen (15) days from the date of the entry or gran g thereof; or
e. Filing or admitting the jnrisdiction of the court and the material allegations contained in, any petition in bankruptcy, or any state thereof petition pursuant or a petition purporting to be pursuant to th e Federal Bankruptcy Laws as now or hereafter amended, or the Lesseeshall institute any proceedings or shall be filed against give its consent to the institution of any proceedings for any reliefof Lessee under any such statute bankruptcy or Lessee insolvency laws or may creditor any laws relating to the relief 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 fileddebtors, readjustment of indebtedness, reorganization, arrangements, composition of evidence; or
E. A f. Assignment for the benefit of creditors or application for or consent to the appointment of a receiver for ▇▇▇▇▇▇; or
g. An assignment, transfer, conveyance or trustee shall be appointed for Lessee's leasehold other disposition of its interest in the Premises or for all or a substantial part of Lessee's assets. Upon withont 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 express written consent of the following: (A) terminate this Agreement, in which event Lessee shall immediately surrender possession Board; or
h. Violation 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.Article 12
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 In the event LESSEE, after five (each such event of default is hereinafter referred to as an "Event of Default"):
A. Lessee 5) days' written notice from LESSOR, shall fail to timely pay any monthly rental payment make the payments as referenced in paragraph 3 above herein provided or any other sum of money due hereunder and such failure shall continue for a period of ten after twenty (20) days;
B. Lessee ' written notice, shall fail to comply with perform any provision of its covenants under this Agreement not requiring Agreement, or in the payment event LESSEE or any quarantor (a) shall make a general assignment for the benefit of moneycreditors, or suffer a receiver or trustee to be appointed of all or substantially all of which provisions shall its assets, or file or suffer to 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 filed any action to file a petition under any section bankruptcy or chapter insolvency law of the United States Bankruptcy Code any jurisdiction which is not dismissed within sixty (60) days; or (b) is in default under any similar law other Agreement it may have with the LESSOR; or statute of the United States (c) shall deliver or make any state thereof representation or a petition warranty made herein, or in any document delivered to LESSOR in connection herewith which 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 prove to be filedfalse or misleading in any material respect; or
E. A receiver or trustee shall be appointed for Lessee's leasehold interest then in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultsuch event LESSOR may, Lessor may at its option and without further notice to Lesseeoption, and in addition to all any 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 available to it at law or in equity:
(i) terminate this Agreement with respect to any or all of the Vehicles hereunder, in which event such Vehicles shall immediately be delivered, at LESSEE's cost and expense, to a location or locations specified by LESSOR not in excess of 1,000 miles and recover from LESSEE all unpaid rentals due and other charges due prior to the termination and repossession of such Vehicles by LESS▇▇, ▇▇gether with all reasonable costs and expenses, including reasonable attorneys' fees, incurred by LESSOR in connection with terminating this Agreement and repossessing such Vehicles. Lessee LESS▇▇ shall not thereafter be released from any further liability under this Agreement except with respect to the LESSEE's indemnity covenants in connection with events that occurred prior to the termination and repossession of the Vehicles and LESSOR shall be entitled to retain 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 proceeds from the sale or 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 disposition of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such periodVehicles; 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
Sources: Lease Agreement (Prosource Inc)
Default by Lessee. The following events (a) If LESSEE shall be deemed to be events default 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 rent and other sums and charges herein reserved, when due, and shall fail to timely pay any monthly rental make such payment as referenced in paragraph 3 above or any other sum of money within ten (10) calendar days after the due hereunder and such failure shall continue for a period of ten daysdate thereof,
(b) if LESSEE is adjudicated bankrupt;
B. Lessee (c) if 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 in bankruptcy under any section or chapter provision of the United States Bankruptcy Code or under bankruptcy law;
(d) if any similar law or statute of the United States or any state thereof or a involuntary petition in bankruptcy shall be filed against Lessee under any such statute LESSEE, and same not be withdrawn or Lessee or may creditor of Lessee notifies Lessor that it knows such dismissed within sixty (60) days from the filing thereof,
(e) 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 appointed for LesseeLESSEE's leasehold interest property and the order appointing such receiver or trustee shall remain in force for thirty (30) days after the entry of such order;
(f) if, whether voluntarily or involuntarily, LESSEE shall take 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;
(g) if LESSEE shall make an assignment for benefit of creditors;
(h) if LESSEE's effects shall be levied upon or attached under process against LESSEE, and such levy or attachment not be satisfied or dissolved within thirty (30) days after such levy or attachment;
(i) if LESSEE shall vacate or abandon the Premises unless Tenant is not in default in the Premises payment of rent or for all other charges, terms on conditions of the Lease; or
(j) if LESSEE shall default under any other covenant, agreement, or a substantial part condition to be performed or kept by the LESSEE under the terms and provisions of Lessee's assets. Upon this Lease and shall fail to cure such default within thirty (30) calendar days of the occurrence date of an Event of Defaultwritten notice from LESSOR to LESSEE, Lessor may at its option and without further notice to Lessee, then and in addition any such event LESSOR shall have the right, at the option of LESSOR, then or at any time thereafter while any such default shall continue, to all other remedies given hereunder or by law or in equity, elect to do any one or more of the following: :
(A1) terminate to cure such default or defaults at the expense of LESSEE and without prejudice to any other remedies which it might otherwise have, any payment made or expenses incurred by LESSOR in curing such default with interest thereon at the Default Rate (as defined below) to be and become additional rent to be paid by LESSEE with the next installment of rent falling due thereafter; or
(2) re-enter the Premises by force or otherwise, without notice, and dispossess LESSEE and anyone claiming under LESSEE, by summary proceedings or otherwise, and remove their effects, and take complete possession of the Premises. In such re-entry LESSOR may, with or without process of law, remove all persons from the Premises, and in such event, LESSEE hereby covenants, for itself and all others occupying the Premises under LESSEE, to peacefully yield up and surrender the Premises to the LESSOR. Either before or after such reentering, dispossessing, removing and taking possession, LESSOR may:
(i) declare this AgreementLease forfeited and the term ended whereupon LESSOR shall be entitled to recover from LESSEE the rental and all other sums due and owing by LESSEE up to the date of termination, plus the costs of curing all of LESSEE's defaults existing at or prior to the date of termination, plus the unamortized costs of any tenant improvements made to the Premises in connection with this Lease, plus the amount of any brokerage commission paid in advance (based on projected rentals) representing payment for the period following such default, plus liquidated damages for failure of LESSEE to observe and perform the covenants of this Lease equal to the deficiency, if any, between LESSEE's Rental (and all other charges that otherwise would have become due hereunder) and the rental (less LESSOR's costs and expenses including brokers' commissions related thereto) obtained by LESSOR for the balance of the term remaining under this Lease from any reletting of the Premises. In the event of termination of this Lease, LESSEE waives any and all rights to redeem the Premises given by any statute now in effect or hereafter enacted. No receipt of money by LESSOR from LESSEE after the termination of this Lease or after service of any notice or after the commencement of any suit or after final judgment for possession of the Premises shall reinstate, continue or extend the term of this Lease or affect any such termination, notice, suit or judgment; or
(ii) declare this Lease forfeited and the term ended and declare the entire amount of rental and all other sums which would have otherwise become due and payable during the remainder of the term of this Lease, plus the unamortized costs of any tenant improvements made to the Premises in connection with this Lease, plus the amount of any brokerage commission paid in advance (based on projected rentals) representing payment for the period following such default, to be due and payable immediately, in which event Lessee LESSEE agrees to pay the same at once, together with all rental and other sums theretofore due and payable; provided, however, that such payment shall immediately surrender possession not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment in advance of the rental for the remainder for the said term. Upon making such payment, LESSEE shall from time to time receive from LESSOR on account of the Premises during the term of this Lease, after deducting from gross receipts any and all of LESSOR's costs and expenses, including brokers' commissions related thereto, the excess of such gross receipts (after deduction of such costs and expenses) over the rentals otherwise due and payable hereunder; provided, however, that the monies to Lessorwhich LESSEE shall so become entitled shall in no event exceed the entire amount payable by LESSEE to LESSOR hereunder; or
(Biii) enter upon continue this Lease in full force and effect, but with the right at any time thereafter to elect Option (1) immediately hereinabove, whereupon LESSOR shall use its reasonable efforts to rent the Premises and expel on the best terms available for the remainder of the term hereof, or remove Lessee and/or Lessee's Equipment therefrom, with for such longer or without having terminated this Agreement; and (C) change or re-key all locks to entrances to the Site and Lessor shorter periods as LESSOR shall deem advisable. LESSEE acknowledges 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 rent the Premises prior to LESSOR's renting any other available space owned by Lessee. Lessee acknowledges that a surrender of LESSOR in the park in which the Premises can be effected only are located. LESSEE shall remain liable for payment of all rentals and other charges and costs imposed on LESSEE herein, in the amounts, at the times and upon the conditions as herein provided, but LESSOR shall credit against such liability of LESSEE all amounts received by a written agreement between Lessor LESSOR from such reletting after first reimbursing itself for all costs incurred in curing LESSEE's defaults, preparing 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 refinishing the Premises into a condition acceptable to a new tenant or tenants (if Lessor elects to so relet) (collectivelyfor reletting, 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 Lease provides for a postponement of an Event any monthly rental payments, a period of Default"free" rent or other rent concession (herein referred to as "Abated Rent"), then Lessee LESSEE shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments and be credited with having paid 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 Abated Rent on one or more occasions without the necessity of Lesson's waiting until the expiration of the term of this AgreementLease only if LESSEE has fully, faithfully and punctually performed all of LESSEE's obligations hereunder, including the payment of all other rent and additional rent and the surrender of the Premises in the physical condition required by this Lease. Upon If a default shall occur hereunder and be continuing beyond any applicable notice and cure period, the Abated Rent shall immediately become due and payable in full and this Lease shall be enforced as if there were no such rent abatement or other rent concession. In such case, Abated Rent shall be calculated based on the full initial rent payable under this Lease. No right or remedy granted to LESSOR herein is intended to be exclusive of any other right or remedy, and each and every right and remedy herein provided shall be cumulative and in addition to any other right or remedy hereunder, or now or hereafter existing at law or in equity or by statute. In the event of termination of this Agreement or repossession of Lease, LESSEE waives any and all rights to redeem the Premises either given by any statute now in effect or hereafter enacted. In the event LESSEE fails to pay any installment of rent hereunder within ten (10) calendar days after written notice that such installment is due, to help defray the additional cost to LESSOR for processing such late payments, LESSEE shall pay to LESSOR on demand a late charge in an amount equal to interest accrued on such installment at a rate of two (2%) percent per annum. above the prime rate of Trust Company Bank, Atlanta, Georgia (the "Default Rate") from the date such installment was due through the date of payment thereof. The provision for such late charge shall be in addition to an Event all of Default, Lessor LESSOR's other rights and remedies hereunder or at law and shall not be obligated to relet construed as liquidated damages or attempt to relet as limiting LESSOR's remedies in any manner. No receipt of money by LESSOR from LESSEE after the termination of this Lease or after service of any notice or after the commencement of any suit or after final judgment for possession of' the Premises shall reinstate, continue or extend the term of this Lease or affect any portion thereof such termination, notice, suit 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 purposejudgment.
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 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, or (each such event b) default shall be made in the performance of default any of the other covenants or conditions which Lessee is hereinafter referred required to as an "Event of Default"):
A. Lessee shall fail observe and to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder 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 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 Code shall be filed or other action taken to reorganize or modify Lessee's capital structure, or Lessee notifies Lessor that it expects such be declared insolvent according to law, or any general assignment of Lessee's property shall be made for the benefit of creditors, or a petition to be filed; or
E. A receiver or trustee is appointed for Lessee or its property, and provided that Lessee fails to vigorously contest any such levy, execution, legal process or petition filed against Lessee and to cause same to be removed, dismissed or vacated within thirty (30) days from the date of its entry or filing, or (d) Lessee shall vacate or abandon the Premises, and is in monetary default, or (e) if Lessee shall be appointed for Lessee's leasehold interest a corporation and Lessee shall thereafter cease to exist as a corporation in good standing in the Premises State of Texas, or for all (f) if Lessee shall be a partnership or a substantial part of Lessee's assets. Upon other entity and Lessee shall be dissolved or otherwise liquidated, then Lessor may treat the occurrence of an Event anyone or more of Defaultthe foregoing events as a breach of this Lease and thereupon, at Lessor's option, Lessor may at its option and without further notice to Lesseehave anyone or more of the following described remedies, and in .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) :
A. Lessor may terminate this Agreement, in which event Lessee shall immediately surrender possession of the Premises to Lessor; (B) enter upon Lease and forthwith repos-sess 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 reasonable 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.
▇. ▇▇▇▇▇▇ may 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 satis- factory 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 realized from such rcletting to any excess pay 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 amount of the rent provided for 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. 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 re letting shall be construed as an election on the part of Lessor to terminate this Lease unless a written notice of such repossessionintention is given to Lessee by Lessor. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach.
▇. ▇▇▇▇▇▇ may change the locks on the Premises and not return the new key to Lessee unless the Lessee cures the default; (C) the Reletting ExpensesLessor will not have to give the Lessee a new key unless the Lessee cures all defaults; (D) all expenses provided, however, that in any such instance, during Lessor's normal business hours and at the convenience of Lessor, and upon the written request of Lessee accompanied by such written waivers and releases as Lessor may require, Lessor will escort Lessee or its authorized personnel to the Premises to retrieve any personal belongings or other property of Lessee; and the new key will only be provided during the Lessor's regular business hours.
D. Notwithstanding anything contained in this Section 28 to the contrary, in the event of default by Lessee, Lessor shall use reasonable efforts to mitigate its damage or any losses incurred by Lessor in enforcing Lessoras a result of Lessee'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 purposedefault.
Appears in 1 contract
Default by Lessee. The Any of the following events occurrences or acts shall be deemed constitute an Event of Default under this Lease and Lessee shall promptly notify Lessor of the occurrence thereof:
(a) Lessee shall default (i) in the payment of any Fixed Rent and such default shall continue for five (5) days after Lessor shall have given written notice (using a nationally recognized overnight delivery courier) to Lessee specifying such default; or (ii) in the payment of any Additional Rent or other sum specifically 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 default shall continue for not have been cured within ten (10) days after Lessor shall have given written notice (using a period of ten days;nationally recognized overnight delivery courier) to Lessee specifying such default; or
B. (b) Lessee shall fail default in the observance or performance of Sections 10, 11(b) or 19 hereof; or
(c) Lessee shall default in the observance or performance of any of ▇▇▇▇▇▇'s other covenants hereunder (other than the covenants described in Sections 16(a) and (b) above), under any other instrument, the Lessor Improvement Letter, the Lessee Clean Room Letter or such other agreements entered into by Lessor and Lessee is connection with the execution and delivery hereof or observance of the Rules and Regulations described in Exhibit C hereto governing the Premises and such default shall not have been cured within thirty (30) days after Lessor shall have given to comply Lessee written notice specifying such default, provided, however, that if the default complained of shall be of such a nature than the same cannot be completely remedied or cured within such thirty-day period and if Lessee shall have commenced curing such default within such thirty-day period and shall proceed with any provision reasonable diligence and in good faith to remedy the default complained of then such default shall not constitute an Event of Default for the purposes of this Agreement not requiring period, but in any event such default shall constitute an Event of Default hereunder after ninety (90) days from 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 date of such default is delivered to Lessee;if not so cured; or
C. (d) Lessee shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to Title 11 of the United Stated Code, the Bankruptcy Code of 1978, as amended (the "Bankruptcy Act"), or shall be adjudicated a bankrupt or become insolvent or fail 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 due, or Lessee notifies Lessor that it anticipates either condition;shall be dissolved, or shall take any corporate action in furtherance of any of the foregoing; or
D. Lessee takes any action to file (e) 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 answer shall be filed against Lessee under any such statute or Lessee or may creditor proposing the adjudication of Lessee notifies Lessor that it knows as a bankrupt or its reorganization pursuant to the Bankruptcy Act and (i) Lessee shall consent to the filing thereof, or (ii) such a petition will or answer shall not be filed discharged or Lessee notifies Lessor that it expects such a petition to be fileddenied within 60 days after the filing thereof; or
E. A receiver (f) if a receiver, trustee or trustee liquidator (or other similar official) shall be appointed for Lessee's leasehold interest or take possession or charge of Lessee or its successor and shall not be discharged within 60 days thereafter, or if Lessee shall consent to or acquiesce in such appointment; then, upon the Premises or for all or a substantial part happening 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 such Events of Default, Lessor may, without further demand for rent due or for the followingobservance or performance of any of said terms, conditions or agreements, terminate this Lease and/or re-enter said Premises and remove all persons and property therefrom, using such force as may be necessary in compliance with any applicable process of law, and repossess said Premises as its own either by summary proceedings or by any suitable action or proceeding at law, or otherwise, without being liable to indictment, prosecution or damages therefor, and may have, hold and enjoy the Premises, together with the appurtenances thereto and the improvements thereon; and/or terminate this Lease at any time by giving notice in writing to Lessee, electing to terminate this Lease and specifying the date of termination, and the Term of this Lease shall expire by limitation at midnight on the date specified in such notice as fully and completely as if said date were the date herein originally fixed for the expiration of the Term hereby granted and ▇▇▇▇▇▇ shall thereupon quit and peacefully surrender and return the Premises to Lessor, without any payment therefor by ▇▇▇▇▇▇, and upon the date following the date specified in such notice, or at any time thereafter, Lessor may re-enter and repossess the Premises as provided above and Lessor shall have such other rights and remedies as may be allowed at law or in equity. In the event the Lease is terminated, Lessor shall be entitled to recover from Lessee: (Ai) terminate the unpaid Rent which had been earned at the time of termination; (ii) 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 that the Lessee proves could have been reasonably avoided; (iii) 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 the Lessee proves could be reasonably avoided; and (iv) any other amount necessary to compensate Lessor for all the detriment proximately caused by the Lessee's failure to perform its obligations under this AgreementLease or which in the ordinary course of things would be likely to result therefrom, including but not limited to the cost of recovering possession of the Premises, unamortized brokerage commissions and Allowance (as defined in the Lessor Improvement Letter), applicable to the unexpired term of this Lease, expenses of re-letting, including necessary renovation and alteration of the Premises and reasonable attorneys' fees. The worth at the time of award of the amount referred to in provision (iii) of the immediately preceding sentence shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of the district within which event Lessee the Premises are located at the time of award plus one percent (1%). Efforts by Lessor to mitigate damages caused by ▇▇▇▇▇▇'s breach of this Lease shall immediately surrender not waive Lessor's right to recover damages under this Section. The words "re-enter" and "repossess", as used in this Lease, are not and shall not be restricted to their technical legal meanings, but are used in the broadest sense. No such taking of 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 by Lessor shall have no obligation constitute an election to give terminate the Term of this Lease unless notice of such intention be given to Lessee notice thereof or to provide Lessee with unless such termination be decreed by a new key to court having jurisdiction. If an action shall be brought for the Site. The exercise by Lessor enforcement of any one or more remedies hereunder shall not constitute an acceptance provision of the surrender of the Premises by Lessee. Lessee acknowledges this Lease, in which it is found 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 DefaultDefault has occurred, Lessee shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments all costs 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 expenses which may become payable as 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 remediesresult thereof, including reasonable attorneys' fees and court costs; (B) the total monthly payments expenses. No right or remedy herein conferred upon or reserved to Lessor is intended to be exclusive of any other right or remedy, and every right and remedy shall be cumulative and in addition to any other benefits which legal or equitable right or remedy given hereunder, or at any time existing. Receipt by Lessor would have received under this Agreement for the remainder of any Fixed Rent or Additional Rent or any other sum payable hereunder with knowledge of the termbreach of any provision contained in this Lease shall not constitute a waiver of such breach, minus any net sums thereafter received and no waiver by Lessor through reletting the Premises during such period; and of any provision of this Lease shall be deemed to (Fi) have been made unless made under signature of an authorized representative of Lessor or (ii) constitute a waiver of any other damages breach 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 purposedefault hereunder.
Appears in 1 contract
Sources: Lease Agreement (Corporate Realty Income Fund I L P)
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 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 Lease and such failure default shall continue for a period of ten five (5) 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 material, made 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 be made in the performance of any of the other covenants or conditions which Lessee is required to observe and to perform and such default shall continue for a period of twenty fifteen (15) 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 abandons a petition under any section or chapter substantial part of the United States Bankruptcy Code Premises, or if the interest of Lessee under this Lease shall be levied on under execution or other legal process, or if 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 legal action brought to force reorganization or modification of Lessee's capital structure, or if Lessee notifies Lessor that it expects such be declared insolvent according to law, or if any assignment of Lessee's property shall be made for the benefit of creditors, or if a petition to be filed; or
E. A receiver or trustee is appointed for Lessee or its property, or if Lessee shall abandon the Premises during the term of this Lease or any renewals or extensions thereof, or if Lessee be a corporation and Lessee shall cease to exist as a corporation in good standing in the state of its incorporation or if Lessee be a partnership or other entity and Lessee shall be appointed for Lessee's leasehold interest in the Premises dissolved, terminated or for all or a substantial part of Lessee's assets. Upon 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 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, Lessor's rights and remedies being cumulative.
(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; , (Bii) the unpaid monthly payments and all other indebtedness accrued hereunder to rent earned at the term time of such termination; , plus interest thereon from the due date at the lower rate per annum of 18% or the highest lawful rate, (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 present value (discounted at the rate of eight percent [8%] per annum) of the balance of the rent for the remainder of the term, minus any net sums thereafter received by Lessor through reletting the Premises during such period; term 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 this 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 or in equitydo so, relet the same for the account of Lessee for such rent and upon such terms as shall be satisfactory to Lessor. Lessee shall not will pay to Lessor all costs of Lessor including reasonable attorney's fees and court costs in recovering the Premises. Lessor is authorized to decorate or to make any repairs, changes, alterations or additions in or to the Premises that may be entitled to any excess rent obtained by Lessor necessary for the purpose of reletting the Premises. If Lessor repossesses While the Premises without terminating this Agreement by reason of an Event of Defaultare not relet, then Lessee shall will pay to Lessor as damages the sum of (A) unpaid Base Rental and all other additional rent due under the Lease as the rent becomes due. If and when the Leased Premises are relet, Lessee will pay to Lessor as damages the unpaid Base Rental and all other additional rent due under the Lease as the rent becomes due, the cost of recovering the Premises; (B) the unpaid monthly payments decoration, repair, change, alteration or additions in and all other indebtedness accrued hereunder to the date Premises required for the reletting and the cost of the collection of the rent accruing from the reletting and the cost of broker's commissions associated with reletting, less the amount of rent realized by Lessor from the reletting. Lessee agrees that Lessor may file suit to recover any sums due under this subparagraph from time to time and that no delivery to or recovery by Lessor of any portion due Lessor hereunder shall 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 is given by Lessor in enforcing Lessor's remediesto Lessee. 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 1 contract
Default by Lessee. The following events If Lessee shall be deemed to be events in arrears of any payment of Rent more than ten (10) days after receipt of written notice of such delinquency or shall remain in 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 condition of money due hereunder and such failure shall continue this Lease 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 receipt of written notice of such default is delivered to Lessee;
C. from Lessor, or should any other person than 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 secure possession of the United States Bankruptcy Code or under any similar law or statute of the United States Leased Premises, or any state thereof part thereof, by reasons of any receivership, bankruptcy proceedings, or a petition shall be filed against Lessee under other operation of law in any manner whatsoever (any such statute or event being referred to herein as “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 shall at its option and option, without further notice to Lessee, and in addition to all other remedies given hereunder or by law terminate this Lease, or in equitythe alternative, do Lessor shall reenter and take possession of said Leased Premises and remove all persons and property therefrom, without being deemed guilty of any one manner of trespass, and shall relet the premises or more any part thereof, for all or any part of the following: remainder of the Term, to a party reasonably satisfactory to Lessor, and at the maximum monthly rental in line with market rates as Lessor may with reasonable diligence be able to secure. Should Lessor be unable to relet after reasonable efforts to do so, or should such monthly rental be less than the rental Lessee was obligated to pay under this Lease, or any renewal thereof, plus Lessor’s reasonable and actual expense of reletting, then Lessee shall pay the amount of such deficiency to Lessor. Notwithstanding anything to the contrary set forth in this Lease or under any applicable law, no lien held by Lessor or any of Lessee’s goods, merchandise or any other of Lessee’s property shall prevent the sale by Lessee of any merchandises in the ordinary course of business free of such lien to Lessor. Lessor shall subordinate or, if necessary, release and waive any lien rights, if requested by Lessee or Dynamic Health Products, Inc., the parent corporation of the Lessee (A) terminate this Agreementthe “Parent”), in which connection with Lessee, the Parent and/or any subsidiary of the Parent obtaining a loan or other financing from any financial institution, lender or other secured creditor. In the event Lessee shall immediately surrender Lessor exercises the option to terminate the leasehold, reenter and relet the premises as provided in the preceding paragraph, then subject to such subordination, Lessor may take possession of all of Lessee’s property on the Premises premises and sell same at public or private sale after giving Lessee reasonable notice of the time and place of any public sale or of the time after which any private sale is to Lessor; (B) enter upon the Premises be made, for cash or on credit, or for such prices and expel or remove Lessee and/or Lessee's Equipment therefromterms as Lessor deems best, with or without having terminated this Agreement; and (C) change or re-key all locks to entrances the property present at such sale. The proceeds of such sale shall be applied first to the Site actual and Lessor shall have no obligation necessary and proper expense of removing, storing and selling such property, then to give Lessee notice thereof the payment of any Rent due or to provide Lessee become due under this Lease, with a new key the balance, if any, to be promptly paid to Lessee. Further, in the Site. The exercise by event of Lessee’s Default the Lessor of any one or more remedies hereunder shall not constitute an acceptance may declare due and payable, s▇▇ for and recover, all unpaid rent and additional rent for the unexpired period of the surrender Term as if by the terms 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 Lease the same were not paidpayable in advance, 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) together with all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' actual and reasonable legal 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 reasonable expenses actually incurred by Lessor in enforcing connection with the enforcement of any of Lessor's remedies’s rights and remedies hereunder if, including attorneys' fees and court costs; (B) only if, Lessor is successful in said enforcement. However, Lessor shall have a duty to exert reasonable efforts to relet the total monthly payments and other benefits which Leased Premises. Any expenses incurred by the Lessor would have received under this Agreement to relet the Leased Premises shall be borne by Lessee. This provision shall not place an obligation on the Lessor to relet the Leased Premises for a period longer than 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 remaining term of this Agreement. Lease and if such Leased Premises are relet for a period longer than the remaining term of this Lease the Lessee shall not receive credit for any rent received or to be entitled received which is greater than the Lessee is obligated to pay under the terms of this Lease. All rights and remedies of Lessor under this Lease shall be cumulative, and none shall exclude any excess rent obtained by Lessor reletting the Premisesother right, Actions to collect amounts due by Lessee remedy or duty at law. Such rights, remedies and duties 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 exercised and for any use enforced and purposeperformed concurrently and whenever and as often as occasion therefor arises.
Appears in 1 contract
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. 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 solely 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 Time is of the essence. Should Lessee 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 charges for a period of ten (10) days;
B. Lessee shall fail to comply with , or be in default in the performance of any provision other of this Agreement not requiring the payment of moneyits promises, all of which provisions shall be deemed materialcovenants or agreements, and such failure shall continue for a period of twenty ten (10) days after written notice thereof from lessor, or should the Lessee vacate or abandon the premises, in addition to any or all other rights or remedies of such default is delivered to Lessee;the Lessor hereunder and/or by the law provided, Lessor may:
C. (a) Declare the term hereof ended and re-enter the premises and take possession thereof and remove all persons therefrom, and Lessee shall become insolvent have no further claim thereon 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 filedthereunder; or
E. A receiver (b) Without declaring the lease ended, re-enter the premises and occupy or trustee shall be appointed lease the whole or any part thereof for Lessee's leasehold interest in and on account of the Premises or Lessee and upon such terms and conditions, and for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Default, such rent as Lessor may at its option deem proper and without further notice to collect said rent, or any other rent that may hereafter become payable and apply the same toward the amount due or thereafter to become due from Lessee, and in addition to all other remedies given hereunder or by law or in equity, do any one or more on account of the following: expenses or such subletting and any other damages sustained by Lessor. Should such rental be less than that herein agreed, Lessee shall pay such deficiency to Lessor in advance on the day of each month herein before specified for payment of minimum monthly rental, and pay Lessor forthwith upon any such reletting the costs and expenses the Lessor may incur by reason thereof, or
(Ac) Even though it may have relet said premises, thereafter elect to 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 Sitelease. The exercise Service by Lessor of any one or more remedies hereunder shall not constitute an acceptance of notice pursuant to unlawful detainer statutes and the surrender of possession pursuant to such notice shall not (unless the Premises by Lessee. Lessee acknowledges that a surrender Lessor elects to the contrary at the time of or at any time subsequent to the Premises can service of such notice and such election be effected only evidenced by a written agreement between Lessor and notice to Lessee. If Lessor terminates this Agreement by reason of an Event of Default, Lessee shall pay ) be deemed 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 be 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 lease. Nothing herein contained shall be construed as obligating 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 premises. In the event of any entry or taking possession of the premises, as aforesaid, Lessor shall have the right , but not the obligation, to remove therefrom all or any part of the personal property located therein, and may place the same in storage or a public warehouse at the expense and risk of the owner or owners thereof. If Lessor elects to terminate this lease under (a) or (b) above, Lessor shall be entitled to recover from the Lessee, as damages, the difference, if any, between the then reasonable rental value of the premises for any the period of the term reserved in the lease and the amount of rental and other charges payable by the Lessee for the balance of the term of this lease, together with the rent then unpaid, if any. If the default complained of, other than for the payment of monies, is of such a nature that the same cannot be cured within the ten (10) day period requiring such curing, then such default shall be deemed to any tenant be cured if Lessee within such period shall have commenced the curing thereof, and for any use shall continue thereafter with all due diligence to cause such curing and purposedoes so complete the same diligently. Remedies given to Lessor in this article are in addition and supplemental to all other rights or remedies of Lessor under laws then in force.
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 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 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 Lease (each no notice being required for default in payment of Base Annual Rental), or default shall be made in the performance of any of the other such event of default covenants or conditions which Lessee is hereinafter referred required to as an "Event of Default"):
A. Lessee shall fail observe and to timely pay any monthly rental payment as referenced in paragraph 3 above or any other sum of money due hereunder perform, and such failure non-monetary 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 to Lessee (said notice to be given pursuant to Section 34), or if the interest of such default is delivered to Lessee;
C. Lessee under this Lease or any other property of Lessee shall become be levied on under execution, attachment, or other legal process, or if a petition is filed or other action taken by or against Lessee in connection with a voluntary or involuntary case under the Federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or similar laws, or if any petition shall be filed by or against Lessee to delay, reduce or modify Lessee's debts or obligations, or if any petition shall be filed or other action taken to reorganize, modify, wind-up, liquidate, or dissolve Lessee's capital structure if Lessee be a corporation, partnership or other entity, or if Lessee be declared insolvent according to law, or fail if Lessee generally fails to pay its debts 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 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 if assignment of Lessee's assets. Upon property shall be made for the benefit of creditors, or if a receiver, trustee, liquidator, assignee, custodian, sequestrator (or similar official) is appointed for Lessee or its property, or if Lessee shall abandon the Leased Premises during the term of this Lease or any renewals or extensions thereof (which shall mean that Lessee is absent from the Leased Premises for three (3) consecutive days [Saturdays, Sundays and holidays excluded] while Lessee is in default in the payment of any sum to be paid by Lessee hereunder), 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 of its creation, service or filing) and thereupon, Lessor at its option, may have any one or more of the following described remedies in addition to all other rights and remedies provided herein or at law or in equity, all or which shall be cumulative:
(1) Lessor may terminate this Agreement, in which event Lessee shall immediately surrender possession of Lease and forthwith repossess the Premises to Lessor; (B) enter upon the Leased Premises and expel or remove Lessee and/or or any other person who may be occupying the Leased Premises, by force if necessary, without being liable for prosecution or any claim of damages therefor, the same being waived by Lessee's Equipment therefrom, with or without having terminated this Agreement; and (C) change or re-key all locks Lessee agrees to entrances pay to the Site Lessor, on demand, and Lessor shall have no obligation be entitled to give Lessee notice thereof or to provide Lessee with recover forthwith, as liquidated damages, a new key sum of money equal 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 (Ai) 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 attorneys' fees and court costs; ), (Bii) the total monthly payments unpaid rent earned and other benefits which sums due Lessor would have received under this Agreement at the time of termination, plus interest thereon at the maximum lawful contract rate, (iii) the then present value of the balance of the rent for the remainder of the termterm (had such Lease not been terminated) less the then present value of the then fair rental value of the Leased Premises for such period (discounted at the rate of 10 percent per annum) and (iv) any other sum of money and damages owed by Lessee to Lessor, minus any net sums thereafter received including the costs incurred by Lessor through in removing Lessee's property and restoring the Leased Premises as required hereby.
(2) Lessor may terminate Lessee's right of possession (but not the Lease) and expel or remove Lessee or any other person who may be occupying the Leased Premises, by force if necessary, without being liable for prosecution or any claim of damages therefor, the same being waived by Lessee, or 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 so to do, relet the same or any part thereof either in Landlord's name or otherwise, for a term or terms, which at Lessor's option, be less than or exceed the balance of the term of this Lease, and for such rent and upon such other terms as shall be satisfactory to Lessor, and receive the rent therefor and apply such rent to the rent and other sums due Lessor hereunder, including costs incurred by Lessor in reletting. For the purpose of such reletting, Lessor is authorized to decorate or to make any repairs, changes, alterations or additions in or to Leased Premises that may be necessary or convenient, and if Lessor shall fail or refuse to relet the Leased Premises, or if the same are relet and a sufficient sum shall not be realized from such reletting after paying the Premises during such periodfollowing items (which shall be due to Lessor by Lessee):
(i) the unpaid Base Rent and Additional Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the lesser of 18% per annum or the maximum lawful contract rate, (ii) the cost of recovering possession (including attorneys' fees and court costs); and (Fiii) any all of the costs and expenses of such decorations, repairs, changes, alterations and additions and the expense of such reletting (including broker fees, advertising costs, and costs incurred in removing and storing Lessee's or other damages or relief which Lessor may occupants property) and of the collection of the rent accruing therefrom; to satisfy the rent and other sums provided for in this Lease 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 Defaultpaid, 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 Leased 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 this Section 25 (2) from time to time, and that no delivery or recovery of any portion due Lessor hereunder shall be any defense to any subsequent action brought for 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, 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 In no event shall Lessee for the unexpired term of this Agreement. Lessee shall not be entitled to any excess of rent (or rent plus other sums) obtained by reletting over and above the rent and other sums owed Lessor under this Lease. Notwithstanding any such reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach.
(3) Alter locks and other security devices at the Leased Premises. No act or thing done by the Lessor or its agents during the term hereby granted shall be deemed an acceptance of a surrender of the Leased Premises, Actions whether by agreement or operation of law, it being understood that such surrender can be effected only by the written agreement by Lessor and Lessee. Receipt by Lessor of Lessee's keys to collect amounts due the Leased Premises shall not constitute an acceptance of surrender of the Leased Premises. No alteration of security devices and no removal or other exercise of dominion by Lessor over the property of Lessee or others at the Leased Premises shall be deemed unauthorized or constitute a conversion, Lessee hereby consenting after any default by Lessee in its obligations hereunder or failure of Lessee to timely perform the same or breach by Lessee of any of the terms, covenants, conditions or agreements herein contained, to the aforesaid exercise of dominion over Lessee's property within the Building. All claims for damages by reason of such re-entry and/or repossession 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 other legal process. Lessee agrees that any re-entry by Lessor may be brought on one pursuant to judgment obtained, forcible detainer proceedings or more occasions other legal proceedings or without the necessity of Lesson's waiting until for legal proceedings, as Lessor may elect and Lessor shall not be liable in trespass or otherwise. In the expiration event Lessor terminates the lease or takes possession of the term of this Agreement. Upon termination of this Agreement or repossession of Leased Premises as provided above, the Premises due to an Event of Default, Lessor shall not be obligated to relet or attempt the Leased Premises, nor shall Lessor be liable in any way whatsoever for failure to relet the Leased Premises or any portion thereof part thereof, or in the event that the Leased Premises are relet, Lessor shall not be liable for failure to collect the rent after thereof under such reletting, but Lessor shall have the option to relet, or attempt to relet, and in the event of reletting, Lessor may relet the whole or any portion part of the Leased Premises for any period period, to any tenant and tenant, for any use purpose. Lessee hereby expressly waives any and purposeall rights of redemption granted by or under any present or future laws in the event of the Lessor's obtaining possession of the Leased Premises.
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. Lessee shall fail to timely pay any monthly rental payment as referenced in paragraph 3 above a. If the rental, additional rental, or any other sum of money due hereunder charge payable by LESSEE under this lease shall be unpaid on the date payment is required by the terms hereof and such failure shall continue remain so for a period of ten days;
B. Lessee shall fail (10) days or if LESSEE fails to comply with perform any provision of the other terms, conditions or covenants of this Agreement not requiring lease to be observed and performed by LESSEE for more than fifteen (15) days after LESSOR gives LESSEE notice of such default (it being agreed that a default, other than the payment of failure to pay money, all which is of which provisions such a character that rectification thereof reasonably requires longer than said fifteen (15) day period, shall be deemed materialcured within such period if LESSEE commences the rectification thereof within such fifteen (15) day period and completes the same with due diligence), or if LESSEE shall vacate or abandon the Premises, or close LESSEE’S business at the Premises, or suffer this lease to be taken under any writ of execution, attachment or other process of law, or if this lease shall by operation of law devolve upon or pass to any person(s) other than LESSEE or a party to whom LESSEE is authorized to assign this lease by the provisions hereof, then LESSOR shall have, besides its other rights or remedies, the following immediate rights.
i. At its option, without terminating this lease, to change the locks on the doors to the Premises and exclude LESSEE therefrom until all of such failure defaults shall continue for have been completely cured.
ii. At its option, by written notice to LESSEE, to terminate this lease. An eviction notice or a period notice to vacate or leave the Premises shall not be considered a notice of twenty days after termination unless the intention to terminate is specifically mentioned therein. No re-entry or taking possession of the Premises by LESSOR, as hereinafter provided, shall be construed as an election on its part to terminate this lease unless a written notice of such default intention is delivered given to Lessee;
C. Lessee shall become insolvent LESSEE (all other demands and notices of forfeiture 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 other 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 assetsnotices being hereby expressly waived by LESSEE). Upon the occurrence service of an Event such notice of Defaulttermination, Lessor the term of this lease shall automatically terminate. Notwithstanding any reletting without termination, LESSOR may at any time thereafter elect to terminate this lease for such previous breach in the manner herein provided.
iii. At its option, to require that upon any termination of this lease, whether by lapse of time, by the exercise of any option and without further notice by LESSOR to Lesseeterminate the same, and in addition to all other remedies given hereunder or by law or in equityany other manner whatsoever, do or upon any one or more termination of the following: (A) terminate LESSEE'S right to possession without termina tion of this Agreementlease, in which event Lessee LESSEE shall immediately surrender possession of the Premises to Lessor; (B) LESSOR and immediately vacate the same, and remove all effects therefrom, except such as may not be removed under other provisions of this lease. If LESSEE fails to surrender possession and vacate as aforesaid, LESSOR may forthwith re-enter upon the Premises and expel or remove Lessee and/or Lessee's Equipment therefromPremises, with or without having terminated this Agreement; process of law, and (C) change repossess itself thereof as in its former estate and expel and remove LESSEE and any other persons and property therefrom, using such force as may be necessary, without being deemed guilty of trespass, eviction, conversion or re-key all locks forcible entry and without thereby waiving LESSOR'S rights to entrances to the Site and Lessor shall have no obligation to give Lessee notice thereof rent 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 rights given LESSOR 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 lease or relief which Lessor may be entitled to at law or in equity. Lessee If LESSEE shall not be entitled to any excess rent obtained by Lessor reletting the Premises. If Lessor repossesses remove all effects from the Premises as hereinabove provided, LESSOR may, at its option, remove any or all of said effects in any manner it shall choose and store the same without terminating this Agreement by reason of an Event of Defaultliability for loss thereof, then Lessee and LESSEE shall pay to Lessor the sum of (A) the cost of recovering the Premises; (B) the unpaid monthly payments LESSOR, on demand, any and all other indebtedness accrued hereunder to the date of such repossession; (C) the Reletting Expenses; (D) all expenses incurred in such removal and also storage on said effects for any length of time during which the same shall be in LESSOR'S possession or in storage.
iv. At its option, to make such alterations and repairs as LESSOR shall determine may be necessary to relet the Premises, and to relet the same or any part thereof for such term or terms (which may be for a term extending beyond the term of this lease) and upon such terms and conditions as LESSOR in its sole discretion may deem advisable. Upon each reletting, all rentals received by Lessor in enforcing Lessor's remediesLESSOR from such reletting shall be applied, first to the payment of any indebtedness other than rent or other charges due under this lease from LESSEE to LESSOR; second to the payment of any costs and expenses of such reletting (including brokerage fees and attorneys' fees and court costscosts of such alterations and repairs); (B) and third to the total monthly payments payment of rent 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; charges due and (F) any other damages or relief which Lessor may unpaid hereunder. In no event shall LESSEE be entitled to at law receive any surplus of any sums received by LESSOR on a reletting in excess of the rental and other charges payable hereunder. If such rentals and other charges received from such reletting during any month are less than those to be paid during that month by LESSEE hereunder, LESSEE shall pay any such deficiency to LESSOR (notwithstanding the fact that LESSOR may have received rental in excess of the rental and other charges payable hereunder in previous or subsequent months), such deficiency to be calculated and payable monthly.
v. At its option, to collect from LESSEE any other loss or damage which LESSOR may sustain by reason of any breach and any diminished value of the Premises resulting from said breach.
vi. At its option, in equitythe event of a breach or threatened breach by LESSEE of any of the covenants or provisions of this lease, to enjoin any such breach or threatened breach.
vii. Re-entry by Lessor will not affect the obligations of Lessee The LESSEE shall continue to be liable for the unexpired term payment of rent under this Agreementlease until such time that the LESSOR shall terminate this lease by written notice to LESSEE as set forth above, subject to an offset for rentals and other charges received by LESSOR from any reletting of the Premises to be applied as set forth above. Lessee An eviction notice or notice to leave or vacate the Premises shall not be entitled considered as a notice of termination unless the intention to terminate is specifically mentioned therein.
b. No receipt of monies by LESSOR from or for the account of LESSEE or from anyone in possession or occupancy of the Premises after the termination in any excess rent obtained by Lessor reletting way of this lease or after the Premisesgiving of any notice of termination, Actions to collect amounts due by Lessee may be brought on one shall reinstate, continue or more occasions without the necessity of Lesson's waiting until the expiration of extend the term of this Agreement. Upon lease or affect any notice given to LESSEE prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Premises, LESSOR may receive and collect any rent or other amounts due LESSOR, and such payment shall not waive or affect said notice, said suit or said judgment.
c. It is agreed that in the event of the termination of this Agreement or repossession lease pursuant to paragraph (a) of this Section 28, LESSOR shall forthwith, notwithstanding any other provisions of this lease to the contrary, be entitled to recover from LESSEE as and for liquidated damages an amount equal to the then cash value of the Premises due to an Event rent and other charges payable by LESSEE hereunder for the unexpired portion of Defaultthe term demised, Lessor shall not be obligated to relet or attempt to relet less 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 then cash rental value of the Premises for the same period. Nothing herein contained shall limit or prejudice the right of LESSOR to prove for and obtain as liquidated damages by reason of such termination, an amount equal to the maximum allowed by any period statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to any tenant and for any use and purposebe proved, whether or not such amount is greater, equal to, or less than the amount of the difference referred to above.
Appears in 1 contract
Default by Lessee. Lessor shall have any or all of the rights and remedies set forth below in the event of default by Lessee. All notices regarding Lease violations shall be in accordance with paragraph 28.1, unless otherwise specified below.
(a) The occurrence of any one or more of the following events shall be deemed constitute a default and breach of this Lease by Lessee: (1) 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 hereunder payment required to be made by Lessee hereunder, as and when due, where such failure shall continue for a period of ten days;
B. (10) days after written notice thereof by Lessor to Lessee, and (2) 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 (1) above, and where such failure shall continue for a period of twenty thirty (30) days after written notice thereof by Lessor to Lessee, provided, however, that if the nature of such Lessee’s default is delivered to Lessee;
C. such that more than thirty (30) days are reasonably required for its cure, then 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 not 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 deemed to be filed; orin default if Lessee commences such cure within said thirty (30) day period and thereafter diligently prosecutes such cure.
E. A receiver or trustee shall be appointed for Lessee's leasehold interest (b) If Lessee is in the Premises or for all or a substantial part of Lessee's assets. Upon the occurrence of an Event of Defaultdefault as defined in subparagraph (a) above, Lessor may at its option and (with or without further demand for performance) terminate Lessee’s right of possession by giving a one (1) day’s written notice to Lesseevacate, and in addition Lessor shall be entitled to all other remedies immediate possession without termination of Lessee’s obligations under the Lease. Lessor’s repossession shall not be considered an election to terminate this Lease unless written notice of such intention to terminate is given hereunder to Lessee by Lessor. Repossession may be by voluntary agreement or by law eviction lawsuit. Commencement of an eviction lawsuit shall not preclude Lessor’s remedies of Lessor’s lien, lock change, utilities termination, or other rights and remedies of Lessor.
(c) If Lessee is in equitydefault as defined in subparagraph (a) above, do any one or more and if Lessor terminates Lessee’s right of possession without terminating this Lease, Lessee shall pay upon Lessor’s demand the following: (A1) terminate this Agreementall costs of reletting (which in no event shall be less than one month’s rent), including leasing commissions, utilities during the vacancy, advertising costs, administrative overhead, and all costs of repair, remodeling or redecorating for replacement tenants in which event the Lessee’s office space, (2) all rent and other indebtedness due from Lessee shall immediately surrender possession to Lessor through the date of the Premises to Lessor; (B) enter upon the Premises and expel or remove Lessee and/or termination of Lessee's Equipment therefrom’s right of possession, 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"); (D3) all expenses incurred by Lesser in enforcing Lessor's remedies, including attorneys' fees and court costs; (B) the total monthly payments 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 termentire Lease term subject to the acceleration paragraphs above.
(d) Upon eviction or voluntary vacation of the Leased Premises by Lessee without the Lease being terminated by Lessor, minus Lessor shall make reasonable efforts to relet the Leased Premises. After deduction of reasonable expenses incurred by Lessor, Lessee shall receive credit for any net sums thereafter rentals received by Lessor through reletting the Leased Premises during such the remainder of the Lease term or renewal or extension period; . Such deductible expenses may include real estate commissions, attorneys fees, and (F) any all other damages or relief which Lessor may be entitled to at law or expenses in equityconnection with reletting. Lessee shall not be entitled to credit for any excess monthly rental receipts which are over and above the monthly 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 due 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 equityLease. 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 Any action to collect amounts due by Lessee under this Lease may be brought from time to time on one or more occasions without the necessity of Lesson's Lessor’s waiting until the expiration of the term of this AgreementLease term. Upon termination of this Agreement or repossession of In the Premises due to an Event of Defaultevent judgment for accelerated rents is recovered, Lessor shall not be obligated to relet or attempt to relet the Premises or any portion thereof or to collect rent after give credit against such judgment for subsequent rentals received, less lawful deductions and expenses of 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.
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Sources: Lease Agreement (Telvent Git S A)