Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms of the Lease (“Event of Default”): a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made; b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default; c. The making by Tenant of an assignment for the benefit of creditors; d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings. 14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises. 14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination. 14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 3 contracts
Sources: Lease Agreement (GreenCell, Inc), Lease Agreement (GreenCell, Inc), Lease Agreement (GreenCell, Inc)
Default by Tenant. 14.1 The following Tenant hereby acknowledges and agrees that if ▇▇▇▇▇▇ fails to comply with any provision of this Lease, such failure shall be deemed to be a material breach of this Lease. Furthermore, if Tenant fails to comply with any provision of this Lease, other than the covenant to pay rent, or with any present rules and regulations or any that may be hereafter prescribed by Landlord, or if Tenant fails to comply with any duties imposed on Tenant by law, Landlord may immediately terminate the Lease and/or avail itself of any remedies that are available at law or in equity. If Landlord decides that Tenant should be allowed the opportunity to correct the noncompliance, Landlord may deliver a written notice specifying the noncompliance and allowing Seven (7) days within which it may be corrected. If compliance is not made, Landlord may then terminate the Lease and/or avail itself of any remedies that are available at law or in equity. If Tenant fails to pay rent when due, and the default continues for Three (3) days after delivery of written demand by Landlord for payment of the rent or possession of the Premises, Landlord may terminate the Lease. If Tenant under breaches this Lease, all rents which are payable during the terms remainder of the Lease (“Event of Default”):
a. The failure term or any extension thereof will be accelerated without further notice or demand to Tenant. ▇▇▇▇▇▇▇▇ will attempt to mitigate any damage or loss caused by ▇▇▇▇▇▇’s breach by attempting to relet the Premises to acceptable tenants thereby reducing Tenant’s liability accordingly. Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord hereby acknowledges that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the unpaid rent and other sums payable hereunder whether or not the Leased Premises unpaid damages are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right reportable to terminate this Lease by written notice of such intention to Tenantcredit reporting agencies. In the event Landlord elects to terminate Tenant breaches this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given liable to Landlord for:
a. Any lost rents;
b. Landlord’s costs of reletting the opportunity Premises, which shall include but not be limited to cure such default under brokerage fees, advertising fees, and other necessary fees to relet the terms Premises;
c. Repairs to the Premises for use beyond normal wear and tear;
d. All of this Agreement. Failure Landlord’s costs associated with eviction of Tenant Tenant, which shall include attorney’s fees, costs of court, and prejudgment interest;
e. All of Landlord’s costs associated with collection of rent, which shall include but not be limited to successfully cure said default shall give collection fees, late charges, returned check charges, attorney’s fees, and fees paid to collection agencies; and
f. Any other recovery to which the Landlord the right to implement any remedy authorized under the terms of this agreementmay be entitled by law or in equity.
Appears in 3 contracts
Sources: Residential Lease Agreement, Residential Lease Agreement, Residential Lease Agreement
Default by Tenant. 14.1 The Any of the following shall be deemed a default by Tenant under the terms of the Lease (“constitute an Event of Default”):Default by Tenant:
a. The failure by (i) Tenant fails to pay make any rent or other sum of money payment due hereunder under this Lease within ten sixty (1060) days after such payment is due unless such payment is contested, and payment of any uncontested amount is not made within thirty days of written notice to Tenant.
(ii) Tenant fails to keep, observe or perform any of the material terms set forth herein, and such failure continues for more sixty (60) days after a written notice from Landlord to Tenant; provided that if such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it breach cannot practicably be cured within a thirty (30) such 60-day period, then Tenant shall have an additional period and Tenant is proceeding with due diligence of time to cure such defaultas may be reasonable under the circumstances;
c. The making (iii) Fraud or intentional misrepresentation by Tenant of an with respect to any provision in this Lease;
(iv) Tenant (A) is dissolved other than pursuant to a merger, (B) becomes insolvent; (C) makes a general assignment for the benefit of its creditors;
d. The filing ; (D) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditor’s rights, or a petition by is presented for its winding-up, reorganization or against Tenant for adjudication as liquidation, which proceeding or petition is not dismissed, stayed or vacated within ninety (90) days thereafter; (E) commences a bankrupt voluntary proceeding seeking a judgment of insolvency or bankruptcy or any other relief under the Bankruptcy Act, as now any bankruptcy or hereafter amended insolvency law or supplemented, other similar law affecting creditors’ rights; (F) seeks or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for consents to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all of its assets; or (G) has a receiver secured party take possession of all or trustee substantially all of its assets. None of the property of Tenant, provided that no such filing or proceeding instituted by a third party foregoing circumstances shall be regarded grounds for terminating this Lease as a default hereunder if long as all Rent and any other monetary charges payable by Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises are promptly paid by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether ▇▇▇▇▇▇’s Financing Party or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur a Designated Third Party in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under accordance with the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 3 contracts
Sources: Solar Power License Agreement, Solar Power License Agreement, Solar Power License Agreement
Default by Tenant. 14.1 The Subject to the notice and cure rights under Section 12.2, the following shall be deemed events each constitute a default by basis for the City to take action against Tenant under the terms of the Lease (each, an “Event of Default”):
a. The failure (1) Tenant fails to comply with the permitted uses set forth in Article 5 hereof, or any other Applicable Legal Requirements;
(2) Tenant voluntarily or involuntarily assigns, transfers or attempts to transfer or assign this Agreement or any rights in this Agreement, or in the Premises, except as permitted by this Agreement;
(3) Tenant fails to pay real estate taxes or assessments on the Premises or any rent part thereof when due, or places thereon any encumbrance or lien unauthorized by this Agreement, or suffers any levy or attachment to be made, or any material supplier’s or mechanic’s lien or any other unauthorized encumbrance or lien to attach, and such taxes or assessments have not been paid, or the encumbrance or lien removed or discharged; provided, however, that Tenant will have the right to contest any tax or assessment pursuant to this Agreement and, upon the posting of an adequate bond or other sum security, to contest any such lien or encumbrance. In the event of money due hereunder within ten (10) days after written notice from Landlord that any such payment has not been madecontest, Tenant will protect, indemnify, and hold City harmless against all losses and damages, including reasonable attorneys’ fees and costs resulting therefrom;
b. The failure by (4) Tenant to perform any other (i) is adjudicated bankrupt or insolvent or made a transfer in defraud of the termscreditors, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30ii) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of makes an assignment for the benefit of creditors;
d. The filing of a petition by , or (iii) brings or has brought against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for of any kind under any provision of the dissolution Federal Bankruptcy Act or liquidation of Tenantunder any other insolvency, whether instituted by bankruptcy or against Tenantreorganization act and, or for in the appointment of event such proceedings are involuntary, Tenant is not dismissed from the same within sixty (60) days thereafter; or, a receiver or trustee is appointed for a substantial part of the property assets of Tenant, provided that no Tenant and such filing or proceeding instituted by a third party shall be regarded as a default hereunder if receiver is not discharged within sixty (60) days;
(5) Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform breaches any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms material provision of this Agreement. Failure ;
(6) Tenant breaches any material provision of the Operating Funding Agreement, Rehab Grant Agreement (if applicable), or any other agreement between City and Tenant relating to successfully cure said default shall give Landlord the right Premises; or
(7) Tenant fails to implement pay any remedy authorized under portion of rent or other payments when due in accordance with the terms and provisions of this agreementAgreement.
Appears in 3 contracts
Sources: Lease and Property Management Agreement, Lease and Property Management Agreement, Lease and Property Management Agreement
Default by Tenant. 14.1 a) The following actions shall be deemed a constitute events of default by Tenant under the terms of the Lease (each an “Event of Default”):) under the terms of this Lease:
a. The failure by (i) if Tenant shall fail to pay make any rent payment of Rent or any other sum of money charges or amounts due hereunder within under this Lease, on the day when such payments are due and such default continues for ten (10) days after written notice from Tenant is notified in writing by Landlord that to cure such payment has default (however, Landlord shall not been made;be required to give such notices to Tenant more than twice in any twelve month period); or
b. The failure by (ii) if Tenant shall fail to perform any other of the termsprovision, conditions covenant or covenants condition of this Lease to be observed other than the payment of Rent or performed by Tenant any other charges or amounts due, and such failure continues for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence notified in writing by Landlord to cure such default;; or
c. The making by (iii) if Tenant abandons or vacates the Premises at any time during the Term of this Lease, or
(iv) if Tenant makes an assignment for the benefit of creditors or enters into a composition agreement with creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or if the interest of Tenant in the Premises or any personal property used in connection therewith is attached, levied upon or seized by legal process, or if Tenant is found to be bankrupt or insolvent by any court of competent jurisdiction, or if a receiver is appointed for reorganization within the meaning of Chapter XI Tenant; or
(v) if Tenant has assigned this Lease or all or any part of the Bankruptcy ActPremises are subleased by Tenant without Landlord’s prior written consent, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded except as a default hereunder heretofore provided; or
(vi) if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur is in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms and conditions of this Agreement. Failure of any other agreement between Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementand Landlord, its subsidiaries or affiliates.
Appears in 3 contracts
Sources: Asset Transfer Agreement, Asset Transfer Agreement, Lease Agreement
Default by Tenant. 14.1 The occurrence of any of the following shall be deemed a default by Tenant under the terms of the Lease (constitute an “Event of Default”):” under this Lease by Tenant:
a. The failure by Tenant (a) Failure to pay any when due the rent or any other sum monetary sums required hereunder.
(b) Failure to perform any other agreement or obligation of money due hereunder within ten Tenant hereunder, if such failure continues for fifteen (1015) days after written notice from by Landlord to Tenant except as to those Events of Default that are noncurable, in which case no such payment has grace period shall apply. Landlord’s notice described herein is intended to satisfy, and is not been made;in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation, the notice requirements of California Code of Civil Procedure Sections 1161 et seq., provided that if the nature of such obligation is such that more than 15 days is required for performance, then Tenant will not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion.
b. The failure by Tenant to perform any other (c) Abandonment or vacation of the termsPremises by Tenant, conditions or covenants failure to occupy the Premises for ten (10) consecutive days.
(d) If any of this Lease to be observed the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or performed by Tenant for more than an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such petition is not dismissed within thirty (30) days after written notice from Landlord of such default, unless such default is of the filing thereof; (ii) Tenant makes a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an general assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of ; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the property foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive, as Additional Rent, the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder, Any assignee pursuant to the provisions of Tenant, provided that no such filing or proceeding instituted by a third party any bankruptcy law shall be regarded as a default hereunder if Tenant shall promptly move deemed without further act to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge assumed all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether arising on or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to after the date of such terminationassignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
14.4 Additionally, the parties agree (e) The occurrence of any other event that is deemed to be an Event of Default under any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms other provision of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement (Sophiris Bio Inc.), Lease Agreement (Sophiris Bio Inc.)
Default by Tenant. 14.1 The following In addition to provisions of Article 8 of the ----------------- Lease, Tenant shall be deemed a to be in default by with respect to the License in the event that (a) Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant shall fail to pay any rent or other sum of money due hereunder the License Fees within ten (10) days after Tenant's receipt of Landlord's written notice of such failure to pay; provided Landlord shall be required to give such notice only twice in any twelve (12) month period and thereafter Tenant shall be in default if any such payment is not received when due and without notice, or (b) Tenant shall fail to maintain the Tenant Equipment in good order and repair and in a safe condition as provided in this Exhibit and shall fail to remedy that condition within [(i)] twenty-four (24) hours after notice from Landlord that [if such payment failure has not been made;
b. The failure by Tenant to perform any an adverse effect on Landlord or other tenants of the terms, conditions Building or covenants creates a possibility of this Lease immediate harm to be observed person or performed by Tenant for more than property or (ii) thirty (30) days after written notice from Landlord in all other circumstances], or (c) Tenant shall fail to maintain all necessary licenses and permits with respect to the operation of such default, unless such the Tenant Equipment. Upon a default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment with respect to the License, Landlord may, at Landlord's sole election, pursue the remedies granted to Landlord for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt default under the Bankruptcy ActLease or, as now in the alternative, terminate any License granted hereunder without terminating the Lease or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of terminating Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move 's right to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 3 contracts
Sources: Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc), Lease Agreement (Equinix Inc)
Default by Tenant. 14.1 The happening of any of the following enumerated events shall be deemed constitute a default for which Landlord, in addition to other right or remedies it may have, shall have the immediate right of re-entry without service of notice or resort to legal process and without Landlord being guilty of trespass, or becoming liable for any loss or damage which may by Tenant under the terms occasioned thereby.
(a) failure of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord to Tenant of such failure; (b) vacation of the Leased Premises by Tenant or advertising by Tenant in any manner that such payment has not been made;
b. The would indicate or lead the public to believe that Tenant was going out of business or intending to vacate the Leased Premises; (c) the filing by, on behalf of or against Tenant, of any petition or pleading to declare Tenant insolvent or unable to pay its debts or meet its obligations under the laws of the United States or any state; or a receiver of the property of Tenant is appointed; or the levy of execution or other taking of property, assets or the leasehold interest of Tenant by process of law or otherwise in satisfaction of any judgment, debt or claim against Tenant; or (d) failure by of Tenant to perform any other of the other terms, conditions or covenants of this Lease to be observed or performed by Tenant agreement for more than thirty ten (3010) days after written notice from Landlord of such default, unless such default is failure shall have been given to Tenant. Should Landlord elect to re-enter and terminate Tenant's use of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication Leased Premises as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedherein provided, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actshould Landlord take possession pursuant to legal proceedings or pursuant to any provisions under law, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under Landlord may either terminate this Lease during the pendency of or it may from time to time without terminating this Lease, make such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry alterations and possession of repairs as may be necessary in order to relet the Leased Premises, and relet the Leased Premises or any part thereof for such term or terms (which right may be for a term extending beyond the original or renewal terms of this Lease) and at such rent and upon such other terms and conditions as Landlord, in its sole discretion may deem advisable. Upon each such reletting all rent received by Landlord from such reletting shall remain continuous until be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses for such time repossession and reletting, including brokerage fees and attorney's fees and costs of alterations and/or repairs, third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If the Leased Premises are not relet as aforesaid, or if the rent received for such reletting during any month be less than that to be paid during the month by Tenant to Landlord hereunder, Tenant shall have cured promptly pay the rental due hereunder or any such Event of Defaultdeficiency as the case may be to Landlord. Notwithstanding Such deficiency shall be calculated and paid monthly. No such re-entry and or taking possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right be construed as an election on its part to terminate this Lease by unless a written notice of such intention election be given to TenantTenant or unless the termination he decreed by a court of competent jurisdiction. In the event Notwithstanding any such reletting without termination, Landlord elects may at any time thereafter elect to terminate this Lease, Tenant’s liability Lease for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own defaultprevious breach. Tenant will be given pay Landlord and Agent respectively all expenditures incurred by them in enforcing the opportunity to cure such default under the terms provisions of this AgreementLease including reasonable fees of attorneys and others employed by Landlord of Agent. Failure Except as expressly herein provided to the contrary, any amount due to Landlord not paid when due shall bear simple interest at twelve percent (12%) per annum. All of Tenant this foregoing remedies shall be in addition to successfully cure said any other rights Landlord may have at law or in equity, and waiver of one default shall give Landlord the right not be deemed to implement be a waiver of any remedy authorized under the terms of this agreementsubsequent default.
Appears in 2 contracts
Sources: Industrial Lease Agreement (Aderis Pharmaceuticals Inc), Industrial Lease Agreement (Aderis Pharmaceuticals Inc)
Default by Tenant. 14.1 The following If (a) Tenant defaults in the payment of rent or in the payment of any sum due under this Lease, and such default shall continue for five (5) days after notice thereof in writing by Landlord to Tenant, or (b) if Tenant defaults in the prompt and full performance of any covenant, condition, agreement or provision of this Lease (including, without limitation, Tenant's compliance obligations under Section 3.1(c) hereof and Tenant's payment obligations under Section 5.2(b) hereof to the extent Landlord has exercised its right to require Tenant to pay any Fee Mortgage Obligations then due and payable directly to the Fee Mortgagee) and such default shall continue for thirty (30) days after notice thereof in writing by Landlord to Tenant, provided, however, that in the case of a default which cannot with reasonable diligence be cured within said period of thirty (30) days after the notice, Tenant shall have such additional time to cure the same as may reasonably be necessary (provided Tenant is proceeding with reasonable diligence to cure the same), or (c) if Tenant shall abandon the Premises for any period of thirty (30) consecutive days during the Term of this Lease, or (d) if Tenant shall cease to operate the Premises for the Permitted Use for a period of thirty (30) consecutive days (other than as a result of a casualty or taking), or (e) if Tenant shall file a voluntary petition in bankruptcy or shall be deemed adjudicated a bankrupt in any bankruptcy or insolvency proceedings and such petition or adjudication shall not be vacated or stayed within sixty (60) days, or (f) if any court shall enter an order, judgment or decree appointing a receiver or trustee for Tenant or any of Tenant's property in a bankruptcy or other proceeding, and such order, judgment or decree shall remain in force, undischarged or unstayed, for sixty (60) days after it is entered, or (g) if any representation, warranty or statement contained herein proves to be untrue in any material respect as of the date when made or at any time if such representation or warranty is a continuing representation or warranty, or (h) if either the state license to operate the Facility as a nursing home or the certification of the Facility to participate in the Medicare and Medicaid programs is revoked or terminated, or (i) if Tenant is in Default under any of the Other Leases, then in any such event of default (hereinafter a "Default") as herein described, Landlord may, at its option at any time during the continuation of such Default:
(A) give written notice to Tenant stating that this Lease is at an end, and thereafter, re-enter, repossess and enjoy the Premises together with all additions, alterations and improvements thereto, subject to any notice or waiting period and/or governmental approval process established or required under applicable federal or state licensure and/or certification regulations pertaining to a change of licensee or ownership of the Facility and in any event in a manner which ensures the safe transfer of care of the patients resident in the Facility, in which case Tenant shall be liable to Landlord for all rent accrued to the date of such termination of this Lease and any expenses actually incurred by Landlord, including attorneys fees, as a result of Tenant's Default hereunder; or
(B) re-enter the Premises and without terminating this Lease, relet the Premises or any part or parts thereof (subject to any notice or waiting period and/or governmental approval process established or required under applicable federal or state licensure and/or certification regulations pertaining to a change of licensee or ownership of the Facility and in any event in a manner which ensures the safe transfer of care of the patients resident in the Facility) on such terms and conditions as Landlord may determine for the account of Tenant, and receive and collect the rents or revenues therefrom, applying the same, first, (x) to any costs and expenses actually incurred by Landlord (including, without limitation, attorneys' fees and expenses) as a result of Tenant's Default, (y) to any costs and expenses actually incurred by Landlord in connection with reletting the Premises (including, without limitation, brokerage commissions, tenant improvement costs and other capital expenditures), and (z) to any costs and expenses actually incurred by Landlord in connection with operating and maintaining the Premises (including, without limitation, capital expenditures and any Fee Mortgage Reserves), and, second, to the fulfillment of the rental obligations of Tenant under this Lease. Tenant shall remain obligated to Landlord until the end of the Initial Term (if the Default occurs during the Initial Term) or the end of the Extension Term then in effect (if the Default occurs during an Extension Term) for all rent and other charges required to be paid by Tenant under the terms of this Lease, reduced by rents or revenues received by Landlord from any reletting during the Term (less all costs and expenses described in the immediately preceding sentence); or
(C) at the option of Landlord exercised at any time, recover from Tenant, as liquidated damages, in addition to any other proper claims but in lieu of and not in addition to any amount which would thereafter have become payable by Tenant under the preceding clause (B), an amount equal to the sum of (x) all Annual Base Rent that is due and unpaid at the later to occur of termination, repossession or eviction, together with interest thereon at the Reference Rate, plus (y) the present value (calculated in the manner stated below) of the amount by which the unpaid Annual Base Rent for the balance of the Term after the later to occur of termination, repossession or eviction exceeds the fair market rental value (taking into account brokerage commissions and other costs and expenses of reletting the Premises) of the Premises for the balance of the Term, plus (z) any other amount necessary to compensate Landlord for all damages proximately caused by Tenant's failure to perform its obligations and covenants under this Lease (“Event including, without limitation, the costs and expenses of Default”):
a. The failure by Tenant operating and maintaining the Premises, including, without limitation, capital expenditures and any Fee Mortgage Reserves); the determination of the "present value" of unpaid Annual Base Rent to pay any rent or other sum be based upon a discount rate of money due hereunder within ten percent (10%) per year to present worth; it being understood by the parties hereto that Landlord's damages upon a Tenant Default would not be subject to accurate calculation and the amount established hereby as liquidated damages is a reasonable estimate of the damages, but not a penalty, which would be incurred by Landlord. Anything contained herein to the contrary notwithstanding, if any termination of this Lease shall be stayed by an order of any court having jurisdiction over any proceeding described in Section 18.1(e) or (f) hereof, or by federal or state statute, then, following the expiration of any such stay, or if the trustee appointed in any such proceeding, Tenant or Tenant as debtor-in-possession shall fail to assume Tenant's obligation under this Lease within the period prescribed therefor by law or within one hundred twenty (120) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other entry of the terms, conditions order for relief or covenants of this Lease to as may be observed or performed allowed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedcourt, or for reorganization within if said trustee, Tenant or Tenant as debtor-in-possession shall fail to provide adequate protection of Landlord's right, title and interest in and to the meaning of Chapter XI Premises or adequate assurance of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation complete and continuous future performance of Tenant's obligations under this Lease, whether instituted Landlord, to the extent permitted by law or against Tenant, or for the appointment of a receiver or trustee by leave of the property of Tenantcourt having jurisdiction over such proceeding, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premisesright, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlordat its election, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written on five (5) days' notice of such intention to Tenant. In , Tenant as debtor-in-possession or said trustee and upon the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under expiration of said five (5) day period this Lease shall cease and terminate expire as aforesaid and Tenant, Tenant as debtor-in-possession or said trustee shall immediately quit and surrender the Premises as aforesaid and be liable to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as provided above upon a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms termination of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 2 contracts
Sources: Lease Agreement (Harborside Healthcare Corp), Lease Agreement (Harborside Healthcare Corp)
Default by Tenant. 14.1 The following events shall be deemed a to be events of default by Tenant under this Lease:
(i) Tenant shall fail to pay the terms annual rent or any installment thereof when due and such failure shall continue for a period of five (5) days from the Lease date such payment was due.
(“Event ii) Tenant shall fail to pay any additional charge contemplated under Paragraph 6 hereof which is required to be paid by Tenant hereunder and such failure shall continue for a period of Default”):five (5) days after such payment was due.
a. (iii) The failure entry of a decree or order for relief by a court having jurisdiction of Tenant in an involuntary case under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Tenant or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.
(iv) The commencement by Tenant of a voluntary case under the federal bankruptcy laws, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by Tenant to pay any rent the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other sum similar official) of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform or for any other substantial part of its property, or the terms, conditions or covenants making of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an any assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement failure of Tenant generally to pay its debts as such debts become due, or the taking of any action or proceeding for the dissolution or liquidation by Tenant in furtherance of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee any of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if foregoing.
(v) Tenant shall promptly move to have abandon or vacate the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord (vi) Tenant shall have the right fail to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to comply with or perform any other term, condition, covenant term or agreement on its part to be performed under provision of this Lease and such failure shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant not be cured within twenty (20) days after written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was thereof to Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Lease Agreement (K&g Mens Center Inc), Lease Agreement (Mens Wearhouse Inc)
Default by Tenant. 14.1 The following shall be deemed Without intending to limit Landlord’s right to declare a default by Tenant under of this Lease for any other reason, the terms occurrence of any of the Lease (following shall, at Landlord’s election, constitute an “Event of Default”):” under this Lease:
a. (a) The vacation or abandonment of the Premises or the Improvements by Tenant for a period of thirty (30) days;
(b) Tenant’s failure to pay to Landlord any amount due and payable hereunder within five (5) days of receipt by Tenant of written notice of default given by Landlord;
(c) Tenant’s failure to timely commence construction or timely achieve Completion of Construction;
(d) A Stoppage of Construction for more than sixty (60) Business Days within any seventy (70) Business Day period;
(e) Tenant’s failure to meet the target dates set forth in the Construction Schedule by, in each case, ten (10) or more Business Days, and Tenant’s failure to make up the necessary time to bring construction into conformance with the target dates set forth in the Construction Schedule within thirty (30) days after notice from Landlord;
(f) A failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to observe and perform any other of the terms, conditions or covenants provision of this Lease to be observed or performed by Tenant for more than Tenant, when such failure continues to the later to occur of (a) thirty (30) days after written notice from thereof by Landlord of such default, unless to Tenant or (b) thirty (30) days after an arbitration has determined that there has been a default if such default is properly a matter of a arbitration and same has been submitted to arbitration pursuant to the terms of this Lease; provided, however, that if the nature of such default is such that it the same cannot practicably reasonably be cured within a such thirty (30) day period, Tenant shall not be deemed to be in default if Tenant shall within such period commence such cure and Tenant is proceeding with due diligence thereafter diligently prosecute the same to cure such default;completion within a period not to exceed ninety (90) days additional; or
c. (g) The making by Tenant of an any general assignment for the benefit of creditors;
d. The , or the filing of a petition by or against to have Tenant for adjudication adjudicated as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actbankrupt, or the commencement filing of a petition for reorganization or arrangement under any action or proceeding for law relating to bankruptcy unless, in the dissolution or liquidation case of Tenant, whether instituted by or a petition filed against Tenant, the same is dismissed within ninety (90) days; or for the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant’s interest in this Lease, provided that no such filing when possession is not restored to Tenant within ninety (90) days; or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissedattachment, rescinded execution or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge other judicial seizure of substantially all of Tenant’s assets located on the covenants and obligations on its part to be performed Premises or of Tenant’s interest in this Lease, when such seizure is not discharged under this Lease during the pendency of such proceedingswithin ninety (90) days.
14.2 Upon the (h) The occurrence of those events set forth as an "Event of Default, Landlord shall have the immediate right of re-entry " in Sections 12.1 and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises13.4.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Ground Lease, Ground Lease
Default by Tenant. 14.1 The following shall be deemed a Upon breach or default of this Lease by Tenant, Landlord may pursue any and all rights, at law or equity, against Tenant. Except when Landlord feels reasonably and justifiably insecure as to the solvency of the Tenant or its ability to perform its obligations under the terms of the Lease (“Event of Default”):
a. The failure by Lease, Tenant to pay any rent or other sum of money due hereunder within ten (10) will have 20 days after receipt of written notice from Landlord within which to completely cure any non-monetary default; however, if the non-monetary default is not completely cured within 20 days and Tenant demonstrates to Landlord that such payment has not been made;
b. The failure by Tenant is using (and will continue to perform use) its best efforts to completely cure the non-monetary default, Tenant will have the additional time to cure as Landlord deems reasonably appropriate under the circumstances. In no event, however, will the time period within which Tenant must completely cure any other non-monetary default extend to a period of time greater than 90 days. Without limiting the foregoing, at expiration of the terms, conditions or covenants term of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such if default is made in the payment of a nature that it cannot practicably be cured within a thirty (30) day period and Rent or in the performance of any agreements of Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actcontained in this Lease, as now or hereafter amended or supplementedLandlord, or for reorganization within its agent, will have the meaning of Chapter XI right to enter and take possession of the Bankruptcy Act, or Leased Premises. In the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right case of re-entry by Landlord, and Tenant agrees to deliver the Leased Premises without process of law, Tenant's rights to occupy or control the Leased Premises will immediately cease, and this Lease, at the option of Landlord, will terminate. If any default or breach by Tenant occurs, the obligations of Tenant under this Lease, including Tenant's obligation to pay Rent, will not cease, and Tenant will be liable for any loss or damage to Landlord for failure to comply with this Lease. If Landlord retakes possession of the Leased Premises, which right shall remain continuous until such time Landlord may remove and store all personal property of Tenant in any place selected by Landlord at the expense and risk of Tenant. Landlord may sell any or all of the property at public or private sale as provided by law and will apply the proceeds of the sale first to the cost of the sale, second to the payment of charges for storage, if any, third to the payment of other sums that may be due from Tenant shall have cured such Event to Landlord under the terms of Defaultthe Lease, and fourth the balance, if any, to Tenant. Notwithstanding such Tenant waives all claims for damages that may be caused by Landlord's re-entry entering and taking possession of the Leased Premises by LandlordPremises, Tenant shall remain liable for removing, storing, and/or selling the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in property of Tenant. No re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting entry of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant will be considered or agreement on its part construed to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationa forcible entry.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Office Lease Agreement (Vestin Group Inc), Office Lease Agreement (Vestin Group Inc)
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following events shall be deemed a default by Tenant under the terms of the Lease (an “Event of Default”):” by Tenant under this Lease and that said Event of Default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant.
a. (a) Tenant’s failure to make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Taxes, late charges, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) The failure by of Tenant to pay comply with any rent or other sum of money due hereunder its obligations under Sections 6.1, 6.2, 7.2, 7.3, 8, 11.3, 12, 18, 19, 21, 23, 24, 26, 34, 35 and 56 and failure to cure the same within ten (10) days after following written notice from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such payment has not been made;notice shall also constitute the notice required by this Section 13.1(b).
b. (c) The failure by Tenant to observe or perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 13.1(a), (b) and (c), above), where such failure shall continue for more than a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such defaultthat more than thirty (30) days are reasonably required for its cure, unless then an Event of Default shall not be deemed to exist if Tenant commences such default is of a nature that it cannot practicably be cured cure within a said thirty (30) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant is proceeding with due diligence a notice to cure pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such default;notice shall also constitute the notice required by this Section 13.1(c).
c. (i) The making by Tenant or any guarantor of an Tenant’s obligations hereunder of any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. Section 101 (the “Bankruptcy Code”) or any successor statute thereto (unless, in the case of a petition by or filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; (iv) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; (v) Tenant shall be adjudicated insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for adjudication as a bankrupt itself under any present or future Federal, State or other statute, law or regulation for the relief of debtors (other than the Bankruptcy Act, as now or hereafter amended or supplementedCode), or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties, or shall admit in writing its inability to pay its debts generally as they become due; (vi) a petition shall be filed against Tenant under any law other than the Bankruptcy Code seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future Federal, State or other statute, law or regulation and shall remain undismissed or unstayed for reorganization within an aggregate of sixty (60) days (whether or not consecutive), or if any trustee, conservator, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed without the meaning consent or acquiescence of Chapter XI Tenant and such appointment shall remain unvacated or unstayed for an aggregate of sixty (60) days (whether or not consecutive); or (vii) the occurrence of any of the Bankruptcy Actevents described in this paragraph (e) with respect to any guarantor of all or any portion of Tenant’s obligations under this Lease. In the event that any provision of this Section 13.1(e) is unenforceable under applicable law, such provision shall be of no force or effect.
(e) The discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or the commencement by any guarantor of any action Tenant’s obligations hereunder, is or proceeding for was materially false. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(f) If Tenant is a corporation, limited liability company, partnership, or other business entity, the dissolution or liquidation of Tenant, whether instituted by or against .
(g) If Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and ’s obligations on its part to be performed or discharged under this Lease during are guaranteed: (i) the pendency death of such proceedings.
14.2 Upon a guarantor, (ii) the occurrence termination of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right a guarantor’s liability with respect to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under than in accordance with the terms of this Agreement. Failure such guaranty, (iii) a guarantor’s becoming insolvent or the subject of a bankruptcy filing, (iv) a guarantor’s refusal to honor the guaranty, or (v) a guarantor’s breach of its guaranty obligation on an anticipatory breach basis.
(h) Even if, under paragraphs (a), (b) or (c) above, Landlord satisfies the applicable notice requirement by serving Tenant with a notice to successfully pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, the period within Tenant may cure said default the failure in question shall give Landlord not be shorter by virtue of any such statute than the right to implement any remedy authorized under the terms of this agreementperiod set forth in paragraph (a), (b) or (c) above, as applicable.
Appears in 2 contracts
Sources: Lease Agreement (NameMedia, Inc.), Lease Agreement (NameMedia, Inc.)
Default by Tenant. 14.1 The following It shall be deemed a an event of default by Tenant under the terms of the this Lease if Tenant fails to (“Event of Default”):
a. The failure by Tenant to i) pay any rent Rent or other sum of money due hereunder within ten monetary obligation owing to Landlord under this Lease when due; (10ii) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants obligation of this Lease to be observed or performed by Tenant for more than thirty (30) days after Landlord delivers written notice from Landlord of such defaultdefault and demand for performance to Tenant, unless provided that if such default is of a nature that it failure cannot practicably be reasonably cured within a said thirty (30) day period, Tenant shall not be in default hereunder so long as Tenant commences curative action within such thirty (30) day period and diligently and continuously pursues the curative action to completion; (iii) Tenant files a voluntary petition in bankruptcy or is proceeding with due diligence to cure such default;
c. The making adjudicated a bankrupt or insolvent, or takes the benefit of any relevant legislation that may be in force for bankrupt or insolvent debtors or files any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or proceedings are taken by Tenant under any relevant Bankruptcy Act in force in any jurisdiction available to Tenant, or Tenant seeks or consents to or acquiesces in the appointment of an any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties or of the Premises, or makes any general assignment for the benefit of creditors;
d. The filing of a ; or (iv) A petition by or is filed against Tenant seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future federal, state or other statute, law or regulation, and shall remain undismissed for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedan aggregate of 120 days, or for reorganization within the meaning if any trustee, receiver or liquidator of Chapter XI Tenant or of all or any substantial part of its properties or of the Bankruptcy Act, Premises is appointed without the consent or the commencement acquiescence of any action or proceeding Tenant and such appointment remains unvacated for the dissolution or liquidation an aggregate of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 20 days. Upon the occurrence of an Event event of Defaultdefault by Tenant, Landlord shall have may (to the immediate right of re-entry and possession extent permitted by the Laws of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event State of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to Colorado) (i) terminate this Lease by upon written notice to Tenant, (ii) cure such default and be reimbursed by Tenant upon demand for the reasonable costs of such intention to Tenantcure, and/or (iii) exercise any other remedy available at law, in equity or by statute for such default. In the event Landlord elects to terminate this LeaseReasonable attorneys' fees, Tenant’s liability for rent expert witness fees, consulting fees and other sums payable hereunder and to perform expenses incurred by Landlord by reason of the breach by Tenant in complying with any other termof the agreements, conditionterms, covenant conditions or agreement on its part to be performed under covenants of this Lease shall cease and terminate as constitute additional sums to any period subsequent be paid to the date Landlord on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationdemand.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Lease Agreement (Edgewise Therapeutics, Inc.), Lease Agreement (Edgewise Therapeutics, Inc.)
Default by Tenant. 14.1 The In addition to other events stipulated to be Events of Defaults elsewhere in the Lease, the following shall be deemed a default events also constitute an Event of Default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by a) Tenant fails to pay when due any rent installment of Base Rent, Taxes and Insurance or other sum Additional Rent within ten (10) days of money due hereunder receipt of written notice thereof from Landlord provided that if Landlord has delivered two (2) such notices in the preceding 12-month period, then Landlord shall not be obligated to deliver notice of late payment and the failure to pay within ten (10) days after written notice from Landlord that such payment has not been madethe due date any installment of Base Rent, Taxes and Insurance, Operating Expenses or Additional Rent shall automatically be deemed an Event of Default;
b. The failure by (b) Tenant fails to perform comply with any other of the termsterm, conditions provision or covenants covenant of this Lease to be observed Lease, other than the payment of Base Rent or performed by Tenant for more than Additional Rent within thirty (30) days after receipt of written notice from Landlord specifying such failure or such shorter time as reasonable if expedited action is needed to avoid personal injury or property damage, or such additional time as may be reasonably necessary provided Tenant commences and diligently prosecutes cure of such defaultfailure, unless such default but in no event in excess of sixty (60) days;
(c) Tenant or any guarantor of Tenant’s obligations hereunder files, causes to be filed or has filed against it a petition in bankruptcy or is of a nature adjudged bankrupt or insolvent under any applicable federal or state bankruptcy or insolvency law, or admits that it cannot practicably be cured within meet its financial obligations as they become due; or a thirty (30) day period and receiver or trustee is appointed for all or substantially all of the assets of Tenant is proceeding with due diligence to cure or such default;
c. The making by guarantor; or Tenant or any guarantor of Tenant’s obligations hereunder makes a transfer in fraud of creditors or makes an assignment for the benefit of creditors;; or
d. The filing of (d) Tenant does or permits to be done any act which results in a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement lien (of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or nature) being filed against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether which is not otherwise bonded around or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting released within ten (10) business days of the Leased Premisesnotice thereof.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Commercial Lease (Oxford Immunotec Global PLC), Commercial Lease (Oxford Immunotec Global PLC)
Default by Tenant. 14.1 The following events (herein individually referred to as EVENT OF DEFAULT) each shall be deemed a to be events of default by Tenant under the terms of the Lease (“Event of Default”):this Lease:
a. The failure by A. Tenant shall fail to pay any rent installment of the Rent herein reserved when due, or any other payment or reimbursement to Landlord required herein when due, and such failure shall continue for a period of five (5) days from the date such payment was due.
B. Tenant or any guarantor of the Tenant's obligations hereunder shall (i) become insolvent; (ii) admit in writing its inability to pay its debts; (iii) make a general assignment for the benefit of creditors; (iv) commence any case, proceeding or other sum action seeking to have an order for relief entered on its behalf as a debtor or to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of money it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or of any substantial part of its property; or (v) take any action to authorize or in contemplation of any of the actions set forth above in this paragraph.
C. Any case, proceeding or other action against the Tenant or any guarantor of the Tenant's obligations hereunder shall be commenced seeking (i) to have an order for relief entered against it as debtor or to adjudicate it a bankrupt or insolvent; (ii) reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors; (iii) appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, and such case, proceeding or other action (a) results in the entry of an order for relief against it which it is not fully stayed within seven (7) business days after the entry thereof or (b) shall remain undismissed for a period of forty-five (45) days.
D. Tenant shall (i) vacate all or a substantial portion of the Premises or (ii) fail to continuously operate its business at the Premises for the permitted use set forth herein, whether or not Tenant is in default of the rental payments due hereunder under this Lease.
E. Tenant shall fail to discharge any lien placed upon the Premises or the Project, or any portion thereof, in violation of Paragraph 27 hereof within ten twenty (1020) days after written notice from Landlord that any such payment has not been made;lien or encumbrance is filed.
b. The failure by F. Tenant shall fail to perform comply with any other of the terms, conditions or covenants of terms in this Lease to be observed or performed by Tenant other than those for more than which an event of default has been described in this Paragraph 17, and such failure is not cured within thirty (30) days after written notice from Landlord of thereof to Tenant, or if such default, unless such default is of a nature that it failure cannot practicably reasonably be cured within a in thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actdays, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as is reasonable under the circumstances, not to exceed ninety (90) days, and provided that Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity must diligently proceed to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementdefault.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Mannatech Inc), Commercial Lease Agreement (Mannatech Inc)
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms 20.1 Each of the Lease (following events is an “Event of Default”)::
a. The (a) Any failure by Tenant to pay any rent or other sum of money Rent on the due hereunder date unless such failure is cured within ten five (105) business days after written notice from by Landlord (provided, however, Tenant is not entitled to more than one (1) written notices of delinquent payment during any twelve (12) month period, meaning that such payment has the second (2nd) time in any twelve (12) month period that Rent is not been madepaid when due, an Event of Default shall automatically occur without the requirement of written notice by Landlord;
b. The failure (b) This Lease or Tenant’s interest is transferred whether voluntarily or by Tenant to perform operation of law except as permitted in Section 14;
(c) This Lease or any other part of the terms, conditions or covenants Premises is taken by process of this Lease to be observed or performed by Tenant for more than thirty law and is not released within fifteen (3015) days after written notice from Landlord a levy;
(d) Commencement by Tenant of such defaulta proceeding under any provision of federal or state law relating to insolvency, bankruptcy, or reorganization (“Bankruptcy Proceeding”);
(e) Commencement of a Bankruptcy Proceeding against Tenant, unless such default is of a nature that it cannot practicably be cured dismissed within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default60 days after commencement;
c. (f) The making insolvency of Tenant or execution by Tenant of an assignment for the benefit of creditors;
d. The filing ; the convening by Tenant of a petition by meeting of its creditors or against any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of Tenant for adjudication generally to pay its debts as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actthey mature, or the commencement occurrence of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move foregoing with respect to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsany Guarantor, if any, which may result from the reletting of the Leased Premises.Tenant’s obligations;
14.3 Additionally(g) The admission in writing by Tenant (or any general partner of Tenant if Tenant is a partnership), upon the occurrence that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature;
(h) Tenant fails to perform any of any Event of Defaultits other obligations and non-performance continues for 30 days after notice by Landlord or, Landlord shall have the right if such performance cannot be reasonably had within such 30 day period, Tenant does not in good faith commence performance within such 30 day period and diligently proceed to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Leasecompletion; provided, however, Tenant’s liability for rent and other sums payable hereunder and right to perform any other term, condition, covenant cure shall not exceed the period provided by Applicable Law; and
(i) Any event which is expressly defined as or agreement on its part to be performed deemed an Event of Default under this Lease shall cease and terminate as including but not limited to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationsection 18.1(h).
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Lease Agreement (Texas Republic Capital Corp), Lease Agreement (Texas Republic Capital Corp)
Default by Tenant. 14.1 The following Tenant shall be deemed a in default under this Lease if any of the following occur: (i) Tenant fails to pay when due any Rent or other payment required to be paid by Tenant under this Lease and the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder shall not be cured within ten (10) calendar days after delivery of written notice from Landlord that such payment has not been made;
b. The failure by to Tenant of the failure; (ii) Tenant fails to perform or observe any other covenant, agreement or condition which Tenant is required to perform or observe, including without limitation the proper performance of Tenant's obligations under Section 5, above, and the terms, conditions or covenants of this Lease to failure shall not be observed or performed by Tenant for more than cured within thirty (30) calendar days after delivery of written notice from Landlord to Tenant of such defaultthe failure (or, unless such default is of a nature that it if the cure cannot practicably be cured effected within a the thirty (30) day period, then within the additional period and of time as may be required to cure the default provided Tenant is diligently and continuously pursuing the cure to completion); (iii) Tenant is named as a debtor in any voluntary or involuntary bankruptcy proceeding with due diligence and such proceeding is not discharged or stayed within 90 days from the institution thereof; (iv) substantially all of Tenant's assets are placed in receivership or are subjected to cure attachment or other judiciary seizure and such default;
c. The making by proceeding is not discharged or stayed within 90 days from the institution thereof; (v) Tenant of an makes or suffers a general assignment for the benefit of creditors;
d. The filing of creditors and such proceeding is not discharged or stayed within 90 days from the institution thereof; or (vi) Tenant abandons all or a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI substantial portion of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Commercial Lease (HyperSpace Communications, Inc.), Commercial Lease (HyperSpace Communications, Inc.)
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms occurrence of any one or more of the following events shall constitute a material Default of this Lease by Tenant:
11.1.1 The vacation or abandonment of the Premises by Tenant. Vacation of the Premises shall include the failure to occupy the Premises for a continuous period of thirty (“Event of Default”):30) days without paying rent.
a. 11.1.2 The failure by Tenant to pay make any payment of rent or any other sum payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of money due hereunder within ten three (103) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a Notice to Pay Rent or Quit pursuant to applicable unlawful detainer statutes such payment has not been made;Notice to Pay Rent or Quit shall also constitute the notice required by this subsection.
b. 11.1.3 The failure by Tenant to observe or perform any other of the termsexpress or implied covenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant other than that referenced in subsection 11.1.2 above, where such failure shall continue for more than a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant's noncompliance is such defaultthat more than thirty (30) days are reasonably required for its cure, unless then Tenant shall not be deemed to be in default if Tenant commenced such default is of a nature that it cannot practicably be cured cure within a said thirty (30) day period and thereafter diligently pursues such cure to completion. To the extent permitted by law, such thirty (30) day notice shall constitute the sole and exclusive notice required to be given to Tenant is proceeding with due diligence to cure such default;under applicable unlawful detainer statutes.
c. 11.1.4 The making by Tenant of an a general assignment for the benefit of creditors;
d. The filing ; (a) Tenant's becoming a "debtor" as defined in 11 USC Section 101 or any successor statute thereto (unless, in the case of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or filed against Tenant, or for the same is dismissed within sixty (60) days); (b) the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, provided that no such filing where possession is not restored within thirty (30) days; or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have (c) the same dismissedattachment, rescinded execution or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge other judicial seizure of substantially all of Tenant's assets located at the covenants and obligations on its part to be performed Premises or of Tenant's interest in this Lease, where such seizure is not discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenantwithin thirty (30) days. In the event that any provision of this subsection 11.1.4 is contrary to any applicable law, such provision shall be of no force or effect.
11.1.5 The discovery by Landlord elects that any financial statement given to terminate this LeaseLandlord by Tenant, or its successor in interest or by any guarantor of Tenant’s liability for rent and other sums payable 's obligation hereunder and to perform any other term, condition, covenant was materially false or agreement on its part to be performed misleading.
11.1.6 If the performance of Tenant's obligations under this Lease shall cease and terminate as is guaranteed: (a) the termination of a guarantors liability with respect to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under this Lease other than in accordance with the terms of this Agreement. Failure such guaranty, (b) a guarantor's becoming insolvent or the subject of a bankruptcy filing, (c) a guarantors refusal or inability to honor the guarantee, or (d) a guarantor's breach of its guarantee obligation, and Tenant's failure within sixty (60) days following written notice by or on behalf of Landlord to Tenant of any such event, to provide Landlord with written alternative assurance or security, which, when coupled with the then existing resources of Tenant, equals or exceeds the combined financial resources of Tenant to successfully cure said default shall give Landlord and the right to implement any remedy authorized under guarantors that existed at the terms time of execution of this agreementLease.
Appears in 2 contracts
Sources: Office Building Lease (Convera Corp), Office Building Lease (Convera Corp)
Default by Tenant. 14.1 The Each of the following shall be deemed a to be an event of default by Tenant under the terms this Lease:
A. Failure of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent installment of Rent, or to pay or cause to be paid taxes (to the extent Tenant is obligated to pay or cause same to be paid), utilities, insurance premiums, or any other sum payable to Landlord hereunder, on the date that same is due, and such failure shall continue thereafter for a period of money due hereunder ten (10) days (the “10- day Grace Period”) and such failure shall not be cured within ten (10) days after written notice from Landlord that such payment has not been made;thereof (the "Cure Period") to Tenant (which Cure Period may overlap, in whole or in part, the 10 day Grace Period).
b. The failure by B. Failure of Tenant to perform comply with any other of the termsterm, conditions condition or covenants covenant of this Lease (other than the payment of Rent or other sum of money, or the payment of taxes, utilities or insurance premiums, or other payments Tenant is to make under this Lease) and such failure shall not be observed or performed by Tenant for more than cured within thirty (30) days after written notice from thereof to Tenant.
C. Tenant shall fail to deliver the Additional Deposit to Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty ten (3010) day period and Tenant is proceeding with due diligence days after the delivery by Landlord to cure such default;
c. The making by Tenant of an assignment the Additional Deposit Notice.
D. Tenant, or any guarantor of Tenant hereunder, (i) becomes or is declared insolvent according to any Law, (ii) makes a transfer in fraud of creditors according to any applicable Law, or (iii) assigns or conveys all or a substantial portion of its property for the benefit of creditors;.
d. The filing E. Tenant or any guarantor of Tenant hereunder, files a petition by for relief, or against Tenant is the subject of an order for adjudication as a bankrupt relief, under the United States Bankruptcy ActCode, as now or hereafter amended or supplementedamended, or for reorganization within the meaning of Chapter XI of the any other present or future federal or state insolvency, bankruptcy or similar Laws (collectively “Applicable Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment Law”).
F. Appointment of a receiver or trustee for Tenant (or any guarantor of Tenant hereunder) or Tenant’s (or any such guarantor’s) property; or the property interest of Tenant, provided that no Tenant (or any such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged guarantor) under this Lease during the pendency of is levied on under execution or under other legal process; or any involuntary petition is filed against Tenant (or any such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed guarantor) under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liableApplicable Bankruptcy Law (provided, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as no action described in this subparagraph F. or in subparagraphs D. or E. shall constitute a default by Tenant as though it was Tenant’s own default. if Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure (or any guarantor of Tenant to successfully cure said hereunder) shall vigorously contest the action by appropriate proceedings and shall remove, vacate or terminate the action within sixty (60) days after the date of its inception.).
G. Abandonment by Tenant of any substantial portion of the Premises or cessation of use of the Premises for the purposes leased.
H. Tenant is in default shall give Landlord of any other lease or agreement with, or any permit or license issued by, the right to implement any remedy authorized under the terms Town of this agreementAddison, Texas.
Appears in 2 contracts
Sources: Conventional Hangar Lease for Commercial Aviation Use, Conventional Hangar Lease
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms 20.1 Each of the Lease (“following events is an "Event of Default”):":
a. The (1) Any failure by Tenant to pay any rent or other sum of money Rent on the due hereunder date unless such failure is cured within ten (10) 10 business days after written notice from Landlord that by Landlord; however, Tenant is not entitled to more than 2 notices of delinquent payments during any calendar year and, if thereafter during such payment has calendar year any Rent is not been madepaid when due, an Event of Default shall automatically occur;
b. The failure (2) Tenant vacates or abandons the Premises;
(3) This Lease or Tenant's interest is transferred whether voluntarily or by operation of law except as permitted in Section 14;
(4) This Lease or any part of the Premises is taken by process of law and is not released within 15 days after a levy;
(5) Commencement by Tenant of a proceeding under any provision of federal or state law relating to perform any other insolvency, bankruptcy, or reorganization ("Bankruptcy Proceeding");
(6) Commencement of the termsa Bankruptcy Proceeding against Tenant, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) unless dismissed within 60 days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such defaultcommencement;
c. (7) The making insolvency of Tenant or execution by Tenant of an assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors or any significant class thereof for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of Tenant generally to pay its debts as they mature;
d. (8) The filing admission in writing by Tenant (or any general partner of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move is a partnership), that it is unable to have the same dismissed, rescinded pay its debts as they mature or rendered inoperative and it is generally not paying its debts as they mature;
(9) Tenant prosecutes such action with due diligence and continues fails to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and take possession of the Leased Premises, which right shall remain continuous until such time as Premises on the Commencement Date;
(10) Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and fails to perform any of its other termobligations and non-performance continues for 30 days after notice by Landlord or, conditionif such performance cannot be reasonably had within such 30 day period, covenant or agreement on its part Tenant does not in good faith commence performance within such 30 day period and diligently proceed to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liablecompletion; provided, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity 's right to cure such default under shall not exceed the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementperiod provided by Applicable Law.
Appears in 2 contracts
Sources: Office Lease (Kroll Inc), Office Lease (Factual Data Corp)
Default by Tenant. 14.1 The following shall be deemed a Upon default by Tenant under the terms of any obligation imposed hereunder, or breach of any of the Lease (“Event covenants and/or agreements contained herein, or if Tenant fails to satisfy any obligation or duty imposed on Tenant hereunder and if Landlord is not currently in default, Landlord shall send Tenant written notice of Default”):
a. The failure the default by United States Mail, certified mail, return receipt requested, in accordance with paragraph 27 hereof, and Tenant to pay any rent or other sum of money due hereunder within shall have ten (10) days after written from the date said notice from Landlord that is posted (the "Notice Date") to cure said default; provided, however, if such payment has default cannot been made;
b. The failure by be cured within said ten (10) day period for reasons beyond the control of Tenant, Tenant shall have an additional period not to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than exceed thirty (30) days after written notice from Landlord of such defaultthe Notice Date, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence in which to cure such default;. If Tenant fails and/or refuses to cure such default within the time limits specified hereinabove, Landlord may:
c. The making by Tenant of an assignment (a) Terminate this Lease and may file a Forcible Entry and Detainer suit in the proper court for the benefit of creditors;
d. The possession and after giving such notice, or if filing of a petition by suit for possession, Landlord may accept payment for sums due herein without waiving or diminishing Landlord's right to proceed against Tenant for adjudication eviction, property damages, past or future rent, or other sums due herein, and demand that all monthly rentals for the remainder of the lease term or renewal or extension period shall be accelerated automatically without notice or demand, and shall immediately become due and payable, and Report any unpaid sums due herein, breaches of this Lease or property damages, to credit reporting agencies for addition to Tenant's credit files, or
(b) Enforce specific performance hereof, and
(c) Bring suit against Tenant for all damages incurred by Landlord as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation result of Tenant's default or negligence, whether instituted by or against Tenantincluding reasonable attorney's fees, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right costs of re-entry and possession of letting the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant letting costs shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by exceed one month's rent. Landlord an for all expenses which Landlord may incur in shall make a reasonable effort to re-entering let the Leased Premises as soon as possible and repairing and maintaining the same less all rentals received from such proceedsre- letting, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to be credited against Tenant. In the event Landlord elects to terminate this Lease, Tenant’s 's liability for rent and other sums payable hereunder and future rentals. Such re-letting shall not relieve Tenant of Tenant's obligation to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for pay all rent and the performance of due. Any or all terms conditions and agreements relating to matters prior to the date of such terminationremedies may be exercised either separately or concurrently.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Commercial Lease Agreement (Signal Advance Inc), Commercial Lease Agreement (Signal Advance Inc)
Default by Tenant. 14.1 The following shall be deemed a default by If Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant fails to pay any rent or other sum of money due hereunder within ten in the time periods set forth in this Lease and such default shall continue for a period of five (105) days after its receipt of written notice thereof from Landlord (except that no such payment notice shall be required if Landlord has not been made;
b. The given Tenant a notice for failure by to pay a monetary sum when due within the prior one (1) year period, or in the event Tenant fails to perform any other of the terms, conditions or covenants of this Lease covenant to be observed or performed by Tenant under this Lease and continues to fail to perform the same for more than a period of thirty (30) days after receipt of written notice from Landlord pertaining thereto (or a reasonable period of such defaulttime, unless such using due diligence, if any non-monetary default is of a nature that it cannot practicably be cured within a such thirty (30) day period period), then Tenant shall be deemed to have breached this Lease and Tenant is proceeding with Landlord, in addition to other rights or remedies it may have, may:
A. Continue this Lease in effect by not terminating Tenant’s right to possession of the Premises, and thereby be entitled to enforce all Landlord’s rights and remedies under this Lease, including the right to recover the Rent specified in this Lease as it becomes due diligence under this Lease; or
B. Terminate Tenant’s right to cure such defaultpossession of the Premises, thereby terminating this Lease, and recover from Tenant:
(i.) The worth at the time of award of the unpaid Rent which had been earned at the time of termination of the Lease;
c. (ii.) The making worth at the time of award of the amount by which the unpaid rent which would have been earned after termination of the Lease until the time of award exceeds the amount of rental loss that Tenant proves could have been reasonably avoided;
(iii.) The worth at the time of an assignment award of the amount by which the unpaid rent for the benefit balance of creditors;the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; and Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform its obligations under this Lease; or
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedC. In lieu of, or in addition to, bringing an action for reorganization within the meaning of Chapter XI of the Bankruptcy Act, any or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants recoveries described in subparagraph B above, bring an action to recover and obligations on its part regain possession of the Premises in the manner provided by the laws of unlawful detainer then in effect in the state where the Property is located. If Landlord makes any expenditure required of Tenant hereunder, or if Tenant fails to make any payment or expenditure required of Tenant hereunder, such amount shall be performed or discharged under this Lease during payable by Tenant to Landlord as Rent together with interest from the pendency date due at the rate of eighteen percent (18%) per annum, provided such proceedings.
14.2 Upon interest rate shall not exceed the occurrence of an Event of Defaultmaximum interest rate permitted by law, and Landlord shall have the immediate right same remedies as on the default in payment of re-entry and possession Rent. The payment of the Leased Premises, which right interest required hereunder shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur be in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent addition to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationlate charge set forth in Paragraph 3.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (Truck Hero, Inc.)
Default by Tenant. 14.1 The following shall be deemed a Upon breach or default of this Lease by Tenant, Landlord may pursue any and all rights, at law or equity, against Tenant. Except when landlord feels reasonably and justifiably insecure as to the solvency of the Tenant or its ability to perform its obligations under the terms of the Lease (“Event of Default”):
a. The failure by Lease, Tenant to pay any rent or other sum of money due hereunder within ten (10) will have 20 days after receipt of written notice from Landlord within which to completely cure any non-monetary default; however, if the non-monetary default is not completely cured within 20 days and Tenant demonstrates to Landlord that such payment has not been made;
b. The failure by Tenant is using (and will continue to perform use) its best efforts to completely cure the non-monetary default, Tenant will have the additional time to cure as Landlord deems reasonable appropriate under the circumstances. In no event, however, will the time period within which Tenant must completely cure any other non-monetary default extend to a period of time greater than 90 days. Without limiting the foregoing, at expiration of the terms, conditions or covenants term of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such if default is made in the payment of a nature that it cannot practicably be cured within a thirty (30) day period and Rent or in the performance of any agreements of Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actcontained in this Lease, as now or hereafter amended or supplementedLandlord, or for reorganization within its agent, will have the meaning of Chapter XI right to enter and take possession of the Bankruptcy Act, or Leased Premises. In the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right case of re-entry by Landlord, and Tenant agrees to deliver the Leased Promises without process at law, Tenant's rights to occupy or control the Leased Premises will immediately cease, and this Lease, at the option of Landlord, will terminate. If any default or breach by Tenant occurs, the obligations of Tenant under this Lease, including Tenant's obligation to pay Rent, will not cease, and Tenant will be liable for any loss or damage to Landlord for failure to comply with this Lease. If Landlord retakes possession of the Leased Premises, which right shall remain continuous until such time as Landlord may remove and store all personal property of Tenant shall have cured such Event in any place selected by Landlord at the expense and risk of DefaultTenant. Notwithstanding such re-entry and possession Landlord may sell any or all of the Leased Premises Property at public or private sale as provided by Landlordlaw and will apply the proceeds of the sale first to the cost of the sale, Tenant shall remain liable second to the payment of charges for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsstorage, if any, which may result from third to the reletting payment of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and that may be due from Tenant to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this AgreementLease, and fourth the balance, if any, to Tenant. Failure Tenant waives all claims for damages that may be caused by Landlord's re-entering and taking possession of Tenant the Leased Premises, removing, storing, and/or selling the property of Tenant. No re-entry of Landlord will be considered or construed to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementbe a forcible entry.
Appears in 2 contracts
Sources: Office Lease Agreement (Vestin Group Inc), Office Lease Agreement (Vestin Group Inc)
Default by Tenant. 14.1 The following shall be deemed Without intending to limit Landlord’s right to declare a default by Tenant under of this Lease for any other reason, the terms occurrence of any of the Lease (following shall, at Landlord’s election, constitute an “Event of Default”):” under this Lease:
a. (a) The vacation or abandonment of the Premises or the Improvements by Tenant for a period of thirty (30) days;
(b) Tenant’s failure to pay to Landlord any amount due and payable hereunder within five (5) days of receipt by Tenant of written notice of default given by Landlord;
(c) Tenant’s failure to timely commence construction or timely achieve Completion of Construction;
(d) A Stoppage of Construction for more than sixty (60) Business Days within any seventy (70) Business Day period;
(e) Tenant’s failure to meet the target dates set forth in the Construction Schedule by, in each case, ten (10) or more Business Days, and Tenant’s failure to make up the necessary time to bring construction into conformance with the target dates set forth in the Construction Schedule within thirty (30) days after notice from Landlord;
(f) A failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to observe and perform any other of the terms, conditions or covenants provision of this Lease to be observed or performed by Tenant for more than Tenant, when such failure continues to the later to occur of (a) thirty (30) days after written notice from thereof by Landlord of such default, unless to Tenant or (b) thirty (30) days after an arbitration has determined that there has been a default if such default is properly a matter of a arbitration and same has been submitted to arbitration pursuant to the terms of this Lease; provided, however, that if the nature of such default is such that it the same cannot practicably reasonably be cured within a such thirty (30) day period, Tenant shall not be deemed to be in default if Tenant shall within such period commence such cure and Tenant is proceeding with due diligence thereafter diligently prosecute the same to cure such default;completion within a period not to exceed ninety (90) days additional; or
c. (g) The making by Tenant of an any general assignment for the benefit of creditors;
d. The , or the filing of a petition by or against to have Tenant for adjudication adjudicated as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actbankrupt, or the commencement filing of a petition for reorganization or arrangement under any action or proceeding for law relating to bankruptcy unless, in the dissolution or liquidation case of Tenant, whether instituted by or a petition filed against Tenant, the same is dismissed within ninety (90) days; or for the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur ’s interest in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, when possession is not restored to Tenant within ninety (90) days; or the attachment, execution or other judicial seizure of substantially all of Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant assets located on the Premises or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure interest in this Lease, when such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementseizure is not discharged within ninety (90) days.
Appears in 2 contracts
Sources: Ground Lease, Ground Lease
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under (1) In the terms event of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent Tenant’s default, Landlord, besides other rights or other sum of money due hereunder within remedies that it may have, upon giving at least ten (10) days after written notice from Landlord that such payment has and the same having not been made;
b. The failure cured in that period, except in the case of defaults in the performance of any covenant for the payment of rent or other sums due hereunder (in which case Landlord shall not be required to provide notice of the alleged default, shall have the right to (i) accelerate all rent otherwise payable by Tenant to perform any other over the remainder of the termsLease term, conditions in which case all such rent shall be immediately due and payable, or covenants (ii) terminate this lease, or (iii) terminate Tenant’s right of continued possession of the leased premises and, from time to time, without terminating this Lease to be observed relet the leased premises or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment any part thereof for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under account and in the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation name of Tenant, whether instituted for any such term or terms and conditions as Landlord in its sole reasonable discretion may deem advisable, with the right to make alterations and repairs to the leased premises deemed by or against Landlord to be necessary in conjunction with such reletting.
(2) Should Landlord terminate Tenant, or for the appointment ’s right of a receiver or trustee possession of the property leased premises pursuant to this Article, then Tenant shall pay to Landlord all or any of the following: (a) any unpaid rent and other charges to be paid by Tenant hereunder up to the date when Landlord shall have so terminated Tenant’s right of possession, (b) the costs of recovering possession of the leased premises and any legal fees and expenses directly related to the breach, the recovery of possession and the collection of unpaid rent and other charges, (c) the costs incurred by Landlord in repairing and restoring the leased premises to the condition in which same were to have been surrendered to Landlord at the expiration of the Lease term, (d) the costs of removing any of Tenant’s property from the leased premises and, provided that no if same be stored, the cost of transporting and storing same (if Landlord shall store such filing property in the building or proceeding instituted by a third party the business center then Landlord shall be regarded entitled to a reasonable storage fee hereunder), (e) all brokerage fees advertising costs and commissions incurred by Lessor in reletting the leased premises.
(3) Rentals received by Landlord from any reletting pursuant to this Article shall be applied first to the payment of any of the aforesaid enumerated items, in such order as a default Landlord shall deem reasonably appropriate, and second to the payment of rent and other sums due and unpaid by Tenant hereunder as of the date of Landlord’s receipt of said rentals. The residue, if Tenant any, shall promptly move to have be held by Landlord and applied in payment of future rent or damages in the event of termination as the same dismissedmay become due and payable hereunder and the balance, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all if any, at the end of the covenants and obligations Lease term shall be paid to Tenant.
(4) No such reletting of the leased premises by Landlord pursuant to this Article shall be construed as an election on its part to be performed or discharged under terminate this Lease during the pendency unless a notice of such proceedingsintention be given by Landlord to Tenant or unless such termination is decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach, provided it has not been cured.
14.2 Upon (5) In the occurrence event that Landlord shall accelerate the rent payable by Tenant pursuant to any applicable provision of an Event of Defaultthis Lease, and Tenant shall fail to pay same after Landlord’s demand therefore, then Landlord shall have the immediate right of re-entry to pursue all other rights and possession of the Leased Premisesremedies existing at law.
(6) Should Landlord at any time terminate this Lease for any breach pursuant to this Article, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and then in addition to any other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which remedy Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less have by reason of such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Defaultbreach, Landlord shall have the right to terminate this Lease by written notice recover from Tenant all or any of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for following: (a) any unpaid rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part charges to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to paid by Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior hereunder up to the date of termination, (b) the costs of recovering possession of the leased premises and any legal costs, fees and expenses directly related to the breach, the recovery of possession, and the collection of said arrearages in rent and other charges, (c) costs, as reasonably estimated by Landlord would be incurred in repairing or restoring the leased premises to the condition in which the same were to have been surrendered to Landlord as the expiration of the Lease term, (d) the costs of removing any of Tenant’s property from the leased premises, and if same be stored, the cost of transporting and storing same (if Landlord shall store such termination.
14.4 Additionallyproperty in the building or the project, then Landlord shall be entitled to a reasonable storage fee hereunder), all brokerage fees and commissions incurred by Landlord in reletting the leased premises, and (f) compensation for the loss of profits occasioned by the breach and resultant termination of this lease, which loss the parties agree that any default shall be determined by calculating the total amount of rent and other charges to be paid by Tenant, as if this Lease had not been terminated, from the date of termination to the otherwise expiration date of the Lease term, and deducting therefrom the net rental value of the leased premises for a like period which Tenant proves could have been reasonably achieved.
(7) Landlord shall have the right to recover, in execution of judgment(s) rendered in legal proceeding or otherwise, either jointly or from time to time severally, the applicable sums specified in clauses (a) through (e) of Paragraph (2) of this Article, and clauses (a) through (f) of Paragraph (6) of this Article. Landlord’s recovery of one or more of such sums shall not constitute a waiver of Landlord’s right to recover from Tenant the remaining sums. The cost of reletting the leased premises and the estimated cost of renovating or preparing the leased premises for a new tenant shall be substantiated by the co-tenant, SenCer, Inc. can be treated by affidavit of Landlord as a default by Tenant as though it was submitted with the demand for payment under this Article or any legal proceeding for the recovery thereof.
(8) Landlord shall have all rights and remedies now or hereafter existing at law with respect to the enforcement of Tenant’s own defaultobligations hereunder and the recovery of the leased premises, including, without limitation, those set forth in N.J.S.A. 2A:18-53, R.S. 2:32-256, L1898, c.228, as amended, and all amendments, modifications and substitutions thereof hereafter enacted. No right or remedy herein conferred upon or reserved to Landlord shall be exclusive of any other right or remedy, but shall be cumulative and in addition to all other rights and remedies given hereunder or now or hereafter existing at law. Landlord shall be entitled to injunctive relief in case of the violation, or attempted or threatened violation, of any covenant, agreement, condition or provision of this lease, or to a decree compelling performance of any covenant, agreement, condition or provision of this lease.
(9) Notwithstanding the foregoing provisions of this Article, if Tenant will is in default hereunder, Landlord after the lapse of any time period and notice as may be given applicable thereto under the opportunity provisions of Paragraph (1) of this Article shall have the right, without prejudice to any other right or remedy provided for hereunder or otherwise available, to cure the default; and in such default case all of Landlord’s cost and expenses in so doing, plus interest at the maximum rate of interest per annum then permitted by law shall be due and payable to Landlord, upon demand, as additional rent under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementlease.
Appears in 2 contracts
Sources: Lease Agreement (ADS Tactical, Inc.), Lease Agreement (ADS Tactical, Inc.)
Default by Tenant. 14.1 The following Tenant shall be deemed a in default by of this Lease if at any time during the Lease Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency, or other proceedings in law, or before any administrative tribunal which have or might have the effect of preventing Tenant under from complying with the terms of this Lease):
13.1. Tenant fails to make payment of any installment of Base Monthly Rent or of any other sum specified in this Lease or in any of the Additional Lease Agreements (defined below) to be paid by Tenant or any Affiliate of Tenant, within fifteen (15) days of delivery of Landlord's written notice to Tenant of such failure; PROVIDED, HOWEVER, Landlord shall be obligated to give Tenant only three (3) notices in any calendar year during the Lease Term and thereafter during said calendar year Tenant shall be in default if Tenant fails to make payment when due, it being understood that whether or not notice is given, all payments of monies shall accrue interest at the Prime Rate determined by Citibank, N.A., New York, multiplied by one and one-half (“Event 1.5), where the Prime Rate shall be up dated every 180 days and shall apply until payment is effectively made (the "DEFAULT RATE"); or
13.2. Tenant fails to observe or perform any of Default”):
a. The its other covenants, agreements, or obligations under this Lease or any of the Additional Lease Agreements (other than the payment of money, which is governed by SECTION 13.1), and such failure by Tenant to pay any rent or other sum of money due hereunder is not cured within ten thirty (1030) days after Landlord's written notice from Landlord to Tenant of such failure; provided, however, that if the nature of Tenant's obligation is such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for that more than thirty (30) days after written notice from Landlord of are required for performance, then Tenant will not be in default if Tenant commences performance within such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have thereafter diligently prosecutes the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.completion within ninety (90) days thereafter; or
Appears in 2 contracts
Sources: Lease Agreement (Tarrant Apparel Group), Lease Agreement (Tarrant Apparel Group)
Default by Tenant. 14.1 The 13.1 Each of the following shall be deemed a an event of default by Tenant under the terms of the Lease (an “Event of Default”):) and a breach of this Lease by Tenant:
a. The failure A. If Tenant shall fail to pay the Rent to be paid by Tenant to pay any rent or other sum hereunder for a period of money due hereunder within ten five (105) business days after written notice from of such default by Landlord that such payment has not been made;to Tenant.
b. The failure by B. If Tenant to perform shall default in the performance or observance of any other of the termsother agreements, conditions conditions, covenants or covenants of this Lease to be observed or performed by Tenant terms herein contained, and such default shall continue for more than thirty (30) days after written notice from by Landlord of such defaultto Tenant, unless or if such default is of such a nature that it cannot practicably be cured within a completely remedied with said thirty (30) day period and Tenant is shall not commence within said thirty (30) day period to remedy such default and thereafter diligently prosecute the same to completion.
C. If Tenant abandons the Premises, except as may be permitted in the case of any casualty, damage or condemnation.
D. If this Lease or the estate of Tenant hereunder shall be assigned, sublet, transferred, mortgaged or encumbered without compliance with the provisions of this Lease applicable thereto.
E. If (i) Tenant shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with due diligence respect to cure such default;
c. The making by Tenant, or seeking to adjudicate Tenant a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, composition or other relief with respect to Tenant or Tenant’s debts, or (B) seeking appointment of an a receiver, trustee, custodian or other similar official for Tenant or for all or any substantial part of Tenant’s property; or (ii) Tenant shall make a general assignment for the benefit of Tenant’s creditors;
d. The filing ; or (iii) there shall be commenced against Tenant any case, proceeding or other action of a petition by nature referred to in clause (i) above or seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of Tenant’s property, which case, proceeding or other action (x) results in the entry of an order for relief or (y) remains undismissed, undischarged or unbonded for a period of thirty (30) days; or (iv) Tenant for adjudication as a bankrupt under shall take any action consenting to or approving of any of the Bankruptcy Act, as now acts set forth in clause (i) or hereafter amended (ii) above; or supplemented(v) Tenant shall generally not, or shall be unable to, pay Tenant’s debts as they become due or shall admit in writing Tenant’s inability to pay Tenant’s debts.
13.2 To the extent permitted by applicable law, if an Event of Default shall occur, Landlord may elect to declare all Rent for reorganization within the meaning of Chapter XI remainder of the Bankruptcy ActTerm due and payable and, or if Landlord shall make such an election, the commencement present value of any action or proceeding the Rent shall be due and payable ten (10) days after notice by Landlord to Tenant of such election. The aforesaid present value shall be determined by discounting each monthly installment of Rent for the dissolution remainder of the Term from the date such installment would have been due and payable to the date of Landlord’s election to accelerate, by a rate of one (1%) percent per annum less than the interest rate paid under a United States Treasury ▇▇▇▇ of comparable duration. Landlord also may elect to proceed by appropriate judicial proceedings, either at law or liquidation in equity, to enforce performance or observance by Tenant of Tenantthe applicable provisions of this Lease and/or to recover damages for breach thereof.
A. If an Event of Default shall occur and Landlord, whether instituted by or against Tenantat any time thereafter, or at its option, gives written notice to Tenant stating that this Lease and the Term shall expire and terminate on the date specified in such notice, which date shall be not less than three (3) days after the giving of such notice, and if, on the date specified in such notice, Tenant shall have failed to cure the default which was the basis for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, then, all rights of Tenant under this Lease and to the Term herein demised shall expire and terminate as if the date specified in the notice given were the date herein definitely fixed for the expiration of the Term and Tenant immediately shall quit and surrender the Premises, which termination shall not relieve Tenant from any liability then or thereafter accruing hereunder.
B. If an Event of Default described in Sections 13.1(A) or (B) hereof shall occur, or this Lease shall be terminated as provided in Section 13.3(A) hereof, Landlord, without notice, and with or without court proceedings, (i) may re-enter and repossess the Premises using such force for that purpose as may be necessary without being liable to indictment, prosecution or damages therefor or (ii) may dispossess Tenant by summary proceedings or otherwise, which reentry and repossession by Landlord shall not relieve Tenant from any liability then or thereafter accruing hereunder.
13.4 If this Lease shall be terminated as provided in Section 13.3(A) hereof and/or Tenant shall be dispossessed by summary proceedings or otherwise as provided in Section 13.3(B) hereof,
A. Tenant shall pay to Landlord all Rent payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or to the immediate right date of re-entry and possession of upon the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, as the case may be;
B. Landlord may repair and alter the Premises in such manner as Landlord may deem necessary or advisable without relieving Tenant shall remain liable of any liability under this Lease or otherwise affecting any such liability, and/or let or re-let the Premises or any parts thereof for the whole or any part of the remainder of the Term or for a longer period, in Landlord’s name or as agent of Tenant, and out of any rent and other sums payable hereunder whether collected or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in received as a result of such re-entering letting Landlord shall: (i) first, pay to itself the Leased cost and expense of terminating this Lease, re-entering, retaking, repossessing, repairing and/or altering the Premises, or any part thereof, and the cost and expense of removing all persons and property therefrom, including in such costs brokerage commissions, legal expenses and attorneys’ fees and disbursements, (ii) second, pay to itself the cost and expense sustained in securing any new tenants and other occupants, including in such costs brokerage commissions, legal expenses and attorneys’ fees and disbursements and other expenses of preparing the Premises for re-letting, and, if Landlord shall maintain and repairing operate the Premises, the cost and expense of operating and maintaining the same less Premises, and (iii) third, pay to itself any balance remaining on account of the liability of Tenant to Landlord. Landlord in no way shall be responsible or liable for any failure to re-let the Premises or any part thereof, or for any failure to collect any rent due on any such proceedsre-letting, and no such failure to re-let or to collect rent shall operate to relieve Tenant of any liability under this Lease or to otherwise affect any such liability;
C. Tenant shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, which may result of rents collected under any re-letting effected pursuant to the provisions of Section 13.4(B) hereof for any part of such period (first deducting from the reletting rents collected under any such re-letting all of the Leased Premises.
14.3 Additionally, upon payments to Landlord described in Section 13.4(B) hereof); any such Deficiency shall be paid in installments by Tenant on the occurrence of any Event of Default, Landlord shall have the right to terminate days specified in this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.payment of
Appears in 2 contracts
Sources: Master Lease Agreement (Xylem Inc.), Master Lease Agreement (Xylem Inc.)
Default by Tenant. 14.1 The occurrence of any one or more of the following events shall be deemed constitute a default by Tenant under the terms this Lease:
(i) Tenant shall fail to pay to Landlord any Base Rental, Basic Costs or any other monetary charge due from Tenant hereunder as and when due and payable;
(ii) Tenant breaches or fails to comply with any term, provision, condition or covenant of this Lease, other than as described in Section 23(a)(i), or with any of the Lease Exhibit H, Building Rules and Regulations now or hereafter established to govern the operation of the Building;
(“Event of Default”):
a. The failure iii) An assignment or subletting by Tenant without the prior written approval of Landlord except for an assignment or subletting to pay any rent an affiliate as set forth in Section 3(b);
(iv) The interest of Tenant under this Lease shall be levied on under execution or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been madelegal process;
b. The failure (v) Any petition in bankruptcy or other insolvency proceedings shall be filed by or against Tenant, or any petition shall be filed or other action taken to declare Tenant a bankrupt or to perform delay, reduce or modify Tenant's debts or obligations or to reorganize or modify Tenant's capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceeding or other action shall be commenced or taken by any governmental authority for the dissolution or liquidation of the termsTenant and, conditions or covenants of this Lease to be observed or performed by Tenant for more than within thirty (30) days after written notice from Landlord of such defaultthereafter, unless such default is of Tenant fails to secure a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such defaultdischarge thereof;
c. The making by (vi) Tenant of shall become insolvent, or Tenant shall make an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning Tenant shall make a transfer in fraud of Chapter XI of the Bankruptcy Actcreditors, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee shall be appointed for Tenant or any of its properties;
(vii) Tenant shall desert, abandon or vacate the Premises or any substantial portion thereof or fails to operate its business in the Premises for any reason other than destruction or condemnation of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Premises without giving Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such Tenant's intention to Tenant. In the event Landlord elects to terminate this Leasevacate, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant desert or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters abandon at least ninety (90) days prior to the date of such termination.
14.4 Additionallyvacating, the parties agree that any default by the co-tenantdeserting or abandoning, SenCer, Inc. can be treated by Landlord as a default by and if Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under otherwise fully complies with the terms of the Lease;
(viii) Tenant shall do or permit to be done anything which creates a lien upon the Premises or the Building; or the term 'Tenant" as used in this Agreement. Failure Section 23 shall be deemed to include any guarantor of Tenant to successfully cure said default shall give Landlord the right to implement or any remedy authorized other person or entity primarily or secondarily liable for, any of Tenant's obligations under the terms of this agreementLease.
Appears in 2 contracts
Sources: Office Lease Agreement (Objectspace Inc), Office Lease Agreement (Objectspace Inc)
Default by Tenant. 14.1 The occurrence of any of the following shall constitute an “Event of Default” under this Lease by Tenant:
21.1 Failure to pay when due any Minimum Monthly Rent, Additional Rent or any other monetary sums required to be deemed a default paid by Tenant under the terms of the Lease (“Event of Default”):this Lease.
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant 21.2 Failure to perform any other agreement or obligation of the termsTenant hereunder, conditions or covenants of this Lease to be observed or performed by Tenant if such failure continues for more than thirty (30) days after written notice from by Landlord to Tenant, except as to those Events of Default that are noncurable, in which case no such defaultgrace period shall apply. Landlord’s notice described herein is intended to satisfy, unless and is not in addition to, any and all legal notices required prior to commencement of an unlawful detainer action, including without limitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq.
21.3 Abandonment, vacation or failure to occupy the Premises for a period of ten (10) consecutive days, coupled with the non-payment of rent.
21.4 If any of the following occurs: (i) a petition is filed for an order of relief under the federal Bankruptcy Code or for an order or decree of insolvency or reorganization or rearrangement under any state or federal law, and such default petition is of a nature that it cannot practicably be cured dismissed within a thirty (30) day period and days after the filing thereof; (ii) Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an makes a general assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of ; (iii) a receiver or trustee is appointed to take possession of any substantial part of Tenant’s assets, unless such appointment is vacated within thirty (30) days after the date thereof; or (iv) Tenant consents to or suffers an attachment, execution or other judicial seizure of any substantial part of its assets or its interest under this Lease, unless such process is released or satisfied within thirty (30) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the property foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if Tenant remains a debtor in possession), and such trustee or Tenant transfers Tenant’s interest hereunder, then Landlord shall receive the difference between the rent (or other consideration) paid in connection with such transfer and the rent payable by Tenant hereunder. Any assignee pursuant to the provisions of Tenant, provided that no such filing or proceeding instituted by a third party any bankruptcy law shall be regarded as a default hereunder if Tenant shall promptly move deemed without further act to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge assumed all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether arising on or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to after the date of such terminationassignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption.
14.4 Additionally, the parties agree 21.5 The occurrence of any other event that is deemed to be an Event of Default under any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms other provision of this Agreement. Failure Lease, or any other lease to which Landlord (or any affiliate of Landlord) and Tenant to successfully cure said default shall give Landlord the right to implement (or any remedy authorized under the terms affiliate of this agreementTenant) are parties.
Appears in 2 contracts
Sources: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)
Default by Tenant. 14.1 The following If any rent shall be deemed a default by Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within in arrears and unpaid for ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by to Tenant, or if Tenant to perform shall be in default under any other of the terms, conditions or covenants provisions of this Lease to be observed or performed by Tenant and remain so for more than thirty (30) days after written notice from Landlord has notified Tenant in writing of such default, unless such default is of or if Tenant shall tile a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of petition for relief under the Bankruptcy Act, or shall make an assignment for the benefit of creditors;
d. The filing , or if Tenant shall be adjudged a bankrupt, or if Tenant's interest shall be levied upon under execution, or seized by virtue of any decree of a petition court of competent jurisdiction by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenantotherwise, provided that no and such filing order is in effect for thirty (30) days or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissedmore, rescinded or rendered inoperative then, and Tenant prosecutes in any such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Defaultevent, Landlord shall have the immediate right of re-entry may, at its option, immediately and without notice to Tenant or any other person, enter and take possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event Premises and terminate this Lease without prejudice to any other remedies or rights of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, and every obligation of Landlord shall terminate. In the event of such repossession, Landlord may nevertheless recover from Tenant shall remain liable for the all rent and other sums payable due hereunder whether or not up to the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises time of such entry and repairing and maintaining the same less such proceedsfurther sums, if any, which as Landlord may result from be entitled to under the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Bankruptcy Act or other applicable laws then existing. Landlord shall also have the right and option in any such event, to terminate relet the Premises for the account of Tenant without such reletting constituting a termination of this Lease Lease, and Tenant shall be liable for any deficiency between the rent herein reserved and the net proceeds realized by written notice such reletting, and Tenant shall also be liable In the event of such intention reletting for such reasonable expenses; including attorney fees, repairs, changes, alterations or additions in or to Tenantthe Premises as may be necessary in the opinion of the Landlord for such reletting. In the event Landlord elects that Tenant fails to terminate this Lease, Tenant’s liability for pay rent and other sums payable hereunder and to perform or any other termcharges provided for in the lease on or before their due date, condition, covenant Landlord shall also be entitled to interest on the unpaid amount at the First Union National Bank (or agreement successor) prime rate plus 5% per annum until such payment is received by Landlord should any monthly installments of rent not be paid on or before its part to be performed under this Lease shall cease and terminate as to any period subsequent to the due date on which two or more occasions in any twelve (12) month period, Landlord delivers to Tenant written notice may impose a late charge of 2% of the amount of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating monthly installments which should be in addition to matters prior other remedies available to the date of such terminationLandlord.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Industrial Building Lease (Griffin Capital Essential Asset REIT II, Inc.)
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms occurrence of any one or more ----------------- of the Lease following events (“"Event of Default”):") shall constitute a breach of this Lease by Tenant:
a. The failure by (a) Tenant fails to pay any Base Rent, or any additional monthly rent under Article 3 hereof, or any additional rent or --------- other sum amount of money or charge payable by Tenant hereunder as and when such rent becomes due hereunder within ten and payable and such failure continues for more than five (105) days after Landlord gives written notice from Landlord that such payment has not been made;thereof to Tenant; or
b. The failure by (b) Tenant fails to perform or breaches any other of the terms, conditions agreement or covenants covenant of this Lease to be performed or observed or performed by Tenant as and when performance or observance is due and such failure or breach continues for more than thirty (30) days after Landlord gives written notice from Landlord thereof to Tenant; provided, however, that if, by the nature of such defaultagreement or covenant, unless such default is of a nature that it failure or breach cannot practicably reasonably be cured within a such period of thirty (30) day period and days, an Event of Default shall not exist as long as Tenant is proceeding commences with due diligence and dispatch the curing of such failure or breach within such period of thirty (30) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or breach. The occurrence of the following events shall not in and of themselves be considered an Event of Default in the absence of another Event of Default but the occurrence of any of them shall allow, notwithstanding any provision in this Lease to cure the contrary, the Landlord to immediately cease or cause Tenant and/or its contractors to cease any construction or improvements on the Premises being done by Landlord or Tenant until such default;time as Tenant provides such security reasonably approved by Landlord for completion and payment, and Landlord may consider the effect of bankruptcy laws and other laws in evaluating such security (this shall not be construed to allow Landlord to cease performing ordinary maintenance, repair and replacement obligations hereunder absent an Event of Default hereunder):
c. The making (a) Tenant (i) files, or consents by Tenant answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, (ii) makes an assignment for the benefit of its creditors;
d. The filing , or (iii) consents to the appointment of a petition custodian, receiver, trustee or other officer with similar powers of Tenant or of any substantial part of Tenant's property; or
(b) Without consent by Tenant, a court or against government authority enters an order, and such order is not vacated within sixty (60) days, (i) appointing a custodian, receiver, trustee or other officer with similar powers with respect to Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedwith respect to any substantial part of Tenant's property, or (ii) constituting an order for relief or approving a petition for relief or reorganization within the meaning or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of Chapter XI any bankruptcy, insolvency or other debtors' relief law of the Bankruptcy Actany jurisdiction, or (iii) ordering the commencement of any action or proceeding for the dissolution dissolution, winding-up or liquidation of Tenant, whether instituted by ; or
(c) This Lease or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure estate of Tenant to successfully cure said default shall give Landlord the right to implement hereunder is levied upon under any remedy authorized under the terms of this agreementattachment or execution and such attachment or execution is not vacated within sixty (60) days.
Appears in 1 contract
Sources: Campus Lease (Monsanto Co /New/)
Default by Tenant. 14.1 The following Tenant shall be in default under this Lease if:
(a) Tenant shall fail to pay when due any Base Rent, Additional Rent or other payment to be made by Tenant under this Lease and the failure continues for a period of ten (10) days after notice from Landlord (provided that Landlord shall only be obligated to give Tenant notice of any rent default twice in any twelve (12) month period, and thereafter Tenant shall be deemed a in default by Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written failure to make such payment without requirement of notice from Landlord that such payment has not been madeLandlord);
b. The failure by (b) Tenant violates or breaches, or fails to fully and completely observe, keep, satisfy, perform and comply with, any other of the termsagreement, conditions term, covenant, condition, requirement, restriction or covenants provision of this Lease to be observed and the violation or performed by Tenant breach continues for more than thirty a period of twenty (3020) days after written notice from Landlord (if the matter in question is not reasonably susceptible of cure by Tenant within the twenty-day period, then Tenant shall have such defaultadditional time as may reasonably be necessary, unless such default is of a nature but no more than an additional seventy (70) days, within which to effect curative action provided that it cannot practicably be cured Tenant institutes the curative action within a thirty (30) the twenty-day period and Tenant is proceeding with due diligence prosecutes the same diligently to cure such defaultcompletion);
c. The making by (c) Tenant of becomes insolvent, or makes an assignment for the benefit of creditors;
d. The filing of a petition by ; or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the is brought by Tenant seeking its dissolution or liquidation of Tenant, whether instituted by its assets or against Tenant, or for seeking the appointment of a trustee, interim trustee, receiver or trustee other custodian for any of its property.
(d) Tenant commences a voluntary proceeding under the property of TenantFederal Bankruptcy Code, provided that no such filing or any reorganization or arrangement proceeding is instituted by Tenant for the settlement, readjustment, composition or extension of any of its debts upon any terms; or any action or petition is otherwise brought by Tenant seeking similar relief or alleging that it is insolvent or unable to pay its debts as they mature; or if any action is brought against Tenant seeking its dissolution or liquidations of any of its assets, or seeking the appointment of a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissedtrustee, rescinded interim trustee, receiver or rendered inoperative other custodian for any of its property, and Tenant prosecutes any such action with due diligence and continues is consented to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as acquiesced in by Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or is not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to dismissed within 3 months after the date on upon which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementinstituted.
Appears in 1 contract
Default by Tenant. 14.1 All covenants and agreements contained in this Lease are declared to be conditions to this Lease and to the term hereby leased to Tenant. The occurrence of any of the following shall be deemed constitute a material default and breach of this Lease by Tenant under the terms of the Lease Tenant:
(“Event of Default”):
a. The a) Tenant's failure by Tenant to pay any rent or other sum of money when due hereunder within when the failure continues for ten (10) business days after written notice from Landlord to pay that such payment has not been made;rent or surrender possession of the Premises is served on Tenant by Landlord; or
b. The (b) Any failure by Tenant to perform any other of the termscovenant, conditions condition, or covenants of agreement contained in this Lease to be observed or performed by Tenant for more than when the failure is not cured within thirty (30) days after written notice from of the specific failure is given by Landlord to Tenant; or
(c) The bankruptcy of such defaultinsolvency of Tenant, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The the making by Tenant of an any general assignment for the benefit of creditors;
d. The ; the filing of a petition by or against Tenant for adjudication as of a petition to have Tenant adjudged a bankrupt or of a petition for reorganization or arrangement under the Bankruptcy ActAct (unless, as now or hereafter amended or supplemented, or for reorganization within in the meaning case of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or a petition filed against Tenant, or for it is dismissed within sixty (60) days); the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant, provided that no such filing 's assets located at the Premises or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur Tenant's interest in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers if possession is not restored to Tenant written notice within thirty (30) days; or the attachment, execution, or other judicial seizure of such termination. substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, when that seizure is not discharged within thirty (30) days.
(d) The abandonment or vacating of the Premises by Tenant shall remain liable, however(which, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms purposes of this Agreement. Failure Lease, shall mean Tenant's failure to occupy and operate the Premises for business for a period of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementat least 30 consecutive days).
Appears in 1 contract
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall be deemed events is a material default by Tenant under this Lease and that said default shall give Landlord the terms rights described in Section 13.2. Landlord or Landlord's authorized agent shall have the right to serve any notice of default, notice to pay rent or quit or similar notice.
(a) Tenant's failure to make any payment of Base Rent, Electric Energy Charge, Tenant's Share of Operating Expense increases, parking charges, charges for after-hours HVAC, late charges, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of three (3) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) The abandonment of the Lease Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant, unless expressly required by law.
(“Event of Default”):
a. c) The failure by Tenant to pay any rent observe or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 13.1(a) and (b), above), where such failure shall continue for more than thirty a period of ten (3010) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant's non-performance is such defaultthat more than ten (10) days are reasonably required for its cure, unless then Tenant shall not be deemed to be in default if Tenant commences such default is of a nature that it cannot practicably be cured cure within a thirty said ten (3010) day period and Tenant is proceeding with due diligence thereafter diligently pursues such cure to cure completion; provided, however, in no event shall such extension exceed forty-five (45) days after Landlord’s initial notice of such default;. The foregoing cure period shall in no event apply to any of the following: Tenant’s (i) failure to provide an estoppel certificate when and as required under Section 18 of this Lease; (ii) failure to maintain insurance required under Section 10 of the Lease within ten (10) days from written notice Landlord; (iii) the abandonment of the Premises by Tenant; (iv) failure to vacate the Premises upon the expiration or earlier termination of the Lease; (v) failure to provide the verification letter as and when required under Section 3 of the Lease; or (vi) failure to comply with any obligation under the Lease pertaining to Hazardous Materials within ten (10) days from written notice from Landlord. In the event that Landlord serves Tenant with a notice to quit pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
c. (i) The making by Tenant or any guarantor of an any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition by or filed against Tenant for adjudication as or guarantor, the same is dismissed within sixty (60) days); (iii) the institution of proceedings seeking the appointment of a bankrupt under trustee or receiver to take possession of substantially all of Tenant's assets located at the Bankruptcy ActPremises or of Tenant's interest in this Lease, as now where possession is not restored to Tenant within thirty (30) days or hereafter amended the institution of a foreclosure proceeding against Tenant's real or supplementedpersonal property; or (iv) the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where such seizure is not discharged within thirty (30) days. In the event that any provision of this Section 13.1(d) is contrary to any applicable law, such provision shall be of no force or effect.
(e) The discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or for reorganization within the meaning by any guarantor of Chapter XI of the Bankruptcy ActTenant's obligations hereunder, is or the commencement of any action was materially false.
(f) If Tenant is a corporation, limited liability company or proceeding for a partnership, the dissolution or liquidation of Tenant, whether instituted by or against .
(g) If Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and ’s obligations on its part to be performed or discharged under this Lease during are guaranteed; (i) the pendency death of such proceedings.
14.2 Upon a guarantor, (ii) the occurrence termination of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right a guarantor’s liability with respect to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under than in accordance with the terms of this Agreement. Failure such guaranty, (iii) a guarantor becoming insolvent or the subject of Tenant a bankruptcy filing, (iv)a guarantor’s refusal to successfully cure said default shall give Landlord honor the right to implement any remedy authorized under the terms guaranty, or (v) a guarantor’s breach of this agreement.its guaranty obligation on an anticipatory breach basis
Appears in 1 contract
Default by Tenant. 14.1 a. The occurrence of any of the following shall constitute a default by Tenant:
1. Failure to pay rent when due, if the failure continues for 10 days after notice has been given to Tenant.
2. Abandonment and vacation of the premises (failure to occupy and operate the premises for 14 consecutive days shall be deemed a default by Tenant under an abandonment and vacation).
3. Failure to comply with the terms of any predevelopment or development loan agreements between Landlord and Tenant, whether the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other loan already exists at the commencement of the terms, conditions this lease or covenants is entered into at any time during the term of this Lease to be observed lease, for the development or performed by Tenant for more than thirty (30) days after written notice from Landlord rehabilitation of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;any premises at the ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Village.
c. 4. The making by Tenant of an any general assignment or general arrangement for the benefit of creditors;
d. The ; the filing of a petition by or against Tenant for adjudication as of a petition to have Tenant adjudged bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless, in the case of a petition filed against Tenant the same is dismissed within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for sixty (60) days); the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant’s assets, provided that no such filing where possession is not restored to Tenant within forty-five (45) days; or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissedattachment, rescinded execution or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge other judicial seizure of substantially all of the covenants and obligations on its part to be performed or Tenant’s assets, where such seizure is not discharged under this Lease during the pendency of such proceedingswithin thirty (30) days.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default5. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and Failure to perform any other termprovision of this lease if the failure to perform is not cured after notice has been given to Tenant. If the default cannot reasonably be cured within the period specified in the notice, condition, covenant or agreement on its part Tenant shall not be in default of this lease if Tenant commences to be performed cure the default within the period and diligently and in good faith continues to cure the default.
b. Notices given under this Lease paragraph shall cease and terminate as to any period subsequent to specify the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent alleged default and the performance of all terms conditions applicable lease provisions, and agreements relating to matters prior to shall demand that Tenant perform the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms provisions of this Agreementlease or pay the rent that is in arrears, as the case may be, within the applicable period of time, or quit the premises. Failure of Tenant to successfully cure said default No such notice shall give Landlord the right to implement any remedy authorized under the terms be deemed a forfeiture or a termination of this agreementlease unless Landlord so elects in the notice.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 14.1 The following Tenant shall be deemed a considered in default by ("Default") of this Lease if; (i) Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant fails to pay any rent or other sum of money due hereunder Rent within ten fifteen (1015) days after written Tenant receives notice from Landlord that such payment has the Rent was not been made;
b. The failure by received; or (ii) Tenant fails to perform any of its other of the terms, conditions or covenants of obligations under this Lease to within thirty (30) days or within a reasonable period of time thereafter if a cure cannot be observed or performed by Tenant for more than accomplished with thirty (30) days after receiving written notice from Landlord of such defaultspecifying the Default. If Tenant is in Default, unless such default is of a nature that it cannot practicably be cured within a as stated above, Landlord, in addition to the remedies given in this lease or under the law, may; (i) terminate this Lease after giving Tenant thirty (30) day period days written notice of its intention to do so in accordance with any laws governing such termination and subsequent repossession, and Tenant is proceeding shall then surrender the Premises to Landlord; or (ii) Landlord may enter and take possession of the Premises, in accordance with due diligence any laws governing such repossession, and remove Tenant, with or without having terminated the Lease. Landlord's exercise of any of its remedies or its receipt of Tenant's keys shall not be considered an acceptance or surrender of the Premises by Tenant. A surrender must be agreed to cure such default;
c. The making in writing signed by Tenant of an assignment for both parties. If Landlord terminates this Lease or terminates Tenant's right to possess the benefit of creditors;
d. The filing Premises because of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall may hold Tenant liable for; (i) the Rent and other indebtedness that otherwise would have been payable by Tenant to Landlord prior to the immediate right of re-entry and possession Lease Expiration Date, less any amounts which Landlord receives in reletting the Premises during the remainder of the Leased Premises, which right shall remain continuous until such time as Lease Term; and (ii) other necessary and reasonable expenses incurred by Landlord in enforcing its remedies. Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises be liable for only those actual damages suffered by Landlord, . Tenant shall remain liable pay any such sums due within thirty (30) days of receiving Landlord's proper and correct invoice for the rent and amounts. Landlord is not entitled to accelerate the Rent or any other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses amounts which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result would become due from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of DefaultTenant to Landlord. During each collection action, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent limited to the date amount of any Base Rent due that would have accrued had the Lease not been terminated. Landlord shall mitigate any damage by making best efforts to relet the Premises on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationreasonable terms.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by 1. If Tenant under defaults in the terms payment of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent Minimum Rent, Percentage Rent, or other sum charges, or in the performance of money due hereunder any other of Tenant's obligations hereunder, and Tenant fails to remedy such default within ten (10) days after written notice from Landlord that (unless default relates to matters other than the payment of money and cannot be remedied within ten (10) days; and Tenant commences to remedy such payment has not been made;
b. The failure default within said ten (10) day period after written notice from Landlord and thereafter diligently pursues correction thereof, in which event the time to remedy such default shall be extended to the time reasonably required therefore), or if a receiver of any property of Tenant on the Premises is appointed, or Tenant's interest in the Premises is levied upon by legal process, or Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by adjudged bankrupt and Tenant for more than fails within thirty (30) days after written notice from Landlord to cause the vacation of such defaultappointment, unless such default is levy or adjudication, or if Tenant files a voluntary petition in bankruptcy, disposes of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant all or substantially all of its assets in bulk, or makes an assignment for the benefit of its creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedthen and in any such instance, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of without further notice to Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering enter upon the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to TenantLease. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant , the obligations of Landlord hereunder shall remain liablecease, without prejudice, however, to the right of Landlord to recover from Tenant any sums due Landlord for all rent Minimum Rent and the performance of all terms conditions and agreements relating to matters prior other charges payable by Tenant hereunder, including reasonable attorney's fees to the date of such terminationentry, and also liquidated damages equal to any deficiency between the then rental value of the Premises for the unexpired portion of the term and the Minimum Rent provided for that portion of the term, discounted at six percent (6%) per annum to present net worth. In addition, Landlord may enter upon the Premises without terminating this Lease and may relent the Premises in its own name for the account of Tenant for the remainder of the term at the highest rent then obtainable and immediately recover from Tenant any deficiency for the balance of the term between the amount for which the Premises were relet, less expense of reletting, and the rent provided hereunder. If Landlord submeters electric current, gas, or water to the Premises, then if at any time Tenant fails to pay rent or other charges for same within ten (10) days after they are due, Landlord may, at its option, in addition to the foregoing remedies and without further notice to Tenant, cease furnishing such electric current, gas or water. No failure of Landlord to enforce its right or remedies upon default of Tenant shall prejudice or affect the rights of Landlord upon any subsequent or similar default.
14.4 Additionally2. If Tenant at any time shall fail to pay any taxes, assessments, or liens, to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payments or perform such act for the account and at the expense of Tenant. All sums so paid by Landlord and all costs and expenses so incurred including reasonable attorney's fees, shall accrue interest at the rate of two (2%) above the prime lending rate of NationsBank N.A. from the date of payment or incurring thereof by Landlord and shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord upon demand. All other sums payable by Tenant to Landlord under this Lease, if not paid when due, shall accrue interest at the rate of two percent (2%) above the prime lending rate of NationsBank N.A. from their due date until paid, said interest to be considered additional rent under this Lease and shall be paid to Landlord by Tenant upon demand. If Tenant shall issue a check to Landlord which is dishonored by Tenant's depository bank and returned unpaid for any reason, including without limitation, due to insufficient funds in Tenant's checking account, Tenant shall pay to Landlord in addition to any other rights or remedies available to Landlord at law, the parties agree that sum of Seventy five and 00/100 Dollars ($75.00) for Landlord's administrative expense in connection therewith.
3. In the event either Landlord or Tenant shall be required to commence legal proceeding to enforce any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under of the terms of this AgreementLease, the prevailing party in such proceeding shall be entitled to reimbursement from the non-prevailing party of all reasonable attorney fees and court costs incurred in connection therewith. Failure All rights and remedies of Tenant to successfully cure said default Landlord herein enumerated shall give Landlord the right to implement be cumulative, and none shall exclude any remedy authorized other remedies allowed under the terms of this agreementlaw or in equity.
Appears in 1 contract
Sources: Lease Agreement (Dollar Tree Inc)
Default by Tenant. 14.1 The following shall be deemed a default by Landlord and Tenant under hereby agree that the terms occurrence of any one or more of the Lease following events (“Event of Default”) is a default by Tenant under this Lease and that said Event of Default shall give Landlord the rights described in Section 14.2 (and Landlord or Landlord’s authorized agent(s) shall have the right to serve any notice of default, notice to pay rent or quit or similar notice):
a. The failure (a) Tenant fails to make any payment of Base Rent, Additional Rent, or any other sum required to be made by Tenant to pay any rent or other sum as and when due, and such failure shall continue for a period of money due hereunder within ten (10) business days after Landlord gives Tenant written notice thereof;
(b) Tenant fails to execute and deliver to Landlord an estoppel certificate pursuant to Section 18 or a subordination, non-disturbance and attornment agreement pursuant to Section 24 within the timeframes set forth therein, and such failure continues for twenty (20) business days following written notice from Landlord of such failure;
(c) Tenant fails to maintain any insurance required in this Lease and such failure shall continue for two (2) business days after written notice thereof from Landlord that such payment has not been madeLandlord;
b. The (d) Tenant makes a Transfer in violation of the provisions of Section 13, or if any event shall occur whereby this Lease, or the term and estate thereby created, would (by operation of law or otherwise) devolve upon or pass to any person, firm or corporation other than Tenant, except as expressly permitted under Section 13 hereof, and such failure by is not cured within twenty (20) business days after written notice thereof from Landlord.
(e) Tenant fails to observe or perform any other of the termscovenants, conditions conditions, agreements, or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Section 14.1(a) - (c)) and such failure shall continue for a period of thirty (30) days after receipt of written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s nonperformance is such that more than thirty (30) days after written notice from Landlord of are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant commences such default, unless such default is of a nature that it cannot practicably be cured cure within a said thirty (30) day period and thereafter diligently pursues such cure to completion.
(f) Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an makes any general arrangement or general assignment for the benefit of creditors; (i) Tenant files any petition or action for relief under any creditor’s law (including bankruptcy, reorganization, or similar action), either in state or federal court, or has such a petition or action filed against it which is not stayed or vacated within sixty (60) days after filing; (ii) Tenant makes any transfer in fraud of creditors as defined in any federal or state statutes; (iii) the appointment of a trustee or receiver to take possession of all or substantially all of Tenant’s assets or of Tenant’s interest in this Lease, which appointment is not vacated within sixty (60) days of having been filed; or (iv) there is any attachment, execution, or other judicial seizure of all or substantially all of Tenant’s assets or of Tenant’s interest in this Lease, which attachment, execution, or other judicial seizure is not vacated within sixty (60) days of having been ordered;
d. (g) The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for ; or
(h) Tenant permanently vacates the appointment Premises in its entirety without the payment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative Rent and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and without maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate Premises in accordance with this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms occurrence of any one or more of the Lease (“following events shall constitute a "default" or "Event of Default”):" for the purposes of this Lease:
a. (a) The failure by of Tenant to pay any rent part of an Annual Rent payment due under this Lease on or other sum of money before its due hereunder within date, which failure continues for ten (10) days after the receipt of written notice from Landlord.
(b) Any assignment, transfer or sublease of this Lease or the Demised Premises in violation of Article X hereof.
(c) The failure to occupy the Demised Premises on the Commencement Date or the abandonment of the Demised Premises by Tenant.
(d) The failure of Tenant to perform any material covenant or obligation contained herein other than the payment of Annual Rent, which failure has not been corrected by Tenant within thirty (30) days following written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of specifying the terms, conditions covenant or covenants of this Lease obligation to be observed remedied, or performed by Tenant for more if the correction of same reasonably requires longer than thirty (30) days after written notice from Landlord of days, if Tenant shall not have commenced to correct the same within such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence thereafter proceed to cure such default;the same in good faith, with diligence, and within a reasonable period of time.
c. The making (e) If any representation or warranty made by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease prove to have been false in any material respect when made and terminate as to any period subsequent to the date on which Landlord delivers to same has not been corrected by Tenant within thirty (30) days following written notice from Landlord specifying the representation or warranty in question, or if the correction of such termination. same reasonably requires longer than thirty (30) days, if Tenant shall remain liable, however, for all rent not have commenced to correct the same within such thirty (30) day period and thereafter be proceeding with reasonable diligence to correct the performance of all terms conditions and agreements relating to matters prior to the date of such terminationsame.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Integrated Living Communities Inc)
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall be deemed events is a default by Tenant under this Lease and that said default shall give Landlord the terms rights described in Section 17.2. Landlord or Landlord's authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant.
(a) Tenant's failure to make any payment of Base Rent, Tenant's Percentage Share of Operating Expenses or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 17.1(a).
(b) The abandonment of the Lease Premises by Tenant (“Event as statutorily defined under California law) coupled with the nonpayment of Default”):rent, in which event Landlord shall not be obligated to give any notice of default to Tenant.
a. (c) The failure by of Tenant to pay comply with any rent of its obligations under Sections 25, 26 and 28 where Tenant fails to comply with its obligations or other sum fails to cure any earlier breach of money due hereunder such obligation within ten (10) days after following written notice from Landlord that such payment has not been made;to Tenant. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 17.1(c).
b. (d) The failure by Tenant to observe or perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 17.1(a), (b) and (c), above), where such failure shall continue for more than a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant's nonperformance is such defaultthat more than thirty (30) days are reasonably required for its cure, unless then Tenant shall not be deemed to be in default if Tenant commences such default is of a nature that it cannot practicably be cured cure within a said thirty (30) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant is proceeding with due diligence a notice to cure such default;quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 17.1(d).
c. (i) The making by Tenant or any guarantor of an Tenant's obligations hereunder of any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition by or filed against Tenant for adjudication as or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a bankrupt trustee or receiver to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where possession is not restored to Tenant within sixty (60) days; (iv) the attachment, execution or other judicial seizure of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, where such seizure is not discharged within sixty (60) days; or (v) the insolvency of Tenant. In the event that any provision of this Section 17.1(e) is unenforceable under the Bankruptcy Actapplicable law, as now such provision shall be of no force or hereafter amended effect.
(f) The discovery by Landlord that any financial statement, representation or supplementedwarranty given to Landlord by Tenant, or for reorganization within by any guarantor of Tenant's obligations hereunder, was materially false at the meaning of Chapter XI of the Bankruptcy Acttime given. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, partnership, limited liability company or the commencement of any action or proceeding for similar entity, the dissolution or liquidation of Tenant, whether instituted by or against .
(h) If Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and 's obligations on its part to be performed or discharged under this Lease during are guaranteed: (i) the pendency death of such proceedings.
14.2 Upon a guarantor, (ii) the occurrence termination of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right a guarantor's liability with respect to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under than in accordance with the terms of this Agreement. Failure such guaranty, (iii) a guarantor's becoming insolvent or the subject of Tenant a bankruptcy filing, (iv) a guarantor's refusal to successfully cure said default shall give Landlord honor the right to implement any remedy authorized under guaranty, (v) a guarantor's breach of its guaranty obligation on an anticipatory breach basis or (vi) if the terms guarantor is a corporation, limited liability company or partnership, the dissolution of this agreementthe guarantor or the termination of the guarantor’s existence.
Appears in 1 contract
Sources: Standard Lease (Ambarella Inc)
Default by Tenant. 14.1 (a) The following shall be deemed a considered events of default hereunder:
(1) Non-payments by Tenant under the terms of any installment of the Lease (“Event of Default”):
a. The failure by Tenant to pay any stipulated rent or other sum of money due hereunder additional rent within ten (10) days after written notice from Landlord that such payment has not been made;of due date.
b. The failure (2) Non-compliance by Tenant to perform with any other of the terms, conditions or covenants of this Lease except for non-payment of rent, after notice of such non-compliance has been given to Tenant, and the same has not been corrected within thirty (30) days hereafter.
(3) Vacation, desertion or abandonment of the premises.
(4) The levy of an attachment or other order to secure the effectiveness of judgement, or the levy of execution upon the property of tenant in the Demised Premises or upon the lease, in any proceeding pending againts Tenant in any court of competent jurisdiction, unless such attachment, order or execution be observed discharged by bond, or performed otherwise, not later than twenty (20) days couted from the date upon which Tenant shall have received notice thereof.
(5) The mere filing by Tenant for more than tenant of a voluntary bankruptcy proceeding.
(6) The filing by any creditor against Tenant, in a court of competent jurisdiction, of any involuntary proceedings permitted under any bankruptcy statute then in force, unless the same shall have been dismissed or set aside within thirty (30) days after written the filing thereof.
(7) The issuance of an order placing the tenant's leasehold estate under the control or management of a trustee, liquidator or receiver, with the exception of a custodial receiver, if same is not vacated within twenty (20) days after the date or receipt of notice from Landlord thereof by Tenant.
(b) In the event of any such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period landlord shall have, in addition to all other rights and Tenant is proceeding with due diligence to cure such default;
c. The making limitations provided for by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actlaw, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right without notice to tenant to terminate this Lease by written notice lease, in which event Landlord may relet the Demised Premises, in whole or in part, for the non-expired portion of the term of this or any part thereof, and received the rent therefor and apply it to the rent due hereunder, the terms and conditions of such intention reletting to be at the sole discretion of the Landlord, and Landlord's action shall be final and binding upon the Tenant. In ; and Tenant agrees to pay promptly to Landlord on demand, at one time or from time to time, any difference between the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and any lesser amounts collected by Landlord from the lessee or lessees to perform whom the Demised Premises may be relet as aforesaid.
(c) All remedies given or reserved to landlord hereunder shall be cumulative and non-exclusive of any other term, condition, covenant remedies in law or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on in equity which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and might make use in the performance of all terms conditions and agreements relating to matters prior to the date of such terminationexercise or in defense or its rights hereunder.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The Each of the following events shall be deemed an event of default (“Default”) under this Lease and also a default material breach of this Lease:
A. Failure by Tenant to make any payment of Rent or any other monies due under this Lease to Landlord when due.
B. Failure by Tenant to perform or observe any other obligation or condition to be performed or observed by Tenant under the terms of the this Lease (“Event of Default”):
a. The and failure by Tenant to pay any rent or other sum of money due hereunder correct such default within ten fifteen (1015) days after written Landlord gives Tenant notice from Landlord that to do so or, if because of the nature of the default it cannot be corrected within such payment has not been made;
b. The fifteen (15) day period, failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty commence correction within such fifteen (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (3015) day period and thereafter to expeditiously and continuously prosecute the correction to completion.
C. Abandonment or vacation of the Premises by Tenant. For purposes of this Agreement, the term “abandonment” shall mean the apparent desertion of the Premises for a continuous period of two (2) weeks while the Rent remains unpaid.
D. Termination, assignment, or sublease of Tenant’s interest in this Lease or change of ownership in Tenant, if Tenant is proceeding with due diligence to cure such defaulta partnership or corporation, whether voluntarily or by operation of law except as provided for in Section 28 herein.
E. The filing, execution, or occurrence of any one or more of the following: Initial---Landlord: _____ Tenant: _____
(1) Petition in bankruptcy by or against Tenant or any guarantor (“Guarantor”) of Tenant’s obligations hereunder;
c. The making by (2) Petition or answer seeking with respect to Tenant or any Guarantor a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or relief of an assignment the same or different kind, under any provision of the Bankruptcy Act or any statute of like tenor or effect;
(3) Adjudication of Tenant or any Guarantor as a bankrupt or that Tenant is insolvent;
(4) Assignment for the benefit of creditors of Tenant or any Guarantor whether by trust, mortgage, or otherwise, or the execution of a composition agreement with Tenant’s or any Guarantor’s creditors;
d. The filing of a petition (5) Petition or other proceeding by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actany Guarantor for, or the commencement appointment of, a trustee, receiver, guardian, conservator, or liquidator of Tenant or any action Guarantor with respect to all or proceeding for the dissolution or liquidation substantially all of Tenant, whether instituted ’s or any Guarantor’s property;
(6) Petition or other proceeding by or against TenantTenant or any Guarantor for its dissolution or termination; or
(7) Taking of the Leasehold created hereby or any part thereof or any property of Tenant located thereon upon execution, attachment, or for the appointment other process of a receiver law or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsequity.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Commercial Lease Agreement (Cardinal Energy Group, Inc.)
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms of the Lease (“Event of Default”):
a. The Any failure by Tenant to fully and completely perform or comply with any covenant, condition, term or provision on the part of Tenant to be performed or complied with under any Article of, and/or Exhibit to, this Lease shall constitute a breach of this Lease after the applicable notice and cure period. Landlord shall have the right to treat the occurrence of any one or more of the following events as a default under this Lease (provided, no such levy, execution, legal process or petition as set forth in Subsections (3) through (7) below filed against Tenant shall constitute a default under this Lease if Tenant shall vigorously contest the same by appropriate proceedings, and shall remove or vacate the same within sixty (60) days from the date of its creation, service or filing): Tenant does not pay Rent or any rent or other sum of money due hereunder required to be paid by Tenant under this Lease within ten five (105) days after written notice from Landlord that but in no event shall Landlord be obligated to give Tenant such payment notice more than two (2) times during any calendar year or within five (5) days of due date after Tenant has received two (2) notices from Landlord in any calendar year; or Tenant does not been made;
b. The failure by perform or comply with any covenant, condition, term or provision on the part of Tenant to perform be performed or complied with under any other of the termsArticle of, conditions or covenants of and/or Exhibit to, this Lease to be observed and such non-performance or performed by Tenant non-compliance continues for more than thirty (30) days after written notice from Landlord of such defaultto Tenant, unless such default is of a nature that it the same cannot practicably be cured within a thirty (30) days, then within such additional time as is reasonably necessary to complete such cure, provided that Tenant has commenced such cure within the initial thirty (30) day period and diligently pursues such cure to completion within ninety (90) days. the interest of Tenant under this Lease is levied on under execution or other legal process; or any petition is filed by or against Tenant to declare Tenant a bankrupt or to delay, reduce or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s debts or obligations; or any petition is filed to reorganize or modify Tenant’s capital structure; or Tenant is proceeding with due diligence declared insolvent according to cure such default;
c. The making by Tenant law; or any assignment of an assignment Tenant’s property is made for the benefit of creditors;
d. The filing ; or a receiver or trustee is appointed for Tenant or its property; or Tenant vacates or abandons the Leased Premises or any part thereof at any time during the Term for a period of fifteen (15) or more continuous days; or Tenant is a petition by or against corporation and Tenant for adjudication ceases to exist as a bankrupt under corporation in good standing in the Bankruptcy Actstate of its incorporation after receipt of notice from the Secretary of State of Delaware. Tenant expressly acknowledges and agrees that this Lease, as now or hereafter amended or supplementedwell as any invoices and notices relating thereto, or for reorganization constitutes evidence of an indebtedness within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsNorth Carolina General Statutes Section 6-21.2.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Trans1 Inc)
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following events shall be deemed a default by Tenant under the terms of the Lease (an “Event of Default”):” by Tenant under this Lease and that said Event of Default shall give Landlord the rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant.
a. (a) Tenant’s failure to make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Taxes, late charges, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable summary process or unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a), so long as Tenant has the benefit of the grace period described above.
(b) The abandonment of the Premises by Tenant, in which event Landlord shall not be obligated to give any notice of default to Tenant.
(c) The failure of Tenant to (1) comply with any of its obligations under Sections 7.3, 8, 12, 21, 23 or 26 and failure to cure the same within fifteen (15) days following written notice from Landlord to Tenant, or (2) comply with any of its obligations under Section 6.2 and failure to cure the same within such time as may be allowed by the applicable legal or regulatory requirement, so long as (i) Tenant shall diligently and continuously work to effect such cure at the soonest practicable time, and (ii) the time used by Tenant to effect such a cure shall not in any way subject Landlord or the Property to civil or criminal sanction or liability or create a default under Landlord’s mortgage or any other lease or contract to which Landlord is a party or by which Landlord or the Property is bound, and all enforcement proceedings against Landlord or the Property shall be stayed. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable summary process or unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c), so long as Tenant has the benefit of the grace period described above.
(d) The failure by Tenant to pay any rent observe or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 13.1(a), (b) and (c), above), where such failure shall continue for more than a period of thirty (30) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such default, unless such default is of a nature that it cannot practicably be cured within a more than thirty (30) day days are reasonably required for its cure, then an Event of Default shall not be deemed to exist if Tenant commences such cure within fifteen (15) days after such notice and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable summary process or unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(d), so long as Tenant has the benefit of the grace period and Tenant is proceeding with due diligence to cure such default;described above.
c. (i) The making by Tenant or any guarantor of an Tenant’s obligations hereunder of any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. Section 101 (the “Bankruptcy Code”) or any successor statute thereto (unless, in the case of a petition by or filed against Tenant or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; (iv) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; (v) Tenant shall be adjudicated insolvent, or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for adjudication as a bankrupt itself under any present or future Federal, State or other statute, law or regulation for the relief of debtors (other than the Bankruptcy Act, as now or hereafter amended or supplementedCode), or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or of all or any substantial part of its properties, or shall admit in writing its inability to pay its debts generally as they become due; (vi) a petition shall be filed against Tenant under any law other than the Bankruptcy Code seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future Federal, State or other statute, law or regulation and shall remain undismissed or unstayed for reorganization within an aggregate of sixty (60) days (whether or not consecutive), or if any trustee, conservator, receiver or liquidator of Tenant or of all or any substantial part of its properties shall be appointed without the meaning consent or acquiescence of Chapter XI Tenant and such appointment shall remain unvacated or unstayed for an aggregate of sixty (60) days (whether or not consecutive); or (vii) the occurrence of any of the Bankruptcy Actevents described in this paragraph (e) with respect to any guarantor of all or any portion of Tenant’s obligations under this Lease. In the event that any provision of this Section 13.1(e) is unenforceable under applicable law, such provision shall be of no force or effect.
(f) The discovery by Landlord that any financial statement, representation or warranty given to Landlord by Tenant, or the commencement by any guarantor of any action Tenant’s obligations hereunder, is or proceeding for was materially false. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, limited liability company, partnership, or other business entity, the dissolution or liquidation of Tenant, whether instituted by or against .
(h) If Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and ’s obligations on its part to be performed or discharged under this Lease during are guaranteed: (i) the pendency death of such proceedings.
14.2 Upon a guarantor, (ii) the occurrence termination of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right a guarantor’s liability with respect to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under than in accordance with the terms of this Agreement. Failure such guaranty, (iii) a guarantor’s becoming insolvent or the subject of Tenant a bankruptcy filing, or (iv) a guarantor’s refusal to successfully cure said default shall give Landlord honor the right to implement any remedy authorized under the terms of this agreementguaranty.
Appears in 1 contract
Sources: Lease Agreement (Nitromed Inc)
Default by Tenant. 14.1 The following If (i) default shall be deemed a default made in the payment of the Rent or in the payment of any other sum required to be paid by Tenant under the terms of the this Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within and such default shall continue for ten (10) business days after Tenant's receipt of written notice from Landlord that such payment has not been made;
b. The failure by Landlord, (ii) Tenant shall fail to perform in all material respects any other of the terms, conditions or other covenants of this Lease which Tenant is required to be observed or performed by Tenant perform and such default shall continue for more than thirty (30) days after written notice to Tenant from Landlord of such defaultLandlord, unless provided, however, if such default is of a nature that it cannot practicably be reasonably cured within a said thirty (30) day period and Tenant is proceeding with due diligence shall not be in default if Tenant promptly commences to cure the default and thereafter diligently continues such efforts to cure the default;
c. The making by , (iii) Tenant of an shall make a general assignment for the benefit of creditors;
d. The filing of its creditors or shall file a voluntary petition by for bankruptcy or other reorganization, arrangement, conservation, liquidation, dissolution or similar relief, or (iv) any proceeding is filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now seeking any relief mentioned or hereafter amended or supplemented, or for reorganization similar to that referred to in (iii) above and said proceeding is not discharged within the meaning of Chapter XI thirty (30) days of the Bankruptcy Actfiling thereof or Tenant consents, acquiesces, admits or the commencement of otherwise approves or agrees to any action such proceeding or proceeding for the dissolution or liquidation of Tenantsuch relief, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which then Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon treat the occurrence of any Event one or more of Defaultthe foregoing events as a breach of this Lease, Landlord shall have the right and thereupon at its option may, with notice to Tenant, may terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance Term created hereby and recover any sum of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default money or damages owed by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.Landlord,
Appears in 1 contract
Sources: Lease (Buckeye Ventures, Inc.)
Default by Tenant. 14.1 (a) The following shall be deemed a default by term of this Lease is subject to the limitation that (i) whenever Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant fails to pay any rent monthly installment of the Annual Rental or any additional rental or other sum due Landlord from Tenant hereunder and such default continues for a period of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Landlord, or (ii) whenever Tenant fails to perform or observe any other of the termscovenant, conditions term, provision or covenants condition of this Lease to be observed or performed by Tenant and such default continues for more than a period of thirty (30) days after written notice from by Landlord of (plus such defaultadditional time as may be reasonably required to cure a default which, unless such default is of a nature that it despite diligent and continuous effort, cannot practicably by its very nature be cured within a said thirty (30) day period days) then, in any of such cases Landlord may give Tenant a notice of intention to terminate this Lease five (5) days after such notice and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenantterm and estate hereby granted, whether instituted by or against Tenantnot the term shall theretofore have commenced, or for the appointment of a receiver or trustee of the property of Tenant, provided shall expire and terminate on that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have fifth day with the same dismissedeffect as if the date of termination were the Expiration Date, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, but Tenant shall remain liable for damages as provided herein.
(b) If the rent notice provided in subparagraph (a) above shall have been given and the term shall expire as aforesaid, then Landlord or Landlord's agents and employees may immediately or at any time thereafter re-enter the leased Premises, or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, or otherwise (other sums payable hereunder whether than by force), without being liable to indictment, prosecution or not damages therefor, and may repossess the same, and may remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises again as and repairing of its first estate and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenantinterest therein. In the event Landlord elects to terminate of any termination of the term of this Lease under the provisions of Article Thirteen or in the event of the termination of the term of this Lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant’s liability for , Tenant shall thereupon pay to Landlord the rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part charge payable by Tenant to be performed under this Lease shall cease and terminate as to any period subsequent Landlord up to the date on which Landlord delivers to Tenant written notice time of such termination. Tenant termination or re-entry, as the case may be, and shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating also pay to matters prior to the date of such terminationLandlord damages as provided in subparagraph (c) below.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The occurrence of any of the following shall be deemed constitute a material default and breach of this Lease by Tenant under the terms of the Lease (“Event of Default”"DEFAULT"):
a. (a) Any failure by Tenant to pay Basic Rent or Additional Charges when due, where such failure continues for ten (10) days after delivery of written notice of such failure by Landlord to Tenant;
(b) The failure by Tenant to pay observe and perform any rent other provision of this Lease to be observed or performed by Tenant, if such failure continues for 30 days after written notice by Landlord to Tenant; PROVIDED, HOWEVER, that if the nature of such default is such that it cannot reasonably be cured within such 30-day period, Tenant shall not be deemed to be in default under this SECTION 16.1(b) if Tenant within that period commences to cure the default and so long as Tenant thereafter diligently proceeds to completion within a reasonable time;
(c) The making by Tenant of a general assignment for the benefit of creditors; the commencement by Tenant of any case, proceeding or other sum action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of money due hereunder it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or for the appointment of a receiver for, or the seizure or takeover by any governmental agency of, it or all or any substantial part of its property (collectively, an "INSOLVENCY PROCEEDING"); the commencement of any Insolvency Proceeding against Tenant, unless such Insolvency Proceeding is contested (and such contest is diligently pursued) and such Insolvency Proceeding is discharged or dismissed within ninety (90) days after the date filed or commenced; a trustee or receiver shall be appointed to take possession of substantially all of Tenant's assets located at the Premises or of Tenant's interest in this Lease, unless possession is restored to Tenant within ninety (90) days; or substantially all of Tenant's assets located at the Premises or Tenant's interest in this Lease shall be attached or judicially seized, unless such attachment or seizure is discharged within ninety (90) days; and
(d) The failure by Tenant to observe or perform according to the provisions of SECTION 6.2 ("PROHIBITED USES") if such failure continues for more than ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other Landlord; PROVIDED, HOWEVER, if the nature of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature such that it cannot practicably reasonably be cured within a thirty such ten (3010) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlordperiod, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part be deemed to be performed in default under this Lease shall cease and terminate as to any SECTION 16.1(d) if Tenant within that period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity commences to cure such the default under the terms of this Agreement. Failure of and so long as Tenant thereafter diligently proceeds to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementcompletion within a reasonable time.
Appears in 1 contract
Default by Tenant. 14.1 The Each of the following shall be deemed constitute a default "Default" by Tenant:
(a) With respect to the first two payments of Rent not made by Tenant under when due in any twelve (12) month period, the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder make such payment to Landlord within ten five (105) days after Landlord gives Tenant written notice from Landlord specifying that such the payment has was not been made;
b. The made when due. With respect to any other payment of Rent, the failure by Tenant to perform make such payment of Rent to Landlord when due, no notice of any other such failure being required; or
(b) Tenant shall fail to fulfill or perform, in whole or in part, any of the terms, conditions or covenants of its obligations under this Lease to be observed (other than the payment of Rent) and such failure or performed by Tenant non-performance shall continue for more than a period of thirty (30) days after written notice from thereof has been given by Landlord of to Tenant; provided that if such default, unless such default is of a failure by its nature that it cannot practicably be cured within a such thirty (30) day period period, Tenant shall not be in default hereunder so long as Tenant commences curative action within such thirty (30) day period, diligently and Tenant is proceeding with due diligence continuously pursues the curative action and fully cures the failure within ninety (90) days after Landlord gives such written notice to cure such default;Tenant; or
c. (c) The making by Tenant of an assignment for the benefit of creditors;
d. The filing entry of a decree or order by a court having jurisdiction adjudging Tenant or any guarantor to be bankrupt or insolvent or approving as properly filed a petition by seeking reorganization of Tenant or against Tenant for adjudication as a bankrupt such guarantor under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the National Bankruptcy Act, or the commencement of any action other similar applicable Federal or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against TenantState law, or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or a trustee or assignee in bankruptcy or insolvency of Tenant or such guarantor or its property or for the property winding up or liquidation of its affairs; or Tenant or any guarantor shall institute proceedings to be adjudicated a voluntary bankruptcy or shall consent to the filing of any bankruptcy, reorganization, receivership or other proceeding against Tenant or such guarantor, or any such proceedings shall be instituted against Tenant or any guarantor and the same shall not be vacated within ninety (90) days after the same are commenced; or
(d) Tenant shall make an assignment for the benefit of Tenant, provided that no such filing 's creditors or proceeding instituted by a third party shall be regarded admit in writing Tenant's inability to pay the debts of Tenant generally as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsthey may become due; or
(e) Intentionally deleted.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises(f) Intentionally deleted.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Office Lease (Carreker Antinori Inc)
Default by Tenant. 14.1 The following events shall be deemed a to be events of default by Tenant under the terms of the Lease (“Event of Default”):this Lease:
a. The failure by 13.1 Tenant shall fail to pay any rent Rent or make any other sum payment of money when due hereunder within ten and such failure shall continue for a period of twenty (1020) days after written notice from Landlord that such payment has not been made;thereof to Tenant.
b. The failure by 13.2 Tenant to perform shall materially breach any other of the termsterm, conditions provision or covenants covenant of this Lease to be observed or performed by Tenant for more Lease, other than as described in subsection Section 13.1 above, and shall not cure such material breach within thirty (30) days after written notice from Landlord of such default, unless such default is of a nature thereof to Tenant (provided that it cannot practicably be cured within a thirty (30) day period and if Tenant is proceeding with due diligence pursuing a remedy in good faith, Tenant shall have such reasonable period as is necessary to cure such default;the breach).
c. The making by 13.3 Tenant shall become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of creditors;.
d. The filing of 13.4 Tenant shall file, or have filed against it, a petition by under any section or chapter of the national bankruptcy act (and it is not dismissed within ninety (90) days of the filing), as amended, or under any similar law or statute of the United States or any state thereof, or Tenant or any guarantor of Tenant’s obligations under this Lease shall be adjudged bankruptcy or insolvent in proceedings filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation guarantor of Tenant, whether instituted by or against Tenant, or for the appointment of a ’s obligations under this Lease.
13.5 A receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have appointed for the same dismissed, rescinded Premises or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge for all or substantially all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency assets of such proceedingsTenant.
14.2 13.6 Tenant vacates or fails to conduct its business in the Premises or any substantial portion of the Premises for more than ninety (90) consecutive days.
13.7 The failure of Tenant to fulfill its overall total spending obligations as set forth in Section 4.3 (Kinex Investment & Spending in connection with the Manufacturing Facility) of the Alliance Agreement, subject to such cure periods as are set forth in the Alliance Agreement.
13.8 The failure of Tenant to fulfill its obligations as set forth in Section 4.4 (Kinex Employment Targets in connection with the Manufacturing Facility) of the Alliance Agreement, subject to such cure periods as are set forth in the Alliance Agreement.
13.9 Any other actions or inactions on the part of Tenant constituting a default under the Alliance Agreement which results in the termination thereof.
13.10 Upon the occurrence of an Event any such events of Defaultdefault, Landlord shall have the immediate right of re-entry option to pursue any or all remedies permissible at law, including the following:
(a) Landlord may enter upon and take possession of the Leased Premises in order to protect them from deterioration and no notice requirement shall be required prior to Landlord taking such actions. Landlord may continue to demand from Tenant the Rent and Additional Rent, without any obligation to relet but that if Landlord, in its sole discretion, elects to relet the Premises, which right such action by Landlord shall remain continuous until such time not be deemed as Tenant shall have cured such Event an acceptance of Default. Notwithstanding such re-entry and possession Tenant’s surrender of the Leased Premises unless Landlord expressly notifies Tenant of such acceptance in writing. Tenant further agrees that in an event of default, Landlord, in its sole discretion, may elect for all Rent and Additional Rent reserved in this Lease from the date of such breach to the expiration date of this Lease, to become immediately due and payable to Landlord. Tenant hereby acknowledges that if Landlord relets the Premises, Landlord shall be reletting as Tenant’s agent and Tenant furthermore hereby agrees to pay to Landlord on demand any deficiency that may arise between the Rent and Additional Rent that are actually collected by Landlord, Tenant shall remain liable for . It is further agreed that in the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting event of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Defaultdefault, Landlord shall have the right to terminate this Lease by written notice enter upon the Premises, and subject to the limitation of such intention liability provided in the Alliance Agreement, Landlord shall have the right to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform recover from Tenant any other termout of pocket costs or expenses, conditionincluding reasonable attorneys’ fees and court costs, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated incurred by Landlord as a default by Tenant as though it was result of Tenant’s own default. Notwithstanding the foregoing, Tenant will shall not be given liable for consequential or other indirect damages (including without limitation, lost profits or business interruption).
(b) Upon the opportunity occurrence of any such events of default, Landlord may terminate this Lease with no further prior notice to cure such default under Tenant except as set forth in Article 13, in which event Tenant shall immediately surrender the terms Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which Landlord may have for possession, arrearages in or acceleration of this rent, enter upon and take possession of the Premises and expel or remove Tenant or any other person who may be occupying the Premises or any part thereof, as provided by law. In addition, subject to the limitation of liability provided in the Alliance Agreement. Failure of Tenant to successfully cure said default , Landlord shall give Landlord have the right to implement recover from Tenant any other actual, out-of-pocket costs or expenses, including reasonable attorneys’ fees and court costs, incurred by Landlord as a result of Tenant’s default. Subject to the limitations provided in the Alliance Agreement, Tenant agrees to pay Landlord on demand the amount of all loss and damage that Landlord may be entitled to by law. Notwithstanding the foregoing, Tenant shall not be liable for consequential or other indirect damages (including without limitation, lost profits or business interruption).
13.11 If Landlord elects to exercise any remedy authorized under prescribed above, any such election shall in no way prejudice Landlord’s rights at any time thereafter to change said election in favor of any other remedy(ies) prescribed. Pursuit of any of the terms above remedies shall not preclude pursuit of any other remedies prescribed in other sections of this agreementLease and any other remedies provided by law. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event of default shall not be deemed or construed to constitute a waiver of such default. It is further agreed that in addition to Rent payments required under this Lease, subject to the limitation of liability provided in the Alliance Agreement, Tenant shall compensate Landlord for any other actual, out-of-pocket costs or expenses, including reasonable attorneys’ fees and court costs, incurred by Landlord as a result of Tenant’s default. Notwithstanding the foregoing, Tenant shall not be liable for consequential or other indirect damages (including without limitation, lost profits or business interruption).
Appears in 1 contract
Sources: Lease (ImmunityBio, Inc.)
Default by Tenant. 14.1 The following Tenant covenants and agrees that, if the rental ----------------- reserved by this Lease, or other charges to be paid hereunder by Tenant, or any part thereof, shall be deemed a default by unpaid when due, or Tenant under the terms shall fail to perform any of the Lease (“Event other covenants, conditions or agreements herein contained, or if the Premises should be abandoned by Tenant, Landlord may at its option, recover and resume possession of Default”):
a. The failure the Premises by Tenant to pay any rent process of law; provided however, that if the default be made in the payment of rentals or other sum of money due hereunder within charges to be paid by Tenant, then the said Landlord shall first give Tenant ten (10) days after written notice from Landlord that such payment has not been made;
b. The in writing to cure said default, which notice shall specify the nature and character of said default of defaults, and if the default shall consist in Tenants failure by Tenant to perform any other of the termsother covenants, conditions and agreements herein contained then Landlord shall first give Tenant Thirty (30) days' notice in writing to cure said default or covenants defaults, and upon the failure of this Lease Tenant to be observed or performed cure said defaults within the time specified in the applicable notice, Landlord may exercise the rights herein granted; provided however, that if such defaults is by Tenant for more than its nature impossible to cure within said thirty (30) days after written notice from Landlord and thereafter diligently pursues the cure of said default, to completion as soon as reasonably possible, then Tenant shall not be in default. In the event of such defaultresumption of possession under this Lease, unless such default is of a nature that it cannot practicably or by summary proceedings, or by any other means, Landlord may remove all persons and property from the Premises and may relet the same as agent for Tenant. Landlord shall be cured within a thirty (30) day period entitled to hold Tenant liable for the difference between the rent herein provided to be paid and Tenant is proceeding with due diligence to cure such default;
c. The making other charges payable by Tenant hereunder, during the residue of an assignment the original term of this Lease had it continued in force, and the net rent for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI residue of the Bankruptcy Act, term realized by Landlord by means of reletting the premises to other parties. Tenant agrees that such net rent shall be determined by deducting from the entire rent received by reason of such reletting the expense incurred by Landlord for necessary repairs to the premises or the commencement by reason of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee breach of the property terms, covenants, and conditions of Tenantthis Lease, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have and all and any necessary expense incurred in recovering the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premisespremises, which right shall remain continuous until and the cost and expenses of such reletting, including the reasonable cost of removing Tenants temporary improvements, but not including any expenses in connection with remodeling for a new Tenant agrees that said reletting may be for the whole or the residue of the demised term or for portions thereof from time to time as opportunity may offer and as Landlord may deem expedient, and in such case Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain be liable for such difference from time to time as the rent and other sums payable hereunder whether or not would have fallen due if this lease have continued, deducting from the Leased Premises are relet payments so to be made by Landlord an for all expenses which Landlord may incur in re-entering Tenant from a given period as provided, herein, the Leased Premises and repairing and maintaining net realized during the same less such proceedsperiod by reletting as aforesaid. Landlord may, at its option, terminate this Lease, and landlord, shall be entitled to recover from Tenant as damages the difference, if any, between the then reasonable rental value of the Premises, for the balance of term reserved in this Lease, and the amount of rental and other charges payable by Tenant for the balance of the term of this Lease together with the Rent then unpaid, including all reasonable attorney's fees, to be fixed by the court, which may result from be incurred in recovering the reletting possession of said Premises or which may be incurred in collecting such damaged or such rents. It is further understood and agreed, that in the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, event Landlord shall have the right elect to terminate this Lease by as provided in this paragraph, Landlord shall give written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice to that effect and may, at its option, immediately institute legal proceedings to collect all of such termination. Tenant shall remain liablesaid rental or damages, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationif any due Landlord by Tenant.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following events shall be deemed a to be events of default by Tenant under the terms of the Lease (“Event of Default”):this Lease:
a. The failure by A. Tenant shall fail to pay any installment of the rent or other sum on the date that same is due and such failure shall continue for a period of money due hereunder within ten five (105) days after written notice from Landlord that such payment has not been made;Landlord.
b. The failure by B. Tenant shall fail to perform comply with any other of the termsterm, conditions condition or covenants covenant of this Lease to be observed or performed by Tenant for more Lease, other than the payment of rent and shall not cure such default within thirty (30) days after written notice from Landlord of such defaultthereof to the Tenant, unless or if such default is of a nature that it cannot practicably reasonably be cured within a the said thirty (30) day period days and Tenant is proceeding shall not have commenced to cure such default within thirty (30) days after written notice thereof to Tenant, or if such default cannot reasonably be cured within the said thirty (30) days and Tenant shall not thereafter with due reasonable diligence and good faith proceed to cure such default;.
c. The making by C. Tenant shall become insolvent, or shall make a transfer in fraud of creditors, or shall make an assignment for the benefit of creditors;.
d. The filing of D. Tenant shall file a petition by under any Section or against Tenant for adjudication as a bankrupt under Chapter of the National Bankruptcy Act, as now or hereafter amended or supplementedamended, or for reorganization within the meaning of Chapter XI under any similar law or statute of the Bankruptcy Act, United States or any State thereof; or Tenant shall be adjudged bankrupt or insolvent in proceedings filed against the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a Tenant thereunder.
E. A receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded appointed for all or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge substantially all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency assets of such proceedingsTenant.
14.2 F. Upon the occurrence of an Event any of Defaultsuch events of default, Landlord shall have the immediate right option to pursue any one or more of re-entry the following remedies without any notice or demand whatsoever.
(i) Terminate this Lease, in which event Tenant shall immediately surrender the Leased Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearages in rent, enter upon and take possession of the Leased Premises, which right shall remain continuous until and relet the premises and receive the rent therefor; and Tenant agrees to pay to Landlord on demand any deficiency that may arise by reason of such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry reletting.
(ii) Enter upon and take possession of the Leased Premises by LandlordPremises, Tenant shall remain without being liable for prosecution or any claim for damages therefor, and do whatever Tenant is obliged to do under the rent terms of this Lease, and other sums payable hereunder whether or not the Leased Premises are relet by Tenant agrees to reimburse Landlord an on demand for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting thus effecting compliance with Tenant's obligation under this Lease. Pursuit of any of the Leased Premises.
14.3 Additionally, upon the occurrence foregoing remedies shall not preclude pursuit of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform remedies herein provided or any other termremedies provided by law, conditionnor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationcovenants herein contained.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Ace Hardware Corp)
Default by Tenant. 14.1 The occurrence of any one or more of the following ----------------- events shall be deemed constitute a default by Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants and breach of this Lease by Tenant:
(a) failure to be observed pay rent when due;
(b) failure to maintain insurance as required hereunder with Landlord listed as a named insured;
(c) failure to comply with confidentiality, non-disparagement and non-solicitation obligations hereof;
(d) the appointment of a receiver to take possession of all or performed substantially all of the assets of Tenant, a general assignment by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action taken or proceeding for the dissolution suffered by Tenant under insolvency or liquidation bankruptcy laws; or
(e) failure to comply with any other provision of this Lease. If any such default is not cured within 30 days after written notice thereof from Landlord to Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Landlord may terminate this Lease and Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and immediately surrender possession of the Leased Premises to Landlord. Notwithstanding the foregoing, if the default is related to a breach by LandlordTenant of its obligations under Sections 11(b) or 27 hereof, Landlord may terminate this Lease immediately and Tenant shall remain liable for have no opportunity to cure the rent default. In addition, notwithstanding the foregoing, no notice shall be required, no cure period shall be afforded and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises this Lease shall automatically and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, immediately terminate upon the occurrence of any Event of Default, the events described in Section 18(d) above. If Landlord shall have the right to terminate terminates this Lease by written notice because of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant, Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give immediately pay Landlord the right to implement any remedy authorized under the terms of this agreementall rent then due.
Appears in 1 contract
Sources: Lease (Apa Optics Inc /Mn/)
Default by Tenant. 14.1 The a. Any one or more of the following shall be deemed a default by Tenant under the terms of the Lease (an “Event of Default”)::
a. The failure by i. Failure of Tenant to pay any rent Rent or any other sum monetary obligations required by this Lease within ten (10) days after it is due.
ii. Failure of money due hereunder Tenant to comply with any term, condition or covenant of this Lease or to perform any obligations of this Lease, within ten (10) days after written notice from by Landlord. If the failure is of such nature that it cannot be completely remedied within the ten (10) day period, then Tenant shall commence cure within the ten (10) day period, notify Landlord of Tenant’s steps for cure and estimate time table for full correction of the failure, and proceed with due diligence and good faith to correct the failure as soon as practical and to completion. If Tenant fails to perform or comply with any obligation two (2) or more times in any twelve (12) month period, then notwithstanding that such payment has not been made;default was cured by Tenant, any further similar failure to comply will be an Event of Default without the ability for cure.
b. iii. The failure by Tenant to perform any other abandonment of the terms, conditions or covenants of this Lease to be observed or performed Premises by Tenant for any duration, cessation of Tenant’s business at Premises, or the failure of Tenant to occupy the Premises for fifteen (15) days or more than unless Tenant’s failure to occupy is excused by Landlord.
iv. An insolvency, receivership or bankruptcy proceeding is filed by or against Tenant or its guarantor to declare Tenant or its guarantor insolvent or bankrupt, or to seek a plan of reorganization or arrangement by Tenant or its guarantor with its creditors, unless such petition is withdrawn or dismissed within thirty (30) days after written notice from Landlord the date of such defaultits filing.
v. Appointment of receiver or trustee for the business or property of Tenant or its guarantor, unless such default appointment is vacated within ten (10) days of a nature that it cannot practicably be cured within a thirty (30) day period and its entry.
vi. Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of or its guarantor makes an assignment of Tenant’s or the guarantor’s property for the benefit of its creditors;, or if in any other manner Tenant’s or guarantor’s interest in this Lease is passed to another person by operation of law.
d. The vii. If Tenant or its guarantor admits in writing of Tenant’s or the guarantor’s inability to meet Tenant debts as they mature.
b. Upon filing of a petition by or against Tenant for adjudication as a bankrupt under the Federal Bankruptcy ActCode (Title 11 United States Code, as now or hereafter may be amended or supplemented, ):
i. Tenant or for reorganization within the meaning Tenant’s trustee shall perform promptly and fully each and every obligation of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession this Lease is either rejected or assumed by order of the Leased Premises by bankruptcy court or pursuant to the Bankruptcy Code. Acceptance of any performance does not constitute waiver or relinquishment of Landlord, Tenant shall remain liable for ’s rights under this Lease or the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premiseslaw.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenantii. In the event Landlord Tenant or Tenant’s trustee elects to terminate reject this Lease or where this Lease is deemed rejected pursuant to the Bankruptcy Code, then Landlord shall immediately be entitled to possession of the Premises without further obligation to Tenant or the trustee.
iii. In the event Tenant or Tenant’s trustee elects to assume and/or to assign this Lease pursuant to the Bankruptcy Code, in addition to any other requirement imposed upon Tenant, Tenant shall: within ten (10) days from the date of assumption, cure of all Lease defaults and compensate Landlord for any actual pecuniary loss that may have resulted from Tenant’s defaults, or provide adequate assurances of cure and compensation; and adequate assurances of future performance of all Tenant obligations under this Lease . Landlord and Tenant acknowledge such conditions are commercially reasonable.
iv. If Tenant or Tenant's trustee has assumed this Lease and elects to assign Tenant's interest under this Lease to any other person, such interest may be assigned only if the intended assignee has provided adequate assurance of future performance of all of Tenant’s obligations under this Lease, Tenant’s liability for rent and other sums payable hereunder executes and delivers to perform any other term, condition, covenant or agreement on its part to be performed under Landlord an instrument by which the assignee assumes all obligations of this Lease shall cease from and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to after the date of such terminationassignment.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall be deemed events is a material default by Tenant under this Lease and that said default shall give Landlord the terms rights described in Section 13.2. Landlord or Landlord's authorized agent shall have the right to serve any notice of default, notice to pay rent or quit or similar notice.
(a) Tenant's failure to make any payment of Base Rent, Tenant's Share of Operating Expense increases, parking charges, charges for after hours HVAC, late charges, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of five (5) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) The abandonment of the Lease Premises by Tenant in which event Landlord shall not be obligated to give any notice of default to Tenant.
(“Event of Default”):
a. c) The failure by Tenant to pay any rent observe or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 13.1(a) and (b), above), where such failure shall continue for more than thirty a period of twenty (3020) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant's non- performance is such defaultthat more than twenty (20) days are reasonably required for its cure, unless then Tenant shall not be deemed to be in default if Tenant commences such default is of a nature that it cannot practicably be cured cure within a thirty said twenty (3020) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant is proceeding with due diligence a notice to cure such default;quit pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c). IF TENANT IS UNABLE TO FULFILL ANY OF ITS OBLIGATIONS HEREUNDER OR IS DELAYED IN DOING SO, AND SUCH INABILITY OR DELAY IS CAUSED BY REASON OF STRIKE OR OTHER LABOR PROBLEMS, ACTS OF GOD, RIOT, INSURRECTION, GOVERNMENTAL ACTIONS OR REQUIREMENTS, OR ANY OTHER CAUSE BEYOND THE REASONABLE CONTROL OF TENANT, THE TIME FOR TENANT'S PERFORMANCE SHALL BE EXTENDED FOR THE PERIOD OF ANY SUCH DELAY.
c. (i) The making by Tenant or any guarantor of an any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a "debtor" as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition by or filed against Tenant for adjudication as a bankrupt under or guarantor, the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization same is dismissed within sixty (60) days); (iii) the meaning institution of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for proceedings seeking the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant, provided that no such filing 's assets located at the Premises or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur Tenant's interest in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers where possession is not restored to Tenant written notice within thirty (30) days or the institution of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was foreclosure proceeding against Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.'s real or personal property; or
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by If Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant fails to pay any rent or other sum of money lawful charges when due hereunder within ten (10) days after written notice from or if ▇▇▇▇▇▇ fails to reimburse Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the termsfor damages, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementedrepairs, or for reorganization within the meaning of Chapter XI of the Bankruptcy Actother costs when due as provided in this lease agreement, or if Tenant abandons the commencement of any action leased premises, or proceeding for the dissolution or liquidation of if Tenant, whether instituted ▇▇▇▇▇▇’s guest or other occupants violate this Agreement and/or Landlord’s Rules and Regulations, Landlord or ▇▇▇▇▇▇▇▇’s Representative may terminate ▇▇▇▇▇▇’s right of occupancy by giving Tenant three (3) day’s notice to vacate in writing; except however, notice may be by mail or against Tenantpersonal delivery to Tenant or left in a conspicuous place on the front door or inside the leased premises. SUCH TERMINATION DOES NOT RELEASE TENANT FROM LIABIITY FOR FUTURE RENTALS. LANDLORD’S ACCEPTANCE OF RENT OR OTHER SUMS DUE AFTER LANDLORD GIVES TENANT NOTICE TO VACATE OR AFTER LANDLORD FILES EVICTION SUIT SHALL NOT DIMISH LANDLORD’S RIGHT OF EVICTION AND SHALL NOT ▇▇▇▇▇ ▇▇▇▇▇▇▇’S RIGHT OF PROPERTY DAMAGE, PAST OR FUTURE RENT, OR OTHER SUMS DUE. If Landlord prevails in any suit for eviction, unpaid rentals, charges or for the appointment of a receiver or trustee of the property of Tenantdamages, provided that no such filing or proceeding instituted by a third party Tenant shall be regarded as a default hereunder if Tenant liable for Landlord’s administrative costs, court costs and reasonable attorney’s fees and all amounts shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with bear 10% interest from due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Defaultdate. If tenant’s rent is delinquent, Landlord shall have the immediate right of re-entry not be obligated to continue utilities which are furnished and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises paid for by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which . Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant report rentals or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent unpaid damages to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, local credit bureau for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationpermanent recordation in ▇▇▇▇▇▇’s credit record.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Home Rental Lease Agreement
Default by Tenant. 14.1 The occurrence of any one or more of the following events shall be deemed constitute a default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by a) Tenant shall fail to pay to Landlord any rent Rent or any other sum of money monetary charge due from Tenant hereunder within ten on or before five (105) business days after written notice thereof from Landlord to Tenant, provided that Landlord shall not be required to provide such payment has not been madenotice more than twice during any twelve (12) month period with respect to nonpayment of Rent, the third such nonpayment constituting a default without the requirement of notice;
b. The failure by (b) Tenant breaches or fails to perform comply with any other of the termsterm, conditions provision, condition or covenants covenant of this Lease to be observed or performed by Tenant Lease, other than as described in Section 8.1(a) and such failure continues for more than thirty (30) days after Tenant’s receipt of written notice from Landlord of (provided that if such default, unless such default is of a nature that it failure cannot practicably be reasonably cured within a thirty (30) days, then Tenant shall have an additional reasonable period of time within which to cure such failure so long as Tenant commences the cure thereof within such thirty (30) day period and Tenant is proceeding with due diligence to cure thereafter diligently prosecutes completion of such defaultcure);
c. (c) A Transfer (hereinafter defined) shall occur without the prior written approval of Landlord (to the extent Landlord’s approval is otherwise required pursuant to the terms and conditions of this Lease);
(d) The making interest of Tenant under this Lease shall be levied on under execution or other legal process;
(e) Any petition in bankruptcy or other insolvency proceedings shall be filed by or against Tenant, or any petition shall be filed or other action taken to declare Tenant a bankrupt or to delay, reduce or modify Tenant’s debts or obligations or to reorganize or modify Tenant’s capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceeding or other action shall be commenced or taken by any governmental authority for the dissolution or liquidation of Tenant and, within thirty (30) days hereafter, Tenant fails to secure a discharge thereof;
(f) Tenant shall become insolvent, or Tenant shall make an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning Tenant shall make a transfer in fraud of Chapter XI of the Bankruptcy Actcreditors, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if appointed for Tenant or any of its properties; or
(g) Tenant shall promptly move to have the same dismissed, rescinded do or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part permit to be performed or discharged under this Lease during done anything which creates a lien upon the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until the Project or any portion thereof and such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether lien is not otherwise released (or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by bonded over) within thirty (30) days following written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationfrom Landlord.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following 13.01. Tenant shall be deemed a in default by of this Lease if at any time during the Lease Term (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency, or other proceedings in law, or before any administrative tribunal which have or might have the effect of preventing Tenant under from complying with the terms of the Lease (“Event of Default”this Lease):
a. The failure by (i) Tenant fails to pay make payment of any rent installment of Monthly Rent, or of any other sum of money due hereunder herein specified to be paid by Tenant, within ten (10) days after of delivery of Landlord's written notice from to Tenant of such failure; provided, however, Landlord shall be obligated to give Tenant only three (3) notices in any calendar year during the Lease Term and thereafter during said calendar year Tenant shall be in default if Tenant fails to make payment when due, it being understood that such whether or not notice is given and notwithstanding anything herein to the contrary, all payments of monies past due shall accrue interest at the Prime Rate determined by City Bank, New York, plus three. Such Prime Rate shall be updated every 180 days and shall apply until payment has not been is effectively made;; or
b. The failure by (ii) Tenant fails to observe or perform any of its other covenants, agreements, or obligations hereunder, and such failure is not cured within thirty (30) days after Landlord's written notice to Tenant of such failure; provided, however, that if the terms, conditions or covenants nature of this Lease to be observed or performed by Tenant for Tenant's obligation is such that more than thirty (30) days after written notice from Landlord of are required for performance,, then Tenant will not be in default if Tenant commences performance within such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence thereafter diligently prosecutes the same to cure such defaultcompletion within ninety (90) days thereafter;
c. The making by (iii) Tenant makes a transfer in fraud of an assignment its creditors, makes a transfer for the benefit of its creditors;
d. The filing , is the subject of a petition by bankruptcy petition, is adjudged bankrupt or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or insolvent (suspension de pagos) in proceedings filed against Tenant, or for the appointment of a receiver , trustee, or trustee custodian is appointed for all of the property substantially all of Tenant's Assets, provided that no such filing or proceeding instituted by fails to pay its debts as they become due, convenes a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance meeting of all terms conditions and agreements relating or a portion of its creditors, or performs any act of bankruptcy or insolvency, including the selling of its assets to matters prior to pay creditors; or
(iv) Tenant has abandoned the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.Premises for thirty (30) days
Appears in 1 contract
Sources: Lease Agreement (International Manufacturing Services Inc)
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms occurrence of any one or more of the Lease following events (“Event of Default”):) shall constitute a breach of this Lease by Tenant:
a. The failure by (a) Tenant fails to pay Base Rent or any additional rent or other sum amount of money or charge payable by Tenant hereunder as and when such Base Rent or additional rent or amount or charge becomes due hereunder within ten and payable and such failure continues for more than five (105) business days after written from the date such sums are due, provided, however, that on one (1) occasion during any calendar year of the Term, Landlord shall give Tenant notice from Landlord that of such late payment and Tenant shall have a period of five (5) business days thereafter in which to make such payment has before such failure to pay constitutes an Event of Default (provided that, if such failure to pay is not been made;cured within such five (5) business day period, Landlord may exercise all remedies described in this Lease with respect thereto; or
b. The failure by (b) Except for any monetary default described in Section 10.1(a) above or any unpermitted transfer or sublet described in Section 10.1(f) below, Tenant fails to perform or observe any other of the termsagreement, conditions covenant or covenants condition of this Lease to be performed or observed by ▇▇▇▇▇▇ as and when performance or performed by Tenant observance is due and such failure continues for more than thirty (30) days after Landlord gives written notice from Landlord thereof to Tenant; provided, however, that if, by the nature of such defaultagreement, unless covenant or condition, such default is of a nature that it failure cannot practicably reasonably be cured within a such period of thirty (30) day period and days, an Event of Default shall not exist as long as Tenant is proceeding commences with due diligence and dispatch the curing of such failure within such period of thirty (30) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure within a reasonable time; or
(c) Tenant or Guarantor (i) is generally not paying their debts as they become due, (ii) files, or consents by answer or otherwise to cure such default;
c. The making by Tenant the filing against either of them of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy or liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, (iii) makes an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for (iv) consents to the appointment of a receiver custodian, receiver, trustee or trustee other officer with similar powers of Tenant or Guarantor or of any substantial part of Tenant’s or Guarantor’s property, or (v) takes action for the purpose of any of the property foregoing;
(d) A court or governmental authority of competent jurisdiction enters an order appointing, without consent by Tenant or Guarantor, a custodian, receiver, trustee or other officer with similar powers with respect to Tenant or Guarantor or with respect to any substantial part of Tenant’s or Guarantor’s property, provided that no or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of Tenant or Guarantor, or if any such filing petition is filed against Tenant or proceeding instituted by Guarantor and such petition is not dismissed within sixty (60) days;
(e) Tenant vacates or abandons the Premises for a third party period of thirty (30) consecutive days or more;
(f) This Lease or the estate of Tenant hereunder shall be regarded transferred, sublet, assigned to or shall pass to or devolve under any other person or party except as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur expressly provided in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.; or
14.4 Additionally, the parties agree that any (g) Any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default occurs under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease Guaranty.
Appears in 1 contract
Default by Tenant. 14.1 The occurrence of any of the following shall events will be deemed a an event of default by Tenant under the terms of the Lease Lease:
(“Event of Default”):
a. The failure by a) Tenant shall fail to pay Landlord any rent rental or other sum of money due hereunder under this Lease or under any other agreement with Landlord concerning the Premises.
(b) Tenant shall fail to maintain any insurance that the Lease requires Tenant to maintain.
(c) Tenant shall fail to perform or observe any term, covenant or condition of the Lease or any other agreement with Landlord concerning the Premises (other that a failure to timely pay rent or other chares or to maintain insurance) and Tenant shall not cure the failure within ten (10) 30 days after written notice from Landlord that such payment has not been made;
b. The thereof is given by Landlord, but if the failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be he cured within a thirty (30) such 30 day period. Tenant shall not have committed an event of default if Tenant commences the curing of the failure within such 30 day period and thereafter diligently pursues the curing of same and completes the cure within 60 days: provided, however, that if Tenant is proceeding with due diligence fails to cure perform or observe any such default;term. Condition, covenant or provision 2 or more times in any Lease Year, then notwithstanding that such defaults have been cured by Tenant, any further similar failure shall be deemed an event of default without notice or opportunity to cure.
c. The making by (d) Tenant or any guarantor to Tenant's obligations under this Lease shall become insolvent, or shall admit in writing its inability to pay it debts when due, shall make a transfer in fraud of an its creditors, or shall make a general assignment or arrangement for the benefit of creditors;, or all or substantially all of Tenant's assets or the assets of any guarantor of Tenant's obligation under this Lease or Tenant's interest in this Lease are levied on by execution or other legal process.
d. The filing (e) A petition shall be filed by Tenant or any guarantor of Tenant's obligations under this Lease to have Tenant or such guarantor adjudged a bankrupt, or a petition for reorganization or arrangement under any law relating to bankruptcy shall be filed by Tenant or such guarantor, or any such petitions shall be filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization such guarantor and shall not he removed within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a 30 days. A receiver or trustee shall be appointed for all or substantially all the assets of the property Tenant or of any guarantor of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and 's obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsor for Tenant's interest in this lease.
14.2 Upon the occurrence of an Event of Default, Landlord (f) Tenant shall have the immediate right of re-entry and possession abandon or vacate any substantial portion of the Leased Premises, which right Premises or shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry fail to occupy the premises within 30 days after the Term commences and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an ready for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premisesoccupancy.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms (a) Each of the Lease (“following events is an "Event of Default”):":
a. The failure by (1) Tenant fails to pay to Landlord any rent or other sum of money payments due hereunder within ten (10) under this Lease when due and nonpayment continues for 10 business days after written notice from Landlord that such payment has not been made;Landlord.
b. The failure by (2) Tenant fails to perform any of Tenant's other obligations under this Lease and nonperformance continues for 30 days after notice from Landlord, provided that if the nonperformance cannot be cured within 30 days, the cure period shall be extended for as long as reasonably necessary as long as Tenant is diligently pursuing cure.
(3) This Lease or any of Tenant's rights under it is levied on under any attachment or execution and the terms, conditions attachment or covenants execution is not vacated within 30 days.
(4) Tenant or any guarantor of this Lease to be observed dies, is dissolved or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for becomes the benefit of creditors;
d. The filing subject of a petition by in bankruptcy or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, insolvency or for liquidation, reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the involuntary dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of all or any of its property (which such petition or appointment is not dismissed or vacated within thirty (30) days) or makes an assignment for the property benefit of Tenant, provided that no such filing its creditors or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded petitions for or rendered inoperative and Tenant prosecutes such action enters into an arrangement with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingscreditors.
14.2 Upon (5) Tenant vacates or abandons the occurrence Premises for 30 consecutive days.
(b) If an event occurs that, with the giving of notice and the passage of time, would be an Event of Default, Landlord shall have the immediate right may, without notice and in addition to all other rights and remedies available to Landlord by law or other provision of re-entry and possession this Lease, exercise any or all of the Leased following remedies:
(1) If any Rent is not paid on time, charge Tenant 5% of the amount of the overdue payment as liquidated damages for Landlord's extra expense in handling the past due account.
(2) If any other obligation is not performed on time, without waiving or releasing Tenant from any obligations, perform the obligation for the account and at the expense of Tenant.
(3) Restrain by injunction the attempted or threatened violation of this Lease.
(c) If an Event of Default occurs, Landlord may, in addition to all other rights and remedies available to Landlord by law or other provision of this Lease, exercise any or all of the following remedies:
(1) Take any of the actions specified in paragraph (b) above, to the extent not already taken.
(2) Restrain by injunction the violation of this Lease.
(3) Without legal process or notice to Tenant (except to the extent required by applicable law), immediately reenter the Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by remove all persons and property.
(4) Subject to Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds's obligation, if any, which may result from the reletting of the Leased Premises.
14.3 Additionallyto mitigate its damages under applicable law, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease and recover from Tenant all unpaid Rent, with interest at the rate set forth below; and the present value of the excess (if any) of the Rent for the rest of the Term over the fair market rental value of the Premises for the rest of the Term, discounted at 2.0% below the publicly announced prime rate of interest at Landlord's then current depository institution.
(d) Tenant waives any and all rights of redemption or reinstatement granted by written law if Tenant is declared in default and given notice of such intention to termination or evicted or dispossessed for any cause or if Landlord obtains possession of the Premises by reason of Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under 's violation of this Lease shall cease and terminate as or otherwise.
(e) Subject to any period subsequent Landlord's obligation, if any, to the date on which Landlord delivers to Tenant written notice of such termination. mitigate its damages under applicable law, Tenant shall remain liable, however, for indemnify Landlord against all rent and the performance damages Landlord may incur by reason of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms termination of this Agreement. Failure Lease including, but not limited to, loss or diminution of Tenant rents; reasonable costs of recovering, restoring, and repairing the Premises; and reasonable costs of renting the Premises to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementanother tenant (including brokers' commissions, reasonable attorneys' fees, and necessary rent concessions).
Appears in 1 contract
Sources: Lease (Omniquip International Inc)
Default by Tenant. 14.1 The Each of the following shall be deemed a to be an event of default by Tenant under the terms this Lease:
A. Failure of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent installment of Rent, or to pay or cause to be paid taxes (to the extent Tenant is obligated to pay or cause same to be paid), utilities, insurance premiums, or any other sum payable to Landlord hereunder, on the date that same is due, and such failure shall continue thereafter for a period of money due hereunder ten (10) days (the “10- day Grace Period”) and such failure shall not be cured within ten (10) days after written notice from Landlord that such payment has not been made;thereof (the "Cure Period") to Tenant (which Cure Period may overlap, in whole or in part, the 10 day Grace Period).
b. The failure by B. Failure of Tenant to perform comply with any other of the termsterm, conditions condition or covenants covenant of this Lease (other than the payment of Rent or other sum of money, or the payment of taxes, utilities or insurance premiums, or other payments Tenant is to make under this Lease) and such failure shall not be observed or performed by Tenant for more than cured within thirty (30) days after written notice from thereof to Tenant.
C. Tenant shall fail to deliver the Additional Deposit to Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty ten (3010) day period and Tenant is proceeding with due diligence days after the delivery by Landlord to cure such default;
c. The making by Tenant of an assignment the Additional Deposit Notice.
▇. ▇▇▇▇▇▇, or any guarantor of Tenant hereunder, (i) becomes or is declared insolvent according to any Law, (ii) makes a transfer in fraud of creditors according to any applicable Law, or (iii) assigns or conveys all or a substantial portion of its property for the benefit of creditors;.
d. The filing ▇. ▇▇▇▇▇▇ or any guarantor of Tenant hereunder, files a petition by for relief, or against Tenant is the subject of an order for adjudication as a bankrupt relief, under the United States Bankruptcy ActCode, as now or hereafter amended or supplementedamended, or for reorganization within the meaning of Chapter XI of the any other present or future federal or state insolvency, bankruptcy or similar Laws (collectively “Applicable Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment Law”).
F. Appointment of a receiver or trustee for Tenant (or any guarantor of Tenant hereunder) or Tenant’s (or any such guarantor’s) property; or the property interest of Tenant, provided that no Tenant (or any such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged guarantor) under this Lease during the pendency of is levied on under execution or under other legal process; or any involuntary petition is filed against Tenant (or any such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed guarantor) under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liableApplicable Bankruptcy Law (provided, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as no action described in this subparagraph F. or in subparagraphs D. or E. shall constitute a default by Tenant as though it was Tenant’s own default. if Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure (or any guarantor of Tenant to successfully cure said hereunder) shall vigorously contest the action by appropriate proceedings and shall remove, vacate or terminate the action within sixty (60) days after the date of its inception.).
G. Abandonment by Tenant of any substantial portion of the Premises or cessation of use of the Premises for the purposes leased.
H. Tenant is in default shall give Landlord of any other lease or agreement with, or any permit or license issued by, the right to implement any remedy authorized under the terms Town of this agreementAddison, Texas.
Appears in 1 contract
Sources: Conventional Hangar Lease
Default by Tenant. 14.1 A. The occurrence of any one or more of the following events shall be deemed a to be an event of default by Tenant under this Lease Agreement:
(1) Tenant shall fail to pay when due Rent or any other sum required to be paid by Tenant under the terms of this Lease Agreement (in the Lease (“Event event of Default”):
a. The default due to failure by Tenant to pay amounts due under this Lease Agreement Landlord shall provide a one-time written notice per calendar year of default to Tenant and Tenant shall have five (5) days to cure such default due to non-payment) , or
(2) Tenant shall abandon or vacate or shall commence to abandon or vacate the Leased Premises or any rent substantial portion of the Leased Premises, or shall discontinue operations therein, or shall remove or attempt to remove, without the prior written consent of Landlord, all or a substantial portion of Tenant's goods, wares, equipment, fixtures, furniture, or other sum of money due hereunder within ten persona l property in the Leased Premises, unless the items removed are replaced with similar, new, or like new equipment, or
(103) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the termsshall create, conditions cause or covenants permit a hazardous condition in violation of this Lease Agreement.
(4) The interest of Tenant in this Lease Agreement shall be levied on or taken under execution or other legal process, or if any voluntary petition in bankruptcy or for corporate reorganization or any similar relief shall be filed by Tenant, or if any involuntary petition in bankruptcy shall be filed against Tenant under any federal or state bankruptcy or insolvency act and shall not have been dismissed within ninety (90) days from the filing thereof, or
(5) A receiver shall be appointed for Tenant or any of the property of Tenant by any court and such receiver shall not have been dismissed within thirty (30) days from the date of his appointment, or if Tenant shall make an assignment for the benefit of creditors, or if Tenant shall admit in writing Tenant's inability to be observed meet Tenant's debts as they mature, or
(6) Tenant shall fail to observe or performed by perform any of the other covenants or conditions in this Lease Agreement which Tenant is required to observe and perform and such failure shall continue for more than thirty (30) days after written notice from Landlord to Tenant; provided however, that Tenant shall not be in default if the nature of such Tenant's failure to cure requires more than 30 days, if Tenant has commenced the cure and continues, with diligence, to cure the same.
B. Upon any event of default, unless Landlord may exercise any one or more of the following described remedies, in addition to all other rights and remedies provided at law or in equity: Terminate this Lease Agreement by written notice to Tenant and forthwith repossess the Leased Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys' fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination, plus interest thereon at the Default Rate, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such default is as leasing commissions, tenant improvement allowances and attorneys' fees) to be incurred by Landlord in connection therewith, and (v) any other sum of a nature that it cannot practicably be cured within a thirty (30) day period money and Tenant is proceeding with due diligence to cure such default;
c. The making damages owed by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged Landlord under this Lease during Agreement. Declare Tenant to be in anticipatory breach of this Lease Agreement and terminate Tenant's right of possession (but not this Lease Agreement) and Landlord may repossess the pendency Leased Premises by forcible detainer suit or otherwise, without thereby releasing Tenant from any liability hereunder and without demand or notice of any kind to Tenant and without terminating this Lease Agreement. Landlord shall be entitled to recover from Tenant as damages a sum of money equal to the total of (i) the cost of recovering the Leased Premises (including attorneys' fees and costs of suit), (ii) the cost of removing and storing any personal property, (iii) the unpaid Rent earned at the time of termination of Tenant's right of possession , plus interest thereon at the Default Rate, (iv) the present value (discounted at the rate of eight percent (8%) per annum) of the balance of the Rent for the remainder of the Term less the present value (discounted at the same rate) of the fair market rental value of the Leased Premises for said period, taking into account the period of time the Leased Premises will remain vacant until a new tenant is obtained, and the cost to prepare the Leased Premises for occupancy and the other costs (such as leasing commissions, tenant improvement allowances and attorneys' fees) to be incurred by Landlord in connection therewith, and (v) any other sum of money and damages owed by Tenant to Landlord under this Lease Agreement. Landlord may relet the Leased Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, alterations and repair of the Leased Premises); provided, however, Landlord hereby reserves the right (i) to lease any other comparable space available in the Building or in any adjacent building owned by Landlord prior to offering the Leased Premises for lease, and (ii) to refuse to lease the Leased Premises to any potential tenant which does not meet Landlord's standards and criteria for leasing other comparable space in the Building. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure or refusal to relet the Leased Premises or collect rent due in respect of such proceedings.
14.2 Upon reletting. For the occurrence purpose of an Event of Default, such reletting Landlord shall have the immediate right to decorate or to make any repairs, changes, alterations or additions in or to the Leased Premises as may be reasonably necessary or desirable. In the event that (i) Landlord shall fail or refuse to relet the Leased Premises, or (ii) the Leased Premises are relet and a sufficient sum shall not be realized from such reletting (after first deducting therefrom, for retention by Landlord, the unpaid Rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the Default Rate, the cost of recovering possession (including attorneys' fees and costs of suit), all of the costs and expenses of such decorations, repairs, changes, alterations and additions, the expense of such reletting and the cost of collection of the rent accruing therefrom) to satisfy the Rent, then Tenant shall pay to Landlord as damages a sum equal to the amount of such deficiency. Any such payments due Landlord shall be made upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any 13 of 51 sums falling due under the terms of this Section 16 from time to time. No delivery to or recovery by Landlord of any portion due Landlord hereunder shall be any defense in any action to recover any amount not theretofore reduced to judgment in favor of Landlord, nor shall such reletting be construed as an election on the part of Landlord to terminate this Lease Agreement unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such termination of Tenant's right of re-entry and possession of the Leased Premises, which right Landlord may at any time thereafter elect to terminate this Lease Agreement. In any proceedings to enforce this Lease Agreement under this Section, Landlord shall remain continuous until such time as be presumed to have used its reasonable efforts to relet the Leased Premises, and Tenant shall bear the burden of proof to establish that such reasonable efforts were not used. Alter any and all locks and other security devices at the Leased Premises, and if it does so Landlord shall not be required to provide a new key or other access right to Tenant unless Tenant has cured all events of default; provided, however, that in any such instance, during Landlord's normal business hours and at the convenience of Landlord, and upon the written request of Tenant accompanied by such written waivers and releases as Landlord may require, Landlord will escort Tenant or its authorized personnel to the Leased Premises to retrieve any personal belongings or other property of Tenant not subject to the Landlord's lien or security interest described in this Lease Agreement. The provisions of this Section are intended to override and control any conflicting provisions of the Texas Property Code. All agreements and provisions to be performed by Tenant under any of the terms of this Lease Agreement shall be at Tenant's sole cost and expense and without any abatement of Rent. If Tenant shall fail to pay any sum of money, other than Base Rent, required to be paid by it hereunder or shall fail to cure any default and such failure shall continue for ten (10) days after notice thereof by Landlord, then Landlord may, but shall not be obligated so to do, and without waiving or releasing Tenant from any obligations, make any such payment or perform any such act on Tenant's part. All sums so paid by Landlord and all costs incurred by Landlord in taking such action shall be deemed Additional Rent hereunder and shall be paid to Landlord on demand, and Landlord shall have cured such (in addition to all other rights and remedies of Landlord) the same rights and remedies in the event of the non-payment thereof by Tenant as in the case of default by Tenant in the payment of Rent. In connection with the exercise by Landlord of its rights and remedies in respect of any Event of Default. Notwithstanding Default on the part of Tenant, to the extent (but no further) that Landlord is required by applicable Texas law to mitigate damages, or to use efforts to do so, and such requirement cannot be lawfully and effectively waived (it being the intention of Landlord and Tenant that such requirements be and are hereby WAIVED to the maximum extent permitted by applicable law), Tenant agrees in favor of Landlord that Landlord shall not be deemed to have failed to mitigate damages, or to have used the efforts required by law to do so, because:
i. Landlord leases other space in the Building prior to re-entry letting the Leased Premises;
ii. Landlord refuses to relet the Leased Premises to any affiliate of Tenant, or any principal of Tenant, or any affiliate of such principal (for purposes of this Lease, "affiliate" shall mean and possession refer to any person or entity controlling, under common control with, or controlled by, the party in question);
iii. Landlord refuses to relet the Leased Premises to any person or entity whose creditworthiness Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ unacceptable;
iv. Landlord refuses to relet the Leased Premises to any person or entity because the use proposed to be made of the Leased Premises by Landlord, Tenant shall remain liable for such prospective tenant is not of a type and nature consistent with that of the rent and other sums payable hereunder whether tenants in the Building or not the floor where the Leased Premises are situated as of the date Tenant defaults under this Lease Agreement, or because such use would, in the good faith opinion of Landlord, impose unreasonable or excessive demands upon the Building;
v. Landlord refuses to relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises to any person or entity, or any affiliate of such person or entity, who has been engaged in litigation with, or who has threatened litigation against, Landlord or any of its affiliates, or whom Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ to be unreasonably or excessively litigious;
vi. Landlord refuses to relet the Leased Premises because the tenant or the terms and repairing provisions of the proposed lease are not approved by the holders of any liens or security interests in the Building or any part thereof, or would cause Landlord to breach or be in default of, or to be unable to perform any of its covenants under, any agreements between Landlord and maintaining any third party;
vii. Landlord refuses to relet the same less Leased Premises because the proposed tenant is unwilling to execute and deliver Landlord 's standard lease form without substantial tenant-oriented modifications or such proceedstenant requires improvements to the Leased Premises to be paid at Landlord 's cost and expense; or
viii. Landlord refuses to relet the Leased Premises to a person or entity whose character or reputation, if anyor the nature of whose business, which may result from Landlord in good ▇▇▇▇▇ ▇▇▇▇▇ unacceptable; and it is further agreed that each and all of the reletting grounds for refusal set forth in clauses (i) through (viii) above, both inclusive, of this sentence are reasonable grounds for Landlord's refusal to relet the Leased Premises.
14.3 Additionally, upon the occurrence or (as to all other provisions of this Lease Agreement) for Landlord's refusal to issue any approval, or take any other action, of any Event of Default, Landlord shall have the right to terminate nature whatsoever under this Lease by written notice of such intention to TenantAgreement. In the event the waiver set forth in this Section shall be ineffective, Tenant further agrees in favor of Landlord, to the maximum extent to which it may lawfully and effectively do so, that the following efforts to mitigate damages if made by Landlord elects (and without obligating Landlord to terminate this Leaserender such efforts) shall be conclusively deemed reasonable, Tenant’s liability for rent and other sums payable hereunder and that Landlord shall be conclusively deemed to perform any other term, condition, covenant or agreement have used the efforts to mitigate damages required by applicable law if: Landlord places the Leased Premises on its part inventory of available space in the Building; Landlord makes such inventory available to be performed under this Lease shall cease brokers who request same; and terminate as Landlord shows the Leased Premises to any period subsequent prospective tenants (or their brokers) who request to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationsee it.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Soliton, Inc.)
Default by Tenant. 14.1 The occurrence of any one or more of the following events shall be deemed a default by Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants and breach of this Lease by Tenant:
(i) Tenant shall fail to be observed pay (A) any monthly installment of base rent or performed by Tenant for more than the Annual Rental Adjustment and such nonpayment shall not have been cured within five (5) business days after the date of Tenant's receipt of notice of such nonpayment, or (B) any other additional rent and such nonpayment shall not have been cured within thirty (30) days after written the date of Tenant's receipt of notice from Landlord of such defaultnonpayment;
(ii) Tenant shall fail to perform or observe any term, unless condition, covenant or obligation required to be performed or observed by it under this Lease for a period of thirty (30) days after notice thereof from Landlord; provided, however, that if the term, condition, covenant or obligation to be performed by Tenant is of such nature that the same cannot reasonably be performed within such thirty (30) day period, such default is of a nature that it cannot practicably shall be deemed to have been cured if Tenant commences such performance within a said thirty (30) day period and Tenant is proceeding with due diligence thereafter diligently undertakes to cure such defaultcomplete the same;
c. The making by (iii) A trustee or receiver shall be appointed to take possession of substantially all of Tenant's assets in, on or about the Premises or of Tenant's interest in this Lease (and Tenant of does not regain possession within sixty (60) days after such appointment); Tenant makes an assignment for the benefit of creditors;; or substantially all of Tenant's assets in, on or about the Premises or Tenant's interest in this Lease are attached or levied upon under execution (and Tenant does not discharge the same within sixty (60) days thereafter); and
d. The filing of a (iv) A petition in bankruptcy, insolvency, or for reorganization or arrangement is filed by or against Tenant for adjudication as pursuant to any federal or state statute (and, with respect to any such petition filed against it, Tenant fails to secure a bankrupt under stay or discharge thereof within sixty (60) days after the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI filing of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingssame).
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease (Telxon Corp)
Default by Tenant. 14.1 The following shall In the event Tenant fails to make any rental payments herein provided within the time required, or in the event tenant fails to comply with any other term, covenant, condition or agreement herein contained, or if Tenant abandons the Premises (tenants absence from the Premises for the period of time designated by applicable state law, while all or any portion of any rental payment is delinquent being deemed an “abandonment” of the Premises), Tenant will be deemed considered in default of this Lease. In the event of a default Agent is entitled to pursue any rights or remedies provided by Tenant under law. At the terms option of Agent, Agent may enter and take possession of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other Premises, and may relet same for the remainder of the termsterm for the best rental which owner may be able to attain without otherwise terminating the liability of Tenant hereunder, conditions or covenants in such event, Tenant shall remain liable to Agent for any deficiency in the rent for the balance of the term of the Lease. In the event of a default, Agent may declare the entire unpaid rent for the term of this Lease to be observed or performed immediately due and payable, and, at Agents option, take immediate action to recover and collect the same by Tenant for more than thirty (30) days after written notice from Landlord of such defaultany available procedure, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party which shall be regarded as a default hereunder if Tenant shall promptly move in addition to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all any other rights of the covenants and obligations on its part to be performed or discharged Agent under this Lease. In the event Agent terminates this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and reenters and takes possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event or if Agent takes possession without terminating the Lease, and in, either case removes the personal property of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlordtenant therefrom, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord Agent shall have the right to terminate place said property of tenant in storage, at tenant’s expense. In addition to all other remedies provided herein, Tenant agrees to, (I) compensate Agent for reasonable costs and expenses necessary to enforce this Lease and any rights or remedies of Agent provided by written notice law, in equity or by the provisions hereof, and (II) permit Agent to collect the rent damages for breach of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenantincluding but not limited to, all court costs, reasonable attorney’s liability fee incurred in connection herewith, as well as or reasonable expenses necessary for rent the removal of personal property therefrom and to the reletting or the attempted reletting of the Premises which shall include, but not limited to, the costs of minor repairs and replacements, advertisements, brokerage fees and other sums payable hereunder and to perform expenses caused by tenant’s breach of any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 14.1 The A. Any one or more of the following events shall be deemed to be a default by Tenant under the terms of the Lease TENANT:
(“Event of Default”):
a. The failure by Tenant 1) Failure to pay any rent installment of Rent, Additional Rent, or pay any other sum charge or amount to be paid by TENANT under this Lease when due,
(2) Failure to comply with any term, provision or covenant of money due hereunder within this Lease other than the covenants to pay rent,
(3) If TENANT or Surety becomes insolvent, makes a transfer in Fraud of Creditors, makes an Assignment for the Benefit of Creditors, or a Receiver be appointed to take possession of the Demised Premises, the assets of the TENANT or the Surety,
(4) If TENANT does any act which creates a lien on the Demised Premises or the land on which the Demised Premises are located.
B. Prior to LANDLORD's availing itself of any of the remedies hereinafter set forth, LANDLORD shall give the following written notices:
(1) In the case of a default under subparagraph A (1) five (5) days notice to cure said default, which period shall include the three (3) day statutory notice. The giving of Statutory Notice shall not be deemed an election of remedies.
(2) In the case of a default under subparagraphs A (2), A (3), or A (4), ten (10) days after written notice from Landlord that such payment has not been made;to cure said default.
b. The failure by Tenant C. In addition to perform any other remedies provided by law, the following remedies are available to LANDLORD at its option and may be applied cumulatively or individually:
(1) Terminate this Lease by notice in writing in which event this Lease shall end automatically by its own limitation and TENANT shall immediately surrender the Demised Premises. In this case, TENANT shall pay LANDLORD all sums due as of the termsdate of termination. TENANT hereby waives any rights of redemption TENANT may have in the Demised Premises.
(2) Re-enter and take possession of the Demised Premises holding the same for the account of TENANT, conditions or covenants in which case, the entire amount of base rent for the term of this Lease, plus other charges enumerated in this Lease for the remainder of the term, plus any costs of reletting including rehabilitation and brokerage costs, less an amount equal to the base monthly rent multiplied by the number of months remaining on the term of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for which the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Demised Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsrelet, if any, which shall be immediately due and payable. TENANT hereby waives any claim TENANT may result from have to rent obtained in reletting in excess of that required to be paid by TENANT. Acceptance of surrender shall be by written notice only and the reletting acceptance of keys or changing of the Leased locks shall not be deemed an acceptance of surrender of the Demised Premises.
14.3 Additionally(3) Without prejudice to any present or future right of possession, upon the occurrence bring an action in law or in equity to collect rent and other charges due, for general or special damages, to restrain any violation of any Event term, provision or covenant of Default, Landlord shall have the right to terminate this Lease by written notice and/or to foreclose or protect any security interest or lien arising out of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other terma separate agreement between the parties covering property within the Demised Premises, conditionoperation of law, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationby statute.
14.4 Additionally, the parties agree that (4) In any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such litigation arising out of TENANT's default under the terms of this AgreementLease, the prevailing party shall be entitled to its costs and payment of a reasonable attorney's fee. Failure Delinquent rent shall bear interest at eighteen (18%) percent per annum, or at the highest rate permitted by the usury laws of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms State of this agreementFlorida, whichever rate is less.
Appears in 1 contract
Default by Tenant. 14.1 The This Lease is made upon the condition that the Tenant shall punctually and faithfully perform all of the covenants and agreements by it to be performed as herein set forth, and if any of the following events or default shall occur, to wit:
(a) Any installments of rent, additional rent, taxes, or any other sums required to be deemed a default paid by Tenant under hereunder, or any part thereof, shall at any time be in arrears and unpaid for five (5) days after written demand therefor, or
(b) There be any default on the terms part of Tenant in the observance or performance of any of the other covenants, agreements, or conditions of this Lease (“Event on the part of Default”):
a. The failure by Tenant to pay any rent or other sum be kept and performed, and said default shall continue for a period of money due hereunder within ten fifteen (1015) days after written notice thereof from Landlord that such payment has not been made;
b. The failure by to Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably reasonably be cured within a thirty fifteen (3015) day period days and Tenant is proceeding with due diligence shall have commenced to cure such default;said default within said fifteen (15) days and continues diligently to pursue the curing of same), or
c. The making by (c) Tenant of shall file a petition in bankruptcy or be adjudicated a bankrupt, or file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief for itself under any present or future federal, state or other statute, law or regulation, or make an assignment for the benefit of creditors;, or
d. The filing (d) Any trustee, receiver or liquidator of a petition Tenant or of all or any substantial part of its properties or of the demised premises shall be appointed in any action, suit or proceeding by or against Tenant and such proceeding or action shall not have been dismissed within thirty (30) days after such appointment, or
(e) The Leasehold estate hereby created shall be taken on execution or by other process of law, or
(f) Tenant shall admit in writing its inability to pay its obligations generally as they become due, or
(g) Tenant shall vacate or abandon the demised premises, then and in any of said cases, Landlord at its option may terminate this Lease and re-enter upon the demised premises and take possession thereof with full right to sue for adjudication and collect all sums or amounts with respect to which Tenant may then be in default and accrued up to the time of such entry, including damages to Landlord by reason of any breach or default on the part of Tenant, or Landlord may, if it elects to do so, bring suit for the collection of such rents and damages without entering into possession of the demised premises or voiding this Lease.
(h) Should Tenant fail to cure the Default within the allotted fifteen (15) days, as provided in this Lease, Landlord may immediately demand all arrearages of Rent and all other sums due and owing by Tenant to Landlord. Landlord may also demand a bankrupt final settlement and may accelerate all future Rent and other future monetary obligations owed under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI remainder of the Bankruptcy ActLease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to Landlord by law or in equity, Landlord shall also have the right and option, in the event of any default by Tenant under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the demised premises from Tenant without process of law, by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by Landlord in forcible entry and detainer, ejectment or proceeding for otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the dissolution or liquidation of Tenantdemised premises, shall not be construed as an election to terminate this Lease unless Landlord expressly exercises its option hereinabove provided to declare the term hereof ended, whether instituted by or against Tenant, not such entry or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry be had or taken under summary proceedings or otherwise, and possession shall not be deemed to have absolved or discharged Tenant from any of its obligations and liabilities for the remainder of the Leased Premisesterm of this Lease, which right and Tenant shall, notwithstanding such entry or re-entry, continue to be liable for the payment of the rents and the performance of the other covenants and conditions hereof and shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding pay to Landlord all monthly deficits after such re-entry and possession in monthly installments as the amounts of such deficits from time to time are ascertained and, in the event of any such ouster, Landlord rents or leases the demised premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the Leased Premises by Landlord, Tenant shall remain liable term created hereunder) for an aggregate rent during the portion of such new lease co-extensive with the term created hereunder which is less than the rent and other sums payable charges which T▇▇▇▇▇ would pay hereunder whether for such period. Landlord may immediately upon the making of such new lease or not the Leased Premises are relet by Landlord an creation of such new tenancy sue for all expenses and recover the differences between the aggregate rental provided for in said new lease for the portion of the term co-extensive with the term created hereunder and the rent which T▇▇▇▇▇ would pay hereunder for such period, together with any expense to which Landlord may incur be put for brokerage commission, placing the demised premises in re-entering tenantable condition or otherwise. If such new lease or tenancy is made for shorter term than the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting balance of the Leased Premises.
14.3 Additionally, upon the occurrence term of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, any such action brought by Landlord to collect the deficit for that period shall not bar Landlord from thereafter suing for any loss accruing during the balance of the unexpired term of this Lease. If Tenant at any time shall fail to pay any taxes, assessments, or liens, or to make any payment or perform any act required by this Lease to be made or performed by it, Landlord, without waiving or releasing Tenant from any obligation or default under this Lease, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Tenant’s liability for . All sums so paid by L▇▇▇▇▇▇▇ and all costs and expenses so incurred shall accrue interest at the rate of eighteen percent (1 8%) per annum from the date of payment or incurring thereof by Landlord and shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord upon demand. All other sums payable hereunder and by Tenant to perform any other termLandlord under this Lease, conditionif not paid when due, covenant or agreement on its part shall accrue interest at the rate of eighteen percent (18%) per annum from their due date until paid, said interest to be performed so much additional rent under this Lease and shall cease and terminate as be paid to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementupon demand.
Appears in 1 contract
Default by Tenant. 14.1 19.1 The occurrence of any of the following shall be deemed a default constitute an Event of Default by Tenant under the terms of the Lease Lease:
(“Event of Default”):
a. The failure by a) If Tenant shall fail to pay any installment of annual base rent or additional rent or any other sum sums required by this Lease when due and such failure shall remain uncured for a period of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by receives written notice of such intention failure; provided, however, that Landlord shall not be required to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and give Tenant more than two (2) such written notices in any twelve (12) month period.
(b) If Tenant shall violate or fail to perform any other term, condition, covenant or agreement on its part to be performed or observed by Tenant under this Lease and such violation or failure shall continue uncured for a period of thirty (30) days after Tenant receives written notice of such violation or failure. If such violation or failure is not capable of being cured within such thirty (30) day period, no Event of Default shall be deemed to have occurred hereunder if Tenant commences curative action within such thirty (30) day period and proceeds diligently and in good faith thereafter to cure such violation or failure until completion.
(c) [Intentionally Deleted]
(d) If an Event of Bankruptcy, as defined in Section 20.1 of this Lease, shall occur.
19.2 If there shall be an Event of Default (even if prior to the Lease Commencement Date), then the provisions of this Section shall apply. Landlord shall have the right, at its sole option, to terminate this Lease. In addition, with or without terminating this Lease, Landlord may reenter, terminate Tenant's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord's intention to reenter the Premises or terminate this Lease. If necessary, Landlord may proceed to recover possession of the Premises under applicable Laws, or by such other lawful proceedings, including reentry and possession, as may be applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant's right of possession, everything contained in this Lease on the part of Landlord to be done and performed shall cease without prejudice, however, to Tenant's liability for all base rent, additional rent and other sums specified herein. Whether or not this Lease and/or Tenant's right of possession is terminated, Landlord shall have the right, at its sole option, to terminate any renewal or expansion right contained in this Lease and to grant or withhold any consent or approval pursuant to this Lease in its sole and absolute discretion; provided, however that so long as no more than three (3) monetary or non-monetary material events of default beyond any applicable notice and cure shall have occurred, Tenant's rights that may have been terminated pending such event of default shall be reinstated. Landlord shall use commercially reasonable efforts to relet the Premises or any period subsequent to part thereof, alone or together with other premises, for such term(s) (which may extend beyond the date on which the Lease Term would have expired but for Tenant's default) and on such terms and conditions (which may include any concessions or allowances granted by Landlord) as Landlord, in its sole and absolute discretion, may determine, but Landlord delivers shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet all or any portion of the Premises or to collect any rent due upon such reletting. Whether or not this Lease and/or Tenant's right of possession is terminated or any suit is instituted, Tenant written notice shall be liable for any base rent, additional rent, damages or other sum which may be due or sustained prior to such default, and for all costs, fees and expenses (including, but not limited to, reasonable attorneys' fees and costs, brokerage fees, expenses incurred in enforcing any of Tenant's obligations under the Lease or in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Premises and renting the Premises to others from time to time plus other actual damages suffered or incurred by Landlord on account of Tenant's default (including, but not limited to late fees or other charges incurred by Landlord under any mortgage). Notwithstanding anything to the contrary in this Section 19.2, Tenant expressly acknowledges that Landlord's agreement to use commercially reasonable efforts to relet the Premises shall in no event limit, restrict or prejudice Landlord's right to lease all other vacant space in the Building or the Complex prior to reletting the Premises. Tenant also shall be liable for additional damages which at Landlord's election shall be either one or a combination of the following: (a) an amount equal to the Base Rent and additional rent due or which would have become due from the date of Tenant's default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any additional 52 55 rent received by Landlord as a result of any failure of such terminationother person to perform any of its obligations to Landlord), which amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant's default and continuing until the date on which the Lease Term would have expired but for Tenant's default, it being understood that separate suits may be brought from time to time to collect any such damages for any month(s) (and any such separate suit shall not in any manner prejudice the right of Landlord to collect any damages for any subsequent month(s)), or Landlord may defer initiating any such suit until after the expiration of the Lease Term (in which event such deferral shall not be construed as a waiver of Landlord's rights as set forth herein and Landlord's cause of action shall be deemed not to have accrued until the expiration of the Lease Term), and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises, Landlord shall be entitled to its full damages through the date of the award of damages without regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or (b) an amount equal to the sum of (i) all base rent, additional rent and other sums due or which would be due and payable under this Lease as of the date of Tenant's default through the end of the scheduled Lease Term, plus (ii) the all expenses (including reasonable attorneys' fees) projected by Landlord to be incurred in connection with the reletting of the Premises, other than brokerage commissions and the value of all vacancy periods, minus (iii) any base rent, additional rent and other sums which Tenant proves by a preponderance of the evidence would be received by Landlord upon reletting of the Premises from the end of the vacancy period projected by Landlord through the expiration of the scheduled Lease Term. Such amount shall be discounted using a discount factor equal to the yield of the Treasury Note or Bill, ▇▇ appropriate, having a maturity period approximately commensurate to the remainder of the Term, and such resulting amount shall be payable to Landlord in a lump sum on demand, it being understood that upon payment of such liquidated and agreed final damages, Tenant shall remain liable, however, for all rent and be released from further liability under this Lease with respect to the performance of all terms conditions and agreements relating to matters prior to period after the date of such terminationpayment, and that Landlord may bring suit to collect any such damages at any time after an Event of Default shall have occurred. In the event Landlord relets the Premises together with other premises or for a term extending beyond the scheduled expiration of the Lease Term, it is understood that Tenant will not be entitled to apply any base rent, additional rent or other sums generated or projected to be generated by either such other premises or in the period extending beyond the scheduled expiration of the Lease Term (collectively, the "EXTRA RENT") against Landlord's damages. Similarly in proving the amount that would be received by Landlord upon a reletting of the Premises as set forth in clause (iii) above, Tenant shall not take into account the Extra Rent. The provisions contained in this Section shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease. Nothing herein shall be construed to affect or prejudice Landlord's right to prove, and claim in full, unpaid rent accrued prior to termination of this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant's right of possession.
14.4 Additionally(a) Tenant hereby expressly waives, for itself and all persons claiming by, through or under it, any right of redemption, reentry or restoration of the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms operation of this Agreement. Failure of Lease under any present or future Law, including without limitation any such right which Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.would
Appears in 1 contract
Sources: Office Lease (Otg Software Inc)
Default by Tenant. 14.1 (a) The following shall be deemed a default by term of this Lease in subject to the limitation that (i) whenever Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant fails to pay any rent monthly installment of the Annual Rental or any additional rental or other sum due Landlord from Tenant hereunder and such default continues for a period of money due hereunder within ten ton (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Landlord, or (ii) whenever Tenant fails to perform or observe any other of the termscovenant, conditions term, provision or covenants condition of this Lease to be observed or performed by Tenant and such default continues for more than a period of thirty (30) days after written notice from by Landlord of (plus such defaultadditional time as may be reasonably required to cure a default which, unless such default is of a nature that it despite diligent and continuous effort, cannot practicably by its very nature be cured within a said thirty (30) day period days) then, in any of such cases Landlord may give Tenant a notice of intention to terminate this Lease fifteen (15) days after such notice and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenantterm and estate hereby granted, whether instituted by or against Tenantnot the term shall theretofore have commenced, or for shall expire and terminate on that fifteenth day with the appointment same effect as if the date of a receiver or trustee of termination were the property of TenantExpiration Date, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if but Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsremain liable for damages as provided herein.
14.2 Upon (b) If the occurrence of an Event of Default, Landlord notice provided in subparagraph (a) above shall have been given and the immediate right of term shall expire as aforesaid, then Landlord or Landlord's agents and employees may immediately or at any time thereafter re-entry and possession of enter the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry or any part thereof, either by summary dispossess proceedings or by any suitable action or proceeding at law, or otherwise (other than by force), without being liable to indictment, prosecution or damages therefor, and possession of may repossess the same, and may remove any persons therefrom, to the end that Landlord may have, hold and enjoy the Leased Premises again as and of its first estate and interest therein. In the event of any termination of the term of this Lease under the provisions of Article Thirteen or in the event of the termination of the term of this Lease, or of re-entry, by Landlordor under any summary dispossess or other proceeding or action or any provision of law by reason of default hereunder on the part of Tenant, Tenant shall thereupon pay to Landlord the rent and any other charge payable by Tenant to Landlord up to the time of such termination or re-entry, as the case may be, and shall also pay to Landlord damages as provided in subparagraph (c) below.
(c) Despite any termination of Tenant's rights of possession, Tenant shall remain liable for the rent Annual Rental and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises any additional rental due and repairing to become due hereunder, and maintaining the same less such proceeds, if any, which may result from shall be paid by Tenant to Landlord on the reletting regular days stipulated herein for payment of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, rent; provided that Landlord shall have the right to terminate this Lease by written notice alter, change or remodel the improvements within the Building and to lease or let the Leased Premises, or portions thereof, for such periods of time and at such rent and for such use and upon such covenants and conditions as Landlord may elect, applying the net rent or avails of such intention letting first to Tenant. In the event payment of Landlord's reasonable expenses in dispossessing Tenant and such costs or expenses as may be necessary in order to enable Landlord elects to terminate this Leaserelet the same; provided further, Tenant’s liability for rent however, that Tenant shall be entitled to a credit in the net amount of the rental or additional rental or additional rental by Landlord as a result of reletting (after deducting all reasonable costs incurred by Landlord in finding a new tenant, including brokerage fees, agent's commissions, redecorating costs, attorneys' fees and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease reasonable costs and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such terminationexpenses incident thereto). Tenant shall remain liableobligated to pay the amount of any deficiency in the Annual Rental and additional rental obtained on such reletting, howeverbut if the annual rental or any additional rental obtained upon such reletting is greater than that provided for herein plus Landlord's costs, for all rent and the performance of all terms conditions and agreements relating Landlord shall be entitled to matters prior to the date of receive such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by excess. Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord have the right to implement any remedy authorized under collect from Tenant amounts equal to said deficiencies provided for above by suits or proceedings brought from time to time an one or more occasions without Landlord being obligated to wait until the terms expiration of the term of this agreementLease.
(d) Whether or not Landlord shall have collected any amounts pursuant to (c) above, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further monthly payments as and for liquidated and agreed final damages, a sum equal to the amount by which the rental for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Leased Premises for the same period, both discounted to present worth at an interest rate per annum equal to the Treasury Bill ▇▇▇e (hereinafter defined) less the aggregate amount theretofore collected by Landlord pursuant to the provisions of (c) above for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Leased Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Leased Premises so relet during the term of the reletting. For purposes of the foregoing, the "Treasury Bill ▇▇▇e" shall mean the annual rate of interest then payable on U.S. Treasury Bills having a maturity date corresponding as closely as practicable to the Expiration Date.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed In the event of a default by Tenant under this lease, Landlord shall have the terms following remedies:
(a) If any voluntary or involuntary petition or similar pleading under any section of any bankruptcy act shall be filed by or against the Tenant or any voluntary or involuntary proceedings in any court or tribunal shall be instituted to declare the Tenant insolvent or unable to pay its debts, and in the case of an involuntary petition or proceeding, it is not dismissed within thirty (30) days from the date it is filed, then Landlord at its election and without further notice or demand, and either with or without entry upon the premises, may forthwith cancel this lease and be thereafter entitled to recover damages in an amount equal to the present value of the Lease rental obligation herein stated, including increases in rent as provided in Articles 18 and 19 below, less the fair rental value for the Premises which it can obtain for the residue of the stated lease term; and/or (“Event b) if default be made by Tenant.
7 (i) at any time in the payment of Default”):
a. The failure by Tenant to pay any rent or other sum upon the day when the same shall become due; or, (ii) in the performance of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the other terms, conditions or covenants of this Lease lease by Tenant to be observed performed, then the Landlord may enter into and upon the Premises or performed any part thereof and repossess the same, with or without terminating this lease and without prejudice to any of its remedies for rent or breach of covenant, and may, at it's option, terminate this lease by Tenant for more than thirty (30) days after giving written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence it's election so to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplementeddo, or for reorganization within may, at it's option, lease the meaning of Chapter XI Premises or any part thereof as the agent of the Bankruptcy ActTenant or otherwise. The Tenant shall, without demand or further process of law, pay to Landlord at the commencement end of any action or proceeding for each month during the dissolution or liquidation full term of Tenant, whether instituted by or against Tenant, or for this lease the appointment of a receiver or trustee of difference between the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if rent due Landlord from the Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during lease, including the pendency of such proceedings.
14.2 Upon increases in rent due under Articles 18 and 19 below, and the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsnet receipts, if any, which may result being received by the Landlord from the reletting Premises (such net receipts to be calculated by deducting from the gross receipts, the expense of each and every kind incurred by Landlord in connection with the re-letting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Premises and performing Tenant's obligations hereunder). In the event the rent for re- letting the Premises is higher than the monthly rent under the term of this lease, then such excess rent shall belong to the Landlord elects and the Tenant shall have no claim thereto; and (c) the foregoing rights and remedies given to terminate this Leasethe Landlord are and shall be deemed to be cumulative, Tenant’s liability for rent and other sums payable hereunder and the exercise of any of them shall not be deemed to perform be an election excluding the exercise by the Landlord at any other term, condition, covenant time of a different or agreement on its part inconsistent remedy. Such rights and remedies shall be deemed to be performed under this Lease shall cease and terminate as given to said Landlord in addition to any period subsequent other and further rights granted to Landlord by the date on which Landlord delivers to Tenant written notice terms hereof, or by the laws of such termination. Tenant shall remain liablethe State of Indiana, however, for all rent and the performance failure of all terms conditions and agreements relating the Landlord at any time to matters prior exercise any right or remedy herein granted established by law shall not be deemed to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord operate as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms waiver of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the it's right to implement exercise such right or remedy at any remedy authorized under the terms of this agreementother time.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under 10.01. In the terms event of the Lease (“Event any failure of Default”):
a. The failure by Tenant to pay any rent or other sum of money rental due hereunder within ten five (105) days after written notice from Landlord that such payment has not been made;
b. The the same shall be due, or any failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty ten (3010) days after written notice from Landlord of such defaultdefault shall have been mailed to Tenant, unless such default is or if Tenant shall become bankrupt or insolvent, or file any debtor proceedings, or take or have taken against Tenant in any court pursuant to any statute either of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant the United States or of an assignment for the benefit of creditors;
d. The filing of any State a petition by in bankruptcy or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, insolvency or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property all or a portion of Tenant’s property, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Tenant shall promptly move to have the same dismissedabandon said premises, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part suffer this Lease to be performed taken under any writ of execution, then Landlord, besides other rights or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Defaultremedies it may have, Landlord shall have the immediate right of re-entry and may remove all persons and property from the Leased Premises and such property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of, Tenant all without service of notice or resort to legal process and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby.
10.02. Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may, from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the premises, and relet said premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable; upon each such reletting all rentals received by the Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees and attorney’s fees and costs of such alterations and repairs; third, to the payments of rent due and unpaid hereunder, and the residue, if any, shall be held by the Landlord and applied in payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month are less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said premises by Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such breach, including the cost of recovering the Leased Premises, reasonable attorney’s fees, and including the worth at the time of such termination of the excess, if any, of the amount of rent and charges equivalent to rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Tenant to Landlord. In determining the rent which would be payable by Tenant hereunder, subsequent to default, the provisions of Article 2 shall govern.
10.03. In case suit shall be brought for recovery of possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event for the recovery of Default. Notwithstanding such re-entry and possession rent or any other amount due under the provisions of this Lease, or because of the Leased Premises by Landlordbreach of any other covenant herein contained on the part of Tenant to be kept or performed, and a breach shall be established, Tenant shall remain liable for the rent pay to Landlord all expenses incurred therefore, including reasonable attorney’s fees and other costs of suit. Any such sums payable hereunder whether or not the Leased Premises are relet expended by Landlord an for all expenses which shall be deemed additional rent.
10.04. The parties hereto shall and they hereby do waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matters whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsTenant, if any, which may result from the reletting Tenant’s use or occupancy of the Leased Premises, and/or any claim of injury or damage.
14.3 Additionally, upon the occurrence of any Event of Default, 10.05. Tenant agrees that Landlord shall have be entitled to recover the sums set forth in Sections 10.02 and 10.03 hereof in one action, or at Landlord’s option, in several actions, and in such latter event, Tenant hereby waives the right to terminate this Lease by written notice assert the rule against splitting a cause of such intention to Tenant. In the event Landlord elects to terminate this Leaseaction, Tenant’s liability for rent and other sums payable hereunder and to perform any other termor bringing all claims in one action, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementdefense thereto.
Appears in 1 contract
Sources: Lease Agreement (Asta Funding Inc)
Default by Tenant. 14.1 The Section 11.1. Each of the following shall be deemed a an event of default by Tenant under the terms of the Lease (an “Event of Default”):) and a material breach of this Lease by Tenant:
a. The failure by Tenant to pay (a) If the Fixed Rent or any rent or other sum Additional Rent herein reserved shall not be paid as and when the same shall become due and payable, and such default shall continue for a period of money due hereunder within ten (10) days after written notice from by Landlord that such payment has not been made;to Tenant.
b. The failure by (b) If Tenant to perform shall default in the performance or observance of any other of the termsother agreements, conditions conditions, covenants or covenants terms herein contained, and such default shall continue for a period of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from by Landlord to Tenant (provided this 30 day cure period shall be extended for such reasonable period of such time as is necessary to cure the default, unless such if the alleged default is not reasonable capable of a nature that it cannot practicably be cured cure within a thirty (said 30) -day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence commences and continues to perform diligently cure the alleged default).
(c) If Tenant should fail to pay the Fixed Rent or any Additional Rent when due and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease payable more than three (3) times in any six (6) month period during the pendency of such proceedingsTerm.
14.2 Section 11.2. Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right thereafter to terminate and end this Lease and the term hereby granted, as well as all of the right, title and interest of Tenant hereunder, by giving to Tenant a written notice of the termination of this Lease, and upon the expiration of the time fixed in such termination notice, which shall not be less than fifteen (15) days after the giving thereof, this Lease and the term hereby granted, as well as all of the right, title and interest of Tenant hereunder, shall wholly cease and expire in the same manner, and with the same force and effect (except as to Tenant’s liability as hereinafter provided) as if the expiration of time fixed in such notice were the end of the Term; and Tenant shall then immediately quit and surrender to Landlord the Demised Premises, including any and all buildings, additions and improvements erected thereon, all other improvements, and Landlord may enter into or repossess the Demised Premises, whether by force, summary proceedings or otherwise; and Tenant hereby waives any and all rights to recover or regain possession of the Demised Premises or to reinstate or to redeem this Lease, as permitted or provided by or under any of the provisions of any statute, law or decision now or hereafter in force and effect, and Tenant hereby waives any and all right to any second or further trial in ejectment, or to any other actions, as provided by any statute, law or decision now or hereafter in force and effect; and Tenant hereby also waives the service of any further notice demanding rent, or of intention to Tenantreenter, as provided by any present or future statute, law or decision.
Section 11.3. In the event Landlord elects to terminate of a cancellation or termination of this Lease, other than the early termination permitted in accordance with Section 2.2 above, either by operation of law, or by the issuance of a warrant of dispossess, or by the service of a notice of termination as above provided, or otherwise, for any cause or causes whatsoever, except by fire or other casualty or condemnation by public or private authority as herein provided, Tenant shall, nevertheless, remain liable to Landlord to pay a sum equal to the Fixed Rent and Additional Rent herein reserved for the balance of the term herein originally demised; and Landlord may, without notice, repair or alter the Demised Premises in such manner as Landlord may deem necessary or advisable and/or let or relet the Demised Premises, and any and all parts thereof, for the whole, or any part, of the remainder of the said original Term, or for any period of time beyond the expiration of the originally demised Term, in Landlord’s name, or as the agent of Tenant’s , and, out of any rent so collected and received, Landlord shall first pay to himself the expense and cost of retaking, repossessing, repairing and/or altering the Demised Premises, and the expense of removing all persons and property therefrom, and second, pay to himself any cost or expense sustained in securing any new tenant or tenants, and third, pay to himself any balance remaining on account of the liability of Tenant to Landlord for the sum equal to the rent reserved herein and other sums payable hereunder unpaid by Tenant for the remainder of the Term.
Section 11.4. Should any rent so collected by Landlord after the payments aforesaid, be insufficient fully to pay to Landlord a sum equal to the Fixed Rent and Additional Rent stipulated for herein, the balance or deficiency shall be paid by Tenant on the rent days above specified; that is, upon each of such rent days, Tenant shall pay to perform any other term, condition, covenant or agreement on its part Landlord the amount of the deficiency then existing; and Tenant hereby agrees to be performed under and remain liable for any such deficiency. The right of Landlord to recover from Tenant the amount thereof, or a sum equal to the amount of Fixed Rent and Additional Rent herein reserved, if there shall be no reletting, shall survive the issuance of any warrant of dispossess, or other termination of this Lease shall cease Lease; and terminate as Tenant hereby expressly waives any defense that might be predicated upon the issuance of such warrant of dispossess, or other termination or cancellation of the hereby demised term.
Section 11.5. A suit or suits for the recovery of such deficiency or damages, or for a sum equal to any period subsequent installment or installments of the Fixed Rent or Additional Rent due hereunder, may be brought by Landlord, from time to time, at his election, and nothing herein contained shall be deemed to require Landlord to await the date on which Landlord delivers to Tenant written notice of whereon this Lease, or the term hereof, would have expired by limitation, had there been no such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure or no such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementtermination or cancellation.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a to be events of default ("Default") by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by 1) Tenant shall fail to pay within five days of when due any installment of rent or any other sum payment required pursuant to this Lease; (2) Tenant shall fail to comply with any term, provision or covenant of money due hereunder this Lease, other than the payment of rent, and the Tenant fails to commence to cure such failure within ten (10) days after written notice from Landlord that to Tenant or shall fail to thereafter diligently complete such payment has not been made;
b. The failure by cure; or (3) Tenant to perform shall file a petition or if an involuntary petition is filed against Tenant, or becomes insolvent, under any other of the terms, conditions applicable federal or covenants of this Lease to be observed state bankruptcy or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature insolvency law or admit that it cannot practicably meet its financial obligations as they become due; or a receiver or trustee shall be cured within appointed for all or substantially all of the assets of Tenant; or Tenant shall make a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant transfer in fraud of creditors or shall make an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects that an order for relief is entered in any case under Title 11, U.S.C. (the "Bankruptcy Code") in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (the 'Trustee') seeks to terminate this assume the Lease, then Tenant’s liability for rent , or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant's future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other sums payable hereunder and to perform any other termcharges due for the balance of the Lease term of six (6) months's rent ("Security"), condition, covenant or agreement on its part to be performed held (without any allowance or interest thereon) to secure Tenant's obligation under this the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall cease provide adequate assurance to Landlord of the proposed assignee's future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord is consenting to assumption and/or assignment of the Lease by Tenant, and terminate as Landlord expressly reserves all of its rights to object to any period subsequent to assumption and/or assignment of the date on which Landlord delivers to Lease. Neither Tenant written notice nor any Trustee shall conduct or permit the conduct of such terminationany "fire," "bankruptcy, 1. Tenant shall remain liable, however, for all rent and "going out of business" or auction sale in or from the performance of all terms conditions and agreements relating to matters prior to the date of such terminationPremises.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease (Stratasys Inc)
Default by Tenant. 14.1 The following Landlord shall be deemed a have the right to declare Tenant in default by Tenant under the terms of the Lease if Tenant:
(“Event of Default”):
a. The failure by Tenant a) fails to pay any rent installment of Base Rental or other sum money herein stipulated to be paid by Tenant, and if such default shall continue for a period of money due hereunder within ten seven (107) days after written notice from Landlord that of such payment has not default and request for compliance have been made;given to Tenant by Landlord; or
b. The failure by Tenant to perform (b) defaults in the performance or observance of any other of the terms, conditions or covenants covenants, conditions, agreements and provisions of this Lease to be observed or performed by Tenant other than those stated in subparagraph (a) above, and if such default shall continue for more than a period of thirty (30) days after written notice from Landlord of such defaultdefault and request for compliance have been given to Tenant by Landlord, unless or any authorized representative of Landlord; provided, however, if such default is of a nature that it cannot practicably be cured corrected within a said thirty (30) day period, then said period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for correction may be extended at the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI sole discretion of the Bankruptcy ActLandlord. Upon termination, Landlord, its agent or the commencement of any action or proceeding for the dissolution or liquidation of Tenantrepresentative, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of right:
1. without further demand or notice, to re-entry enter and take possession of the Leased PremisesPremises and all buildings and improvements thereon, with or without process of law, and remove all persons and property from the Premises without being deemed guilty of any manner of trespass or becoming liable for any loss or damage which right shall remain continuous until such time as may be occasioned thereby; and
2. to take further action necessary to collect amounts due and owing by Tenant under this Agreement. Should this Lease be terminated in part based upon Tenant’s default during Term, (i) Tenant shall have cured such Event not be entitled to any proration or rebate of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlordany advance rental payments made, (ii) Tenant shall remain liable for the be required to pay within thirty (30) days of termination all rent and other sums payable hereunder whether payments due for the initial thirty (30) month term of the Lease if termination occurs prior to the thirtieth (30th) month; and (iii) all Tenant’s rights under this Agreement shall be terminated. No waiver of any breach of any covenant of this Lease shall be construed to be a waiver of any other or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining subsequent breach of the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence or of any Event other covenant or provisions, and the acceptance of Default, Landlord Rent after an event of default shall have not be a waiver of the right to terminate this Lease by written notice demand payment of such intention to Tenantany subsequent installment of Rent on the day it becomes due. In the event that Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under declare this Lease canceled and terminated as herein provided, all Improvements shall cease be and terminate as to any period subsequent become the absolute and unconditional property of Landlord, subject to the date on which Landlord delivers to Tenant written notice provisions of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationParagraph 8.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease
Default by Tenant. 14.1 (a) The following events shall be deemed constitute events of default under this Lease:
(1) a default by Tena▇▇ ▇▇ the payment of any rent or other sum payable hereunder for a period of 10 days after the same is due, provided that if Tenant under the terms of the Lease (“Event of Default”):
a. The failure by Tenant has failed one or more times in any twelve-month period to pay any rent or other sum of money due hereunder within ten (10) 10 days after written notice from Landlord that such payment has not been madethe due date, no grace period shall thereafter be applicable hereunder;
b. The failure (2) a default by Tenant to perform in the performance of any other of the other terms, covenants, agreements, or conditions or covenants contained herein and, if the default is curable, the continuation of this Lease to be observed or performed by Tenant such default for more than thirty (30) a period of 10 days after written notice from by Landlord of such default, unless such or beyond the time reasonably necessary for cure if the default is of a the nature to require more than 10 days to remedy, provided that it cannot practicably be cured within a thirty (30) day if Tenant has defaulted in the performance of the some obligation one or more times in any twelve-month period and Tenant is proceeding with due diligence to notice of such default has been given by Landlord in each instance, no cure such default;period shall thereafter be applicable hereunder:
c. The making (3) the bankruptcy or insolvency of Tenant, any transfer by Tena▇▇ in fraud of creditors, assignment by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation proceedings of Tenant, whether instituted any kind by or against TenantTenant under any provision of the Federal Bankruptcy Act or under any other insolvency, bankruptcy or for reorganization act unless, in the event any such proceedings are involuntary, Tenant is discharged from the same within 60 days thereafter; the appointment of a receiver or trustee for a substantial part of the property assets of Tenant, provided that no such filing ; or proceeding instituted the levy upon this Lease or any estate of Tenant hereunder by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have any attachment or execution; or
(4) the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all abandonment of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingspremises.
14.2 (b) Upon the occurrence of an Event any event of Defaultdefault by Tenant hereunder, Landlord may, at its option and without any further notice or demand, in addition to any other rights and remedies given hereunder or by law, do any of the following:
(1) Landlord shall have the immediate right right, so long as such default continues, to give notice of re-entry termination to Tenant, and possession of on the Leased Premises, which right date specified in such notice this Lease shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premisesterminate.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. (2) In the event Landlord elects to terminate of any such termination of this Lease, Tenant’s liability for rent Landlord may then or at any time thereafter, re-enter the premises and other sums payable hereunder remove therefrom all persons and property and again repossess and enjoy the premises, without prejudice to perform any other term, condition, covenant remedies that Landlord may have by reason of Tenant's default or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally(3) In the event of any such termination of this Lease, and in addition to any other rights and remedies Landlord may have, Landlord shall have all of the rights and remedies of a landlord provided by Section 1951.2 of the California Civil Code. The amount of damages which Landlord may recover in event of such termination shall include, without limitation, (i) the worth at the time of award (computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent) of the amount by which the unpaid rent for balance of the term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided, (ii) all legal expenses and other related costs incurred by Landlord following Tenant's default, (iii) all costs incurred by Landlord in restoring the premises to good order and condition, or in remodeling, renovating or otherwise preparing the premises for reletting, and (iv) all costs (including, without limitation, any brokerage commissions) incurred by Landlord in reletting the premises.
(4) For the purpose of determining the unpaid rent in the event of a termination of this Lease, or the rent due hereunder in the event of a reletting of the premises, the parties agree that any default by monthly rent reserved in this Lease shall be deemed to be the co-tenant, SenCer, Inc. can be treated by Landlord as a default sum of the rental due under paragraph 3 above and the amounts last payable by Tenant pursuant to paragraph 4 above.
(5) After terminating this Lease, Landlord may remove any and all personal property located in the premises and place such property in a public or private warehouse or elsewhere at the sole cost and expense of Tenant.
(c) Even though Tena▇▇ ▇▇▇ breached this Lease and abandoned the premises, this Lease shall continue in effect for so long as though it was Landlord does not terminate Tenant’s own default. Tenant will be given the opportunity 's right to cure such default possession, and Landlord may enforce all its rights and remedies under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord Lease, including the right to implement recover rental as it becomes due under this Lease. Acts of maintenance or preservation, efforts to relet the premises, or the appointment of a receiver upon initiative of Landlord to protect Land▇▇▇▇'▇ ▇nterest under this Lease, shall not constitute a termination of Tenant's right to possession.
(d) The remedies provided for in this Lease are in addition to any remedy authorized under the terms of this agreementother remedies available to Landlord at law or in equity, by statute or otherwise.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a default by Tenant under the terms of the Lease (occurrences are each an “Event of Default”)::
a. The failure by (a) Tenant fails to pay when due any rent installment of Base Rent or other sum payment of money due hereunder within ten Additional Rent to Landlord and such failure continues for five (105) days Business Days after Tenant’s receipt of written notice or demand from Landlord Landlord;
(b) Tenant fails to pay when due any Additional Rent to a third party and such failure continues for twenty (20) Business Days after Tenant’s receipt of written notice or demand from such third party or Landlord, provided that Tenant is not contesting such amount in accordance with the provisions hereof, and that such payment has failure shall not been maderesult in the creation or imposition of any lien against the Premises;
b. The failure (c) This Lease or Tenant’s interest herein is taken upon execution or by other process of law directed against Tenant, or is taken upon or subjected to any attachments by any creditor of Tenant to perform any other or claimant against Tenant and the attachment is not discharged within forty (40) Business Days after its levy;
(d) Tenant files a voluntary petition in bankruptcy or insolvency or for reorganization or arrangement under the bankruptcy laws of the termsUnited States or under any insolvency act of any state, conditions or covenants of this Lease to be observed is dissolved, or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of makes an assignment for the benefit of creditors;
d. The filing of a petition by (e) Involuntary proceedings under any bankruptcy laws or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now insolvency act or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution of Tenant are instituted against Tenant or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee is appointed for all or substantially all of Tenant’s Removable Property and assets and the proceeding is not dismissed or the receivership or trusteeship is not vacated within ninety (90) Business Days after institution or appointment;
(f) Tenant fails to perform or comply with the agreements, terms, covenants, or conditions set forth in Section 7.5.2(b) of this Lease, and such failure continues until the first student attendance date of the property School Year next beginning after notice of such failure from Landlord to Tenant;
(g) Tenant fails to perform or comply with any of the other agreements, terms, covenants, or conditions of this Lease and such failure continues for a period of thirty (30) calendar days after notice of such failure from Landlord to Tenant, provided or if such failure is of such a nature that no Tenant cannot reasonably remedy the same within such filing thirty (30) calendar day period, Tenant shall fail to commence promptly to remedy the same and to diligently and continuously prosecute such remedy to completion; or
(h) Tenant defaults under the Charter School Contract, or proceeding instituted by a third party the Charter School Contract shall be regarded as a default hereunder if Tenant shall promptly move to have revoked, terminated, or not renewed by the same dismissed, rescinded Authorizer or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord by any other entity that shall have the immediate right of re-entry and possession of the Leased Premisesauthority to revoke, which right terminate or renew such Charter School Contract, or such Charter School Contract shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part otherwise cease to be performed under this Lease shall cease in full force and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationeffect.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 14.1 (a) The occurrence of any of the following shall be deemed constitute a material default and breach of this Lease by Tenant under the terms of the Lease Tenant:
(“Event of Default”):
a. The i) Any failure by Tenant to pay any the rent or to make any other sum payment required to be made by Tenant hereunder, provided that such failure continues for a period of money due hereunder within ten thirty (1030) days after Landlord serves a written notice from Landlord that such payment has not been made;of default on Tenant.
b. The (ii) Tenant's abandonment or vacation of the Leased Premises.
(iii) Tenant's failure by Tenant to observe and perform any other of the terms, conditions or covenants provision of this Lease to be observed or performed by Tenant where such failure continues for more than thirty ten (30) 10 days after written notice from thereof by Landlord to Tenant; provided, however, that if the nature of such default, unless such default is of a nature such that it the same cannot practicably reasonably be cured within a thirty such five-day period, Tenant shall not be 117 deemed to be in default if Tenant shall within such period commence such cure and thereafter diligently prosecute the same to completion.
(30iv) day period and Tenant is proceeding with due diligence to cure such default;
c. The Tenant's making by Tenant of an any general assignment for the benefit of creditors;
d. The ; the filing of a petition by or against Tenant for adjudication as of a petition to have Tenant adjudged a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or of a petition for reorganization within or arrangement under any law relating to bankruptcy (unless, in the meaning case of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or a petition filed against Tenant, or for the same is dismissed within sixty (60) days), the appointment of a trustee or receiver or trustee to take possession of the property substantially all of Tenant's assets located at the Leased Premises or of Tenant's interest in this Lease, provided that no such filing where possession is not restored to Tenant within thirty (30) days; or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissedattachment, rescinded execution or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge other judicial seizure of substantially all of Tenant's assets located at the covenants and obligations on its part to be performed Leased Premises or of Tenant's interest in this Lease, where such seizure is not discharged under this Lease during the pendency of such proceedingswithin thirty (30) days.
14.2 Upon (b) In the occurrence event of an Event of Defaultany such default by Tenant, then in addition to any other remedies available to Landlord at law or in equity, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right option to terminate this Lease and all rights of Tenant hereunder by giving written notice of such intention to Tenantterminate. In the event that Landlord elects shall elect to so terminate this Lease then Landlord may recover from Tenant:
(i) Any unpaid rent which had been earned at the time of such termination, less any amount that Tenant proves could have been reasonably mitigated; plus
(ii) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform his obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; plus
(iii) Such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable California law.
(c) In the event of any such default by Tenant, Landlord shall also have the right, , to reenter the Premises in accordance with California law, and remove all persons and property from the Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of the Tenant.
(d) In the event of the vacation or abandonment of the Leased Premises by Tenant or in the event that Landlord shall elect to reenter as provided in paragraph (c) above or shall take possession of the Leased Premises pursuant to legal proceeding or pursuant to any notice provided by law, then if Landlord does not elect to terminate this Lease as provided in paragraph (b) above, then Landlord may from time to time, without terminating this Lease, Tenant’s liability either recover all rent that could not be reasonably mitigated as it becomes due or relet the Leased Premises or any part thereof for rent such term or terms and at such rental or rentals and upon such other sums payable hereunder terms and conditions as Landlord, acting in a commercially reasonable manner, elects. 118 In the event that Landlord shall elect to perform any other termso relet, conditionthen rentals received by Landlord from such reletting shall be applied as follows: first, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers payment of any indebtedness other than rent due hereunder from Tenant to Tenant written notice Landlord; second, to the payment of any cost of such terminationreletting; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. Should that portion of such rentals received from such reletting during any month, which is applied by the payment of rent hereunder, be less than the rent payable during that month by Tenant hereunder, then Tenant shall remain liable, however, for all rent pay such deficiency to Landlord immediately upon demand therefor by Landlord. Such deficiency shall be calculated and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationpaid monthly.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Commercial Lease Agreement (American River Holdings)
Default by Tenant. 14.1 The following Tenant shall be deemed a in default by hereof in the event Tenant under should:
(a) Default in the terms prompt payment of the Lease (“Event of Default”):
a. The failure by Tenant to pay Rental or any rent or other sum of money monies due hereunder when the same is due and Tenant shall fail to cure such default within ten five (105) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other following receipt of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless provided however Landlord shall only be required to give Tenant written notice of such default one time during any calendar year.
(b) Violation of any other of the covenants performable by Tenant hereunder after notice is sent to Tenant and if Tenant does not cure such violation within fifteen (15) days of receipt of such notice (or a nature longer period of time as may be reasonably necessary provided that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence commences to cure such default;violation within fifteen (15) days of notice and thereafter diligently pursues to completion).
c. The making by (c) Tenant or any Guarantor of the Lease should file a voluntary petition in bankruptcy, be adjudged bankrupt, be placed in or subjected to receivership, or make an assignment for the benefit of creditors;; or
d. The filing of a petition by (d) Tenant should fail to promptly move into or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI take possession of the Bankruptcy ActPremises when the same are ready for occupancy or shall cease to do business in or abandon all or any substantial portion of the Premises.
(e) Tenant shall be dissolved, liquidated or the commencement otherwise ceases to exist in good standing under applicable law.
(f) Any guarantor of this Lease fails or refuses to perform or comply with such guarantor’s guaranty of this Lease.
(g) Tenant’s leasehold estate is taken in execution or other process of law in any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 . Upon the occurrence of an Event of Defaultdefault, Landlord shall have the immediate option to do any one or more of the following without any notice or demand, in addition to and not in limitation of any other remedy permitted by law or by this Lease. Argyle 2006
(a) Landlord, with or without terminating this Lease, may take any reasonable action to remedy any failure of Tenant to comply with or perform this Lease, and may enter the Premises as necessary to do so. Tenant must reimburse Landlord on written demand for all costs so incurred, plus a Building standard charge to compensate Landlord for the additional administrative burden.
(b) Landlord may terminate this Lease and enter and repossess the Premises by forcible entry or detainer suit or as otherwise permitted by law without additional demand or notice of any kind to Tenant, and remove all persons or property therefrom using such lawful force as may be necessary (and Tenant hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which case Landlord will be entitled to recover form Tenant (i) the cost of repossessing the Premises (including without limitation, reasonable attorneys’ fees and costs of litigation), (ii) the anticipated cost of any repairs, alterations, additions, and improvements to the Premises, leasing inducements, and brokerage commissions for reletting the Premises, (iii) all unpaid Rental owed at the time of termination, (iv) the present value of the balance of the Rental for the remainder of the Term, less the present fair market rental value of the Premises for the same period (taking into account all relevant factors, including market rent concessions and the time necessary to relet the Premises and using a discount rate per annum equal to the interest rate on U.S. Treasury obligations with a maturity comparable to the length of the remainder of the Term), and (v) interest and any other sum of money or damages owing by Tenant to Landlord. On termination of this Lease, Landlord may elect to evict all subtenants and others in possession, or on attornment of any subtenant to Landlord, to recognize such sublease as a direct lease between the subtenant and Landlord.
(c) Landlord may terminate Tenant’s right of re-possession (but not this Lease), enter and repossess the Premises by forcible entry or detainer suit or as otherwise permitted by law without demand or notice of any kind to Tenant and possession without terminating this Lease, and remove all persons or property therefrom using such lawful force as may be necessary (and Tenant hereby waives any claim for loss or damage by reason of such reentry, repossession, or removal), in which case Landlord may (but will not be obligated to) relet the Premises for the account of Tenant for such rent and upon such terms as are satisfactory to Landlord, and without preference to any other space in the Building. The rent actually received from such reletting of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, will be applied to (i) the cost of repossessing the Premises (including without limitation, reasonable attorneys’ fees and costs of litigation), (ii) the cost of any repairs, alterations, additions, and improvements to the Premises, leasing inducements, and brokerage commissions paid by Landlord for reletting the Premises (which may result Landlord is hereby authorized to make), (iii) accrued unpaid Rental, and (iv) interest and any other sum of money or damages owing by Tenant to Landlord. If an any time or from time to time the rent actually received from such reletting of the Leased Premises.
14.3 Additionally, upon if any, is not sufficient to pay all such sums then accrued, the occurrence deficiency will be due and payable from Tenant to Landlord on written demand. Landlord may file suit to recover any such deficiency at any time or from time to time without being obliged to wait until expiration of the Term, and no recovery of any Event sum due Landlord will be a defense to recovery of Default, any amount not previously reduced to judgment. No reletting of the Premises will be construed as an election on the part of Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other termwhich termination will occur, conditionif at all, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant only by express written notice of termination to Tenant. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for any previous default of Tenant. Tenant shall remain liableArgyle 2006 In entering the Premises pursuant to this Section, howeverLandlord may use a duplicate or master key or lock combination or other lawful means, for all rent and may thereafter change the performance of all terms conditions and agreements relating to matters prior locks to the date Premises to preclude further access by Tenant or others; and Tenant waives any requirement of law to the contrary. Even if this Lease is not terminated, Landlord may terminate all rights of Tenant, if any, to receive any allowance, reimbursement payment, or other concession under any provision of this Lease and all renewal, extension, expansion, cancellation, termination or other options of Tenant, if any, under any provision of this Lease. Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies herein provided or any other remedies provided by law. Pursuit of any remedy herein provided shall not constitute a forfeiture or waiver of any rent due to Landlord hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants herein contained. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other violation or breach of the terms, provisions and covenants herein contained. Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event of default, or delay by Landlord in enforcing one or more of such terminationremedies upon an event of default, shall not be deemed or construed to constitute a waiver of such default.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Standard Office Lease (Argyle Security Acquisition CORP)
Default by Tenant. 14.1 The following shall be deemed a Upon breach or default of this Lease by Tenant, Landlord may pursue any and all rights, at law or equity, against Tenant. Except when Landlord feels reasonably and justifiably insecure as to the solvency of the Tenant or its ability to perform its obligations under the terms of the Lease (“Event of Default”):
a. The failure by Lease, Tenant to pay any rent or other sum of money due hereunder within ten (10) will have 20 days after receipt of written notice from Landlord within which to completely cure any non-monetary default; however, if the non-monetary default is not completely cured within 20 days and Tenant demonstrates to Landlord that such payment has not been made;
b. The failure by Tenant is using (and will continue to perform use) its best efforts to completely cure the non-monetary default, Tenant will have the additional time to cure as Landlord deems reasonably appropriate under the circumstances. In no event, however, will the time period within which Tenant must completely cure any other non-monetary default extend to a period of time greater than 90 days. Without limiting the foregoing, at expiration of the terms, conditions or covenants term of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such if default is made in the payment of a nature that it cannot practicably be cured within a thirty (30) day period and Rent or in the performance of any agreements of Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actcontained in this Lease, as now or hereafter amended or supplementedLandlord, or for reorganization within its agent, will have the meaning of Chapter XI right to enter and take possession of the Bankruptcy Act, or Leased Premises. In the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right case of re-entry by Landlord, and Tenant agrees to deliver the Leased Premises without process of law, Tenant's rights to occupy or control the Leased Premises will immediately cease, and this Lease, at the option of Landlord, will terminate. If any default or breach by Tenant occurs, the obligations of Tenant under this Lease, including Tenant's obligation to pay Rent, will not cease, and Tenant will be liable for any loss or damage to Landlord for failure to comply with this Lease. If Landlord retakes possession of the Leased Premises, which right shall remain continuous until such time as Landlord may remove and store all personal property of Tenant shall have cured such Event in any place selected by Landlord at the expense and risk of DefaultTenant. Notwithstanding such re-entry and possession Landlord may sell any or all of the Leased Premises property at public or private sale as provided by Landlordlaw and will apply the proceeds of the sale first to the cost of the sale, Tenant shall remain liable second to the payment of charges for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsstorage, if any, which may result from third to the reletting payment of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and that may be due from Tenant to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this AgreementLease, and fourth the balance, if any, to Tenant. Failure Tenant waives all claims for damages that may be caused by Landlord's re-entering and taking possession of Tenant the Leased Premises, removing, storing, and/or selling the property of Tenant. No re-entry of Landlord will be considered or construed to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementbe a forcible entry.
Appears in 1 contract
Default by Tenant. 14.1 The following If Tenant (i) shall be deemed a default by Tenant under in the terms payment of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent Base Rent or other sum of money due hereunder within ten (10) Additional Rent and such default shall continue for 15 days after written notice thereof from Landlord, or (ii) shall default in the performance of any of its other obligations under this Lease and if such default shall continue for 30 days after notice thereof from Landlord specifying in what manner Tenant has defaulted (except that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless if such default is of a nature that it cannot practicably be cured within said 30 day period, this period shall be extended for a thirty (30) reasonable additional time, provided that Tenant commences to cure such default within the 30 day period and Tenant is proceeding with due diligence proceeds diligently thereafter to cure effect such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of cure) or (iii) files a petition by commencing a voluntary case, or has filed against Tenant for adjudication as it a bankrupt petition commencing an involuntary case, under the Federal Bankruptcy ActCode (Title 11 of the United States Code), as now or hereafter amended in effect, or supplementedunder any similar law, or files or has filed against it a petition or answer in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law, and, in the case of any such involuntary action, such action shall not be dismissed, discharged or denied within sixty (60) days after the meaning of Chapter XI of the Bankruptcy Actfiling thereof then Landlord may (1) cure such default and any costs and expenses incurred by Landlord therefor shall be deemed Additional Rent, or (2) lawfully enter the commencement Premises and repossess the same as the former estate of Landlord and expel Tenant and those claiming under Tenant without being deemed guilty of any action or proceeding for the dissolution or liquidation manner of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move trespass and without prejudice to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and any other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses remedies which Landlord may incur in re-entering the Leased Premises have for arrears of Base Rent or Additional Rent or preceding breach of covenant, and repairing and maintaining the same less such proceedsupon entry as aforesaid, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease terminate and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice covenants that in case of such termination. Tenant shall remain liable, howeverit will indemnify Landlord against all loss of Base Rent, for all rent Additional Rent and the performance of all terms conditions other reasonable costs and agreements relating to matters prior to the date expenses actually paid by Landlord which Landlord incurs by reason of such termination.
14.4 Additionally, termination during the parties agree that any default by residue of the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms term of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementLease.
Appears in 1 contract
Default by Tenant. 14.1 The Tenant shall be in default under this Lease if any of the following shall occur (any one or more of the following herein constituting an "Event of Default"):
(a) Tenant fails to pay when due any monthly rent or other payment required to be deemed a default paid by Tenant under the terms of the this Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after of its due date; provided, however, that before declaring any default in the making of any payment required under this Lease, Landlord shall provide to Tenant a written notice from Landlord specifying that such payment there has not been made;a default in the making of a required payment, and Tenant shall have three (3) business days after receipt of that notice within which to pay the delinquent amount and prevent a default hereunder, or
b. The failure by (b) Tenant shall default in the observance or performance of any of Tenant's other covenants hereunder (other than the covenant to perform pay rent or any other of the terms, conditions or covenants of this Lease sum herein specified to be observed or performed paid by Tenant for more than Tenant) and such default shall not have been cured within thirty (30) days after Landlord shall have given to Tenant written notice from Landlord specifying such default; provided, however, that if the default complained of shall be of such default, unless such default is of a nature that it the same cannot practicably be completely remedied or cured within with such 30-day period, then such default shall not be a thirty (30) day period default against Tenant for the purposes of this paragraph so long as Tenant shall have promptly commenced curing such default and Tenant is proceeding shall proceed with all due diligence and in good faith to cure such default;remedy the default complained of; or
c. The making by (c) Tenant shall have (i) file a voluntary petition in bankruptcy, or (ii) be adjudicated bankrupt or insolvent, or (ii) have a receiver or trustee appointed for all or substantially all of its business or assets on the ground of Tenant's insolvency, or (iv) suffer an order to be entered approving a petition filed against Tenant seeking reorganization of Tenant under the federal bankruptcy laws or any other applicable law or statute of the United States or any state thereof, or (v) Tenant shall make a general assignment or general arrangement for the benefit of its creditors;
d. The filing of a petition by , or (vi) bankruptcy proceedings shall have been instituted against Tenant for adjudication as a bankrupt under which are not withdrawn or dismissed with sixty (60) days after the Bankruptcy Actinstitution of said proceedings; or
(d) Tenant shall remove or attempt to remove, as now or hereafter amended or supplementedwith the prior authorization of Landlord, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant's fixtures, whether instituted by equipment, appliances or against Tenant, or personal property from the Premises for any reason other than the appointment of a receiver or trustee of the property normal and usual operation of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if 's business; or
(e) Tenant shall promptly move to have abandon the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The Each of the following shall be deemed constitute a default "Default" by Tenant under the terms of the Lease Tenant:
(“Event of Default”):
a. a) The failure by of Tenant to pay the Base Rent, or any rent or other sum installment of money due hereunder within Rent when due, and the continuance of such failure for a period of ten (10) days after receipt of written notice thereof from Landlord; provided, however, Landlord that shall not be required to give such payment has ten (10) day notice, and Tenant shall not been made;
b. The be entitled to same, more than two (2) times during any calendar year, and any such subsequent failure during such calendar year shall be a Default by Tenant upon the occurrence thereof without any notice whatsoever to perform Tenant; or
(b) Tenant shall fail to fulfill or perform, in whole or in part, any other of the terms, conditions or covenants of its obligations under this Lease to be observed (other than the payment of Rent) and such failure or performed by Tenant non-performance shall continue for more than a period of thirty (30) days after written notice from thereof has been given by Landlord of to Tenant, provided that if such default, unless such default is of a nature that it failure or non-performance cannot practicably be cured within a such thirty (30) day period, such thirty (30) day period shall be extended so long as Tenant promptly commences a cure and Tenant is proceeding with due diligence diligently prosecutes such cure to cure such default;completion; or
c. (c) The making by Tenant of an assignment for the benefit of creditors;
d. The filing entry of a decree or order by a court having jurisdiction adjudging Tenant or any guarantor to be bankrupt or insolvent or approving as properly filed a petition by seeking reorganization of Tenant or against Tenant for adjudication as a bankrupt guarantor under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the National Bankruptcy Act, or the commencement of any action other similar applicable Federal or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against TenantState law, or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or a trustee or assignee in bankruptcy or insolvency of Tenant or Guarantor or its property or for the property winding up or liquidation of its affairs; or Tenant or guarantors shall institute proceedings to be adjudicated a voluntary bankruptcy or shall consent to the filing of any bankruptcy, reorganization, receivership or other proceeding against Tenant or guarantor, or any such proceedings shall be instituted against Tenant or guarantor and the same shall not be vacated within one hundred twenty (120) days after the same are commenced; or
(d) Tenant shall make an assignment for the benefit of Tenant, provided that no such filing 's creditors or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move admit in writing Tenant's inability to have pay the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure debts of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementgenerally as they may become due.
Appears in 1 contract
Sources: Lease (I2 Technologies Inc)
Default by Tenant. 14.1 The Landlord and Tenant hereby agree that the occurrence of any one or more of the following shall be deemed events is a default by Tenant under this Lease and that said default shall give Landlord the terms rights described in Section 13.2. Landlord or Landlord’s authorized agent shall have the right to execute and to deliver any notice of default, notice to pay rent or quit or any other notice Landlord gives Tenant.
(a) Tenant’s failure to make any payment of Base Rent, Tenant’s Share of Operating Expense increases, Tenant’s Share of Real Property Taxes, parking charges, Non-Business Hours HVAC Charges, late charges, or any other payment required to be made by Tenant hereunder, as and when due, where such failure shall continue for a period of three (3) business days after written notice thereof from Landlord to Tenant. In the event that Landlord serves Tenant with a notice to pay rent or quit pursuant to applicable unlawful detainer statutes, such notice shall also constitute the notice required by this Section 13.1(a).
(b) The abandonment of the Lease Premises by Tenant coupled with the nonpayment of rent in which event Landlord shall not be obligated to give any notice of default to Tenant.
(“Event of Default”):
a. c) The failure by of Tenant to pay comply with any rent of its obligations under Sections 18 and 19 where Tenant fails to comply with its obligations or other sum fails to cure any earlier breach of money due hereunder such obligation within ten (10) days after following written notice from Landlord that such payment has not been made;to Tenant. In the event Landlord serves Tenant with a notice to quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(c).
b. (d) The failure by Tenant to observe or perform any other of the termscovenants, conditions or covenants provisions of this Lease to be observed or performed by Tenant (other than those referenced in Sections 13.1(a), (b) and (c), above), where such failure shall continue for more than thirty a period of fifteen (3015) days after written notice thereof from Landlord to Tenant; provided, however, that if the nature of Tenant’s non-performance is such defaultthat more than fifteen (15) days are reasonably required for its cure, unless then Tenant shall not be deemed to be in default if Tenant commences such default is of a nature that it cannot practicably be cured cure within a thirty said fifteen (3015) day period and thereafter diligently pursues such cure to completion. In the event that Landlord serves Tenant is proceeding with due diligence a notice to cure such default;quit or any other notice pursuant to applicable unlawful detainer statutes, said notice shall also constitute the notice required by this Section 13.1(d).
c. (i) The making by Tenant or any guarantor of an Tenant’s obligations hereunder of any general arrangement or general assignment for the benefit of creditors;
d. The filing ; (ii) Tenant or any guarantor becoming a “debtor” as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the case of a petition by or filed against Tenant for adjudication as or guarantor, the same is dismissed within sixty (60) days); (iii) the appointment of a bankrupt trustee or receiver to take possession of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where possession is not restored to Tenant within thirty (30) days; (iv) the attachment, execution or other judicial seizure of substantially all of Tenant’s assets located at the Premises or of Tenant’s interest in this Lease, where such seizure is not discharged within thirty (30) days; or (v) the insolvency of Tenant. In the event that any provision of this Section 13.1(e) is unenforceable under the Bankruptcy Actapplicable law, as now such provision shall be of no force or hereafter amended effect.
(f) The discovery by Landlord that any financial statement, representation or supplementedwarranty given to Landlord by Tenant, or for reorganization within by any guarantor of Tenant’s obligations hereunder, was materially false at the meaning of Chapter XI of the Bankruptcy Acttime given. Tenant acknowledges that Landlord has entered into this Lease in material reliance on such information.
(g) If Tenant is a corporation, limited liability company or the commencement of any action or proceeding for a partnership, the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 19.1 The occurrence of any of the following shall be deemed constitute a default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by a) If Tenant shall fail to pay any installment of base rent or additional rent when due, or shall fail to pay when due any other sum payment required by this Lease and such failure shall remain uncured for a period of money due hereunder within ten five (105) days after written notice from Landlord notifies Tenant, in writing, of such failure; provided, however, that such payment has Landlord shall not been made;
b. The failure by be required to give Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty two (302) days after such written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty notices in any twelve (3012) day period and Tenant is proceeding with due diligence to cure such default;month period.
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if (b) If Tenant shall promptly move to have the same dismissed, rescinded violate or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and fail to perform any other term, condition, covenant or agreement on its part to be performed or observed by Tenant under this Lease and such violation or failure shall continue uncured for a period of twenty (20) days after Landlord notifies Tenant in writing specifying, in reasonable detail, the nature of such violation or failure. If such violation or failure is not capable of being cured within such twenty (20) day period, Tenant shall not be deemed to be in default hereunder if Tenant commences curative action within such twenty (20) day period and proceeds diligently and in good faith thereafter to cure such violation or failure until completion.
(c) If Tenant shall abandon the Premises.
(d) If an Event of Bankruptcy, as defined in Section 20.1 of this Lease, shall occur.
(e) The occurrence of the event described in the last clause of Section 7.5(a) hereof.
(f) The failure to maintain any insurance required to be maintained by Tenant under the terms and conditions of this Lease.
19.2 If Tenant shall be in default under this Lease, Landlord shall have the right, at its sole option, to terminate this Lease. With or without terminating this Lease, Landlord may re-enter and take possession of the Premises and the provisions of this Article XIX shall operate as a notice to quit, any other notice to quit or of Landlord's intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of the State of Maryland, or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease, everything contained in this Lease on the part of Landlord to be done and performed shall cease without prejudice, however, to the right of Landlord to recover from Tenant all rent and terminate other sums due under this Lease. Whether or not this Lease is terminated by reason of Tenant's default, Landlord shall use reasonable efforts to relet the Premises for such rent and upon such terms as are not unreasonable under the circumstances, and if the full rental provided herein plus the costs, expenses and damages hereafter described shall not be realized by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiency in base rent and additional rent, reasonable attorneys' fees, brokerage fees, and the expenses of placing the Premises in first class rentable condition. Provided Landlord shall have made reasonable efforts to relet the Premises as required by the preceding sentence, Landlord shall in no way be responsible or liable for any failure to relet the Premises or any part thereof, or any failure to collect any rent due or accrued upon such reletting (provided, however, that Landlord shall endeavor to act diligently in collecting any rent due or accrued upon such reletting), to the end and intent that Landlord may elect to hold Tenant liable for the base rent, additional rent, and any and all other items of cost and expense which Tenant shall have been obligated to pay throughout the remainder of the Lease Term. Notwithstanding anything to the contrary in this Section 19.2, Tenant expressly acknowledges that Landlord's agreement to use reasonable efforts to relet the Premises shall in no event limit, restrict or prejudice Landlord's right to lease all other vacant space in the Office Complex prior to reletting the Premises. Any damages or loss of rent sustained by Landlord may be recovered by Landlord, at Landlord's option, at the time of the reletting, or in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive reletting, or, at Landlord's option, may be deferred until the expiration of the Lease Term, in which event Tenant hereby agrees that the cause of action shall not be deemed to have accrued until the date of expiration of the Lease Term. The provisions contained in this Section 19.2 shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease.
19.3 All rights and remedies of Landlord set forth herein are in addition to all other rights and remedies available to Landlord at law or in equity. All rights and remedies available to Landlord hereunder or at law or in equity are expressly declared to be cumulative. The exercise by Landlord of any such right or remedy shall not prevent the concurrent or subsequent exercise of any other right or remedy. No delay in the enforcement or exercise of any such right or remedy shall constitute a waiver of any default by Tenant hereunder or of any of Landlord's rights or remedies in connection therewith. Landlord shall not be deemed to have waived any default by Tenant hereunder unless such waiver is set forth in a written instrument signed by Landlord. If Landlord waives in writing any default by Tenant, such waiver shall not be construed as a waiver of any covenant, condition or agreement set forth in this Lease except as to specific circumstances described in such written waiver.
19.4 If Landlord shall institute proceedings against Tenant and a compromise or settlement thereof shall be made, neither shall the same constitute a waiver of default or of any period subsequent other covenant, condition or agreement set forth herein, nor of any of Landlord's rights hereunder, except as otherwise provided in such compromise or settlement. Neither the payment by Tenant of a lesser amount than the installments of base rent, additional rent or of any sums due hereunder nor any endorsement or statement on any check or letter accompanying a check for payment of rent or other sums payable hereunder shall be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such rent or other sums or to pursue any other remedy available to Landlord. No re-entry by Landlord, and no acceptance by Landlord of keys from Tenant, shall be considered an acceptance of a surrender of this Lease.
19.5 If Tenant defaults in the making of any payment or in the doing of any act herein required to be made or done by Tenant, then Landlord may, but shall not be required to, make such payment or do such act. If Landlord elects to make such payment or do such act, all costs and expenses incurred by Landlord, plus interest thereon at the rate per annum which is two percent (2%) higher than the "prime rate" then being charged by Rigg▇ ▇▇▇ional Bank of Washington, D.C., from the date paid by Landlord to the date on which of payment thereof by Tenant, shall be immediately paid by Tenant to Landlord; provided however, that nothing contained herein shall be construed as permitting Landlord delivers to Tenant written notice charge or receive interest in excess of the maximum legal rate then allowed by law. The taking of such termination. action by Landlord shall not be considered as a cure of such default by Tenant or prevent Landlord from pursuing any remedy it is otherwise entitled to in connection with such default.
19.6 If Tenant fails to make any payment of base rent or of additional rent on or before the date such payment is due and payable, Tenant shall remain liablepay to Landlord a late charge of five percent (5%) of the amount of such payment. In addition, such payment shall bear interest at the rate per annum which is two percent (2%) higher than the "prime rate" then being charged by Rigg▇ ▇▇▇ional Bank of Washington, D.C. from the date such payment became due to the date of payment thereof by Tenant; provided, however, that nothing contained herein shall be construed as permitting Landlord to charge or receive interest in excess of the maximum legal rate then allowed by law. Such late charge and interest shall constitute additional rent due and payable hereunder with the next installment of base rent due hereunder. Landlord will not exercise its right to impose the sums described in this Section 19.6 if such late payments are no later than five (5) days past due and such late payments occur no more than two (2) times in any twelve (12) month period.
19.7 Landlord shall have a lien upon, and Tenant hereby grants to Landlord a security interest in all personal property which may be found in and upon the Premises (except that Landlord shall have no and hereby expressly waives any lien against Tenant's files, workpapers, business records or confidential client-related business papers and Tenant's telephone system) and equipment of Tenant located in the Premises, as security for the payment of all rent and the performance of all other obligations of Tenant required by this Lease; provided, however, that Landlord agrees that it shall not exercise its right to collect under the lien granted hereby unless and until Tenant is in default, beyond any applicable notice and cure provision, under any of the terms conditions and agreements relating provisions of this Lease. Landlord agrees to matters prior subordinate such lien and security interest in Tenant's personal property and equipment to any lien or security interest granted by Tenant to any lender as security for any indebtedness incurred for the sole purpose of financing the purchase of any such equipment or personal property; provided, however, that the secured party shall agree to promptly repair any and all damages to the date of such termination.
14.4 AdditionallyPremises and/or the Office Complex that occurs if the secured party removes its collateral from the Premises. In order to perfect and enforce said lien and security interest, the parties agree that Tenant agrees to execute all required financing statements. At any default by the co-tenant, SenCer, Inc. can be treated by Landlord as time after a default by Tenant as though it was Tenant’s own default. Tenant will be given hereunder, beyond any applicable notice and cure period and the opportunity to cure such default under the terms termination of this AgreementLease by Lender as a result thereof, Landlord may seize and take possession of any and all personal property and equipment belonging to Tenant which may be found in and upon the Premises (except that Landlord shall have no and hereby expressly waives any lien against Tenant's files, workpapers, business records or confidential client-related business papers and Tenant's telephone system). Failure If Tenant fails to redeem the personal property and equipment so seized by payment of Tenant to successfully cure said default shall give all sums due Landlord the right to implement any remedy authorized under the terms and by virtue of this agreementLease, Landlord shall have the right, after twenty (20) days' written notice to Tenant, to sell such personal property and equipment so seized at public or private sale and upon such terms and conditions as to Landlord may appear advantageous. After the payment of all proper charges incident to such sale, the proceeds thereof shall be applied to the payment of any and all sums due to Landlord pursuant to this Lease. In the event there shall be any surplus remaining after the payment of all sums due to Landlord, such surplus shall be paid over to Tenant.
Appears in 1 contract
Sources: Lease Agreement (Cta Incorporated)
Default by Tenant. 14.1 The (a) Any of the following shall be deemed a default an "Event of Default" by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by i) Tenant fails or refuses to pay any rent installment of Annual Rental or other sum of money due hereunder within Additional Rental and such failure or refusal continues for more than ten (10) days after following delivery of written notice from to Tenant; provided, however, following the fourth (4th) notice of nonpayment of Annual Rental and/or Additional Rental given by Landlord that in any lease year, Landlord shall not be required to give any written notice for any subsequent failure of Tenant to timely pay any installment of Annual Rental or Additional Rental occurring during such payment has not been made;calendar year; or
b. The failure by (ii) Tenant fails or refuses to perform any of its other of the termscovenants under this Lease, conditions and such failure or covenants of this Lease refusal continues beyond a reasonable time to be observed or performed by Tenant for more than cure such nonperformance, not to exceed thirty (30) days after the receipt by Tenant of written notice from Landlord unless additional time, up to a maximum of such defaultninety (90) days in the aggregate is required to cure the default which despite diligent and continuous effort, unless such default is of a nature that it cannot practicably by its very nature be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenantdays, provided that no such filing or proceeding instituted by a third party shall be regarded cure is commenced as a default hereunder if Tenant shall promptly move soon as commercially reasonable and is diligently prosecuted to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingscompletion.
14.2 Upon the occurrence of (b) Following an Event of DefaultDefault and which is not cured within the cure periods set out above, Landlord shall have the immediate following remedies in addition to those other remedies at law or in equity which are not inconsistent therewith:
(i) Landlord may terminate this Lease and forthwith repossess the Premises and be entitled to recover forthwith as damages a sum of money equal to the total of (a) the cost of recovering the Premises, (b) the unpaid rent earned through the date of termination, plus interest thereon at the Default Rate from the due date, and (c) any other sum of money and damages owed by Tenant to Landlord under this Lease at the time of termination.
(ii) Landlord may terminate Tenant's right of repossession (but not the Lease) and may repossess the leased premises by self-help, forcible entry or detainer suit or otherwise, without demand or notice of any kind to Tenant and possession without terminating this Lease, in which event Landlord may relet the same for the account of Tenant, such right to relet being on the Leased Premisesfollowing terms and conditions: (a) Landlord shall only relet on commercially reasonable terms and rent, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of if the Leased Premises by Landlordare relet in whole or in part, Tenant shall remain liable for be entitled to a credit in the rent and other sums payable hereunder whether net amount of the Annual Rental or not the Leased Premises are relet Additional Rental received by Landlord an for as a result (after deducting all reasonable costs incurred by Landlord in finding a new tenant, including brokerage fees, agent's commissions, redecorating costs, construction allowance, lease concessions, parking, attorneys' fees and any other reasonable costs and expenses which Landlord may incur in re-entering incident thereto). Tenant shall remain obligated to pay the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence amount of any Event deficiency in the Annual Rental or any Additional Rental obtained on such reletting, but if the Annual Rental or any Additional Rental obtained on such reletting is greater than that provided for herein plus Landlord's costs, such excess rentals shall be the sole property of DefaultLandlord, and (b) Landlord shall have the right to collect from Tenant amounts equal to said deficiencies provided for above by suits or proceedings brought from time to time on one or more occasions without Landlord being obligated to wait until the expiration of the term of this Lease; provided, however, Landlord shall not have the right to accelerate payments of future rents. Any rentals not paid by Tenant when due shall bear interest at the Default Rate. No such reletting or other action of Landlord shall be construed as an election on the part of Landlord to terminate this Lease by unless a written notice of such intention is given to Tenant by Landlord. Notwithstanding the foregoing in this Section 13.01(b)(ii), Landlord will use reasonable efforts to mitigate its damages resulting from Tenant. In the event 's default.
(c) An election by Landlord elects of its remedies to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and 's right of possession under Section 13.01(b)(ii) shall not prohibit Landlord from subsequently exercising its rights to perform any other term, condition, covenant or agreement on its part to be performed terminate the Lease under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationSection 13.01(b)(i).
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Office Lease (Helmerich & Payne Inc)
Default by Tenant. 14.1 The occurrence of any of the following events and the expiration of any grace periods hereafter described shall be deemed constitute a default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. a) The failure by of Tenant to pay any rent or other sum Rent for a period of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been madenotice;
b. The failure by (b) Tenant to perform assigns its interest in this Lease or sublets any other portion of the termsPremises except as permitted in this Lease or Tenant otherwise breaches the provisions of Section 6.2 of this Lease;
(c) Tenant uses the Premises for any purpose other than the Permitted Use or otherwise breaches Tenant's operational covenants under Sections 2.3 of this Lease;
(d) Tenant breaches or fails to comply with any non-financial material term, conditions provision, covenant, or covenants condition of this Lease to be observed (other than as described in Subsections [a], [b], or performed by Tenant [c] above), or with any of the Building Rules now or subsequently established, and such breach or failure continues for more than thirty (30) calendar days after written notice from by Landlord to Tenant (or, if such default cannot reasonably be cured within said thirty (30) day period, such longer period of time as is reasonably necessary to cure such default, unless provided Tenant commences to cure such default is of a nature that it cannot practicably be cured within a said thirty (30) day period and Tenant is proceeding with due diligence diligently continues to cure such defaultprosecute same to completion);
c. The making (e) If the interest of Tenant under this Lease is levied on under execution or other legal process, or if any petition in bankruptcy or other insolvency proceedings is filed by or against Tenant, or any petition is filed or other action taken to declare Tenant as bankrupt or to delay, reduces or modify Tenant's debts or obligations or to reorganize or modify Tenant's capital structure or indebtedness or to appoint a trustee, receiver or liquidator of Tenant or of any property of Tenant, or any proceedings or other action is commenced or taken by a governmental authority for the dissolution or liquidation of Tenant (provided that no such levy, execution, legal process; or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall vigorously contest the same by appropriate proceedings and shall remove or vacate the same within thirty (30) calendar days from the date of its creation, service, or filing);
(f) Tenant becomes insolvent, makes an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning makes a transfer in fraud of Chapter XI of the Bankruptcy Act, creditors; or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee is appointed for Tenant or any of its properties; 1001 3rd Avenue South - Select Comfort Corporation - NNN (2016 v1.1)
(g) Tenant permanently abandons the property Premises during the Lease Term; or
(h) If Tenant is an individual person, the death or legal incapacity of Tenant; if Tenant is a corporation, provided that no such filing or proceeding instituted by a third party shall be regarded Tenant ceases to exist as a default hereunder corporation in good standing in the state of its incorporation and/or ceases to be duly authorized to transact business within the State of Minnesota; or if Tenant shall promptly move to have the same dismissed, rescinded is a partnership or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlordother entity, Tenant shall remain liable for the rent and other sums payable hereunder whether is dissolved or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premisesotherwise liquidated.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a Upon breach or default of this Lease by Tenant, Landlord may pursue any and all rights, at law or equity, against Tenant. Except when Landlord feels reasonably and justifiable insecure as to the solvency of the Tenant or its ability to perform its obligations under the terms of the Lease (“Event of Default”):
a. The failure by Lease, Tenant to pay any rent or other sum of money due hereunder within ten (10) will have 20 days after receipt of written notice from Landlord within which to completely cure any non-monetary default; however, if the non-monetary default is not completely cured within 20 days and Tenant demonstrates to Landlord that such payment has not been made;
b. The failure by Tenant is using (and will continue to perform use) its best efforts to completely cure the non-monetary default, Tenant will have the additional time to cure as Landlord deems reasonably appropriate under the circumstances. In no event, however, will the time period within which Tenant must completely cure any other non-monetary default extend to a period of time greater than 90 days. Without limiting the foregoing, at expiration of the terms, conditions or covenants term of this Lease to be observed lease or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such if default is made in the payment of a nature that it cannot practicably be cured within a thirty (30) day period and Rent or in the performance of any agreements of Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Actcontained in this Lease, as now or hereafter amended or supplementedLandlord, or for reorganization within its agent, will have the meaning of Chapter XI right to enter and take possession of the Bankruptcy Act, or Leased Premises. In the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right case of re-entry by Landlord, and Tenant agrees to deliver the Leased Premises without process of law, Tenant's rights to occupy or control the Leased Premises will immediately cease, and this Lease, at the option of Landlord, will terminate. If any default or breach by Tenant occurs, the obligations of Tenant under this Lease, including Tenant's obligation to pay Rent, will not cease, and Tenant will be liable for any loss or damage to Landlord for failure to comply with this Lease. If Landlord retakes possession of the Leased Premises, which right shall remain continuous until such time as Landlord may remove and store all personal property of Tenant shall have cured such Event in any place selected by Landlord at the expense and risk of DefaultTenant. Notwithstanding such re-entry and possession Landlord may sell any or all of the Leased Premises property at public or private sale as provided by Landlordlaw and will apply the proceeds of the sale first to the cost of the sale, Tenant shall remain liable second to the payment of charges for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsstorage, if any, which may result from third to the reletting payment of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and that may be due from Tenant to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this AgreementLease, and fourth the balance, if any, to Tenant. Failure Tenant waives all claims for damages that may be caused by Landlord's re-entering and taking possession of Tenant the Leased Premises, removing, storing, and/or selling the property of Tenant. No re-entry of Landlord will be considered or construed to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreementbe a forcible entry.
Appears in 1 contract
Default by Tenant. 14.1 18.1 The following shall be deemed a default by Tenant under prompt payment of rent for the terms demised premises upon the dates named, or when billed therefore, the faithful performance of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or all covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord and the faithful observance of the rules and regulations of the entire building, grounds and parking facilities now in existence, and which are hereby made a part of this lease, and of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period further reasonable rules and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment regulations for the benefit entire building, grounds and parking facilities Which may be hereafter made by the Landlord are the conditions upon which this Lease is made and accepted. Any failure on the part of creditors;
d. The filing Tenant to comply with the terms of a petition by this Lease, or against Tenant for adjudication as a bankrupt under any of the Bankruptcy Actreasonable rules and regulations now in existence, as now or hereafter amended or supplementedprescribed by the Landlord, or for reorganization within shall at the meaning option of Chapter XI Landlord, after giving notice as provided In this paragraph, work a forfeiture of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative this Lease and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants rights of Tenant hereunder, and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by thereupon Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether its agent or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceedsattorneys, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to enter the demised premises and remove all persons therefrom and shall have the right to declare the entire rent for the balance of the term, or any part thereof, immediately due and payable in full and may proceed to collect same either by distress or otherwise, and thereupon the lease shall terminate. The expression “entire rent for the balance of the term” as used herein shall mean all of the rent prescribed to be paid by the Tenant to the, Landlord for the full term of the Lease, Jess any payments that have been made on account of and pursuant to the terms of the lease. Tenant shall be entitled to ten days notice of any monetary default under this Lease and thirty days notice of any non-monetary default, but Tenant agrees that if Tenants default has not been cured within the time prescribed by any notice of default Landlord, its agent or attorneys, may immediately re-enter the demised premises and dispossess Tenant without further legal notice or the Institution of any legal proceedings whatsoever, to the extent that such waiver and agreement by Tenant, or such acts by Landlord are not prohibited by law.
18.2 If Tenant shall abandon or vacate the demised premises before the end of the term of this Lease, or permit the rent to be in arrears or otherwise fail to comply with the terms of this Lease, Landlord may, at its option, forthwith terminate this Lease or may enter the demised premises as the agent of Tenant, in any manner not prohibited by written notice law, without being liable In any way therefor, and relet the demised premises with or without any furniture, fixtures and equipment that may be situated therein at such rent and upon such terms and for such duration of such intention time as Landlord may determine, and receive the rent therefor, applying the same to the payment of the rent due hereunder. If the full rental herein provided shall not be realized by Landlord over and above the expenses to Landlord in reletting, Tenant shall pay any deficiency.
18.3 Tenant agrees to pay, to the extent not prohibited by law, all expenses which landlord may incur in reletting the demised premises after Tenant’s forfeiture of the Lease, abandonment or vacation of the demised premises. In Tenant also agrees that if Landlord retains an attorney to enforce the event Landlord elects to terminate provisions of this Lease, Tenant’s liability or if suit is brought for recovery of possession of the Premises for the recovery of rent and other sums payable hereunder and to perform or any other termamount due under this Lease, condition, or because of the breach of any other covenant or agreement on its part herein to be kept or performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. by Tenant, Tenant shall remain liablepay to Landlord all expenses incurred. Including reasonable attorneys’ fees, however, for all rent which fees shall include services at trial and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationappellate levels.
14.4 Additionally, the parties agree that 18.4 The rights and remedies of Landlord upon any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own defaultset forth in this Lease shall be cumulative and not exclusive of any other rights or remedies at law or in equity. Tenant will be given the opportunity The failure of landlord to cure such default under the terms of this Agreement. Failure of Tenant promptly exercise any right or remedy shall not operate to successfully cure said default shall give Landlord the forfeit any right to implement any remedy authorized under the terms of this agreementor remedy.
Appears in 1 contract
Sources: Lease Agreement (Smartdisk Corp)
Default by Tenant. 14.1 13.1 The following shall be deemed a default by Tenant under the terms of the Lease (“"Event of Default”"):
a. The failure by Tenant to pay any rent rent, utility allowance, or other sum of money due hereunder within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 13.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 13.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s 's liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The occurrence of any one of the following shall events will be deemed a an event of default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by a) Tenant shall fail to pay Landlord any rent rental or other sum of money when due hereunder within ten under this Lease or under any other agreement with Landlord concerning the Premises.
(10b) days after written notice from Landlord Tenant shall fail to maintain any insurance that such payment has not been made;
b. The failure by this Lease requires Tenant to maintain.
(c) Tenant shall fail to perform or observe any other of the termsterm, conditions covenant or covenants condition of this Lease to be observed or performed by any other agreement with Landlord concerning the Premises (other than a failure described in the preceding subparagraphs (a) and (b)) and Tenant for more than thirty (30) shall not cure the failure within 10 days after written notice from Landlord of such default, unless such default notifies Tenant thereof; but if the failure is of a nature that it cannot practicably be cured within such 10 day period, Tenant shall not have committed an event of default if Tenant commences the curing of the failure within such 10 day period, and thereafter diligently pursues the curing of same and completes the cure within 60 days.
(d) Tenant or any guarantor of Tenant’s obligations under this Lease shall become insolvent, or shall admit in writing its inability to pay its debts when due, shall make a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant transfer in fraud of an its creditors, or shall make a general assignment or arrangement for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning all or substantially all of Chapter XI of the Bankruptcy Act, Tenant’s assets or the commencement assets of any action or proceeding for the dissolution or liquidation guarantor of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and ’s obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsor Tenant’s interest in this Lease are levied on by execution or other legal process.
14.2 Upon the occurrence of an Event of Default, Landlord (e) Tenant shall have the immediate right of re-entry and possession abandon or vacate any substantial portion of the Leased Premises, which right Premises or shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry fail to occupy the Premises within 30 days after the Term commences and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an ready for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premisesoccupancy.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Protective Products of America, Inc.)
Default by Tenant. 14.1 A. The following events shall be deemed a to be events of default by Tenant under the terms of the Lease (“Event of Default”):this Lease:
a. The failure by i. Tenant fails to pay any an installment of rent, additional rent or other sum monies due under this Lease and the failure continues for a period of money due hereunder within ten (10) days after written notice from Landlord that and Tenant does not cure such payment has not been made;
b. The failure by Tenant to perform any other of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty default within five (305) days after written notice from Landlord of such defaultdefault by Landlord to Tenant.
ii. Tenant fails to comply with any term, unless provision or covenant of this Lease, other than the payment of money, and does not cure the default or demonstrate to Landlord due diligence in pursuing a cure of the default within twenty (20) days after written notice of such default is of a nature that it cannot practicably be cured within a thirty (30) day period and by Landlord to Tenant.
iii. Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of makes an assignment for the benefit of creditors;creditors or is the subject of an involuntary or voluntary bankruptcy petition.
d. The filing of iv. Tenant abandons or deserts all or a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI substantial portion of the Bankruptcy Act, Demised Premises for a period of twenty (20) or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedingsmore days.
14.2 B. Upon the occurrence of an Event any event of Defaultdefault specified above, Landlord shall have may pursue any one or more of the immediate right following remedies:
i. Landlord may terminate this Lease upon written notice to Tenant and relet all or any part of re-entry the Demised Premises for all or any part of the remainder of the term of this Lease to a party satisfactory to Landlord at such monthly rental as Landlord with reasonable diligence is able to secure.
ii. Landlord may enter upon and take possession of the Leased Demised Premises, which right shall remain continuous until relet the Demised Premises for the benefit of Tenant on such time terms as Landlord deems advisable and receive the rent for the reletting, without terminating this Lease or releasing Tenant, in whole or in part, from Tenant's obligation to pay rent and all of its other obligations hereunder for the full term.
iii. Landlord may enter upon the Demised Premises, without being liable for any claim for damages for such entry, and do whatever Tenant is obligated to do under the terms of this Lease to correct the default. Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet forthwith reimburse Landlord all amounts expended by Landlord in curing such default. Any payment by Tenant of a sum of money less than the entire amount due Landlord at the time of such payment shall be applied to the obligations of Tenant then furthest in arrears. No endorsement or statement on any check or accompanying any payment shall be deemed an for all expenses which accord and satisfaction and any payment accepted by Landlord shall be without prejudice to Landlord's right to obtain the balance due or pursue any other remedy available to Landlord.
iv. Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premisesseek injunctive relief against Tenant.
14.3 AdditionallyC. Tenant agrees that upon any termination of this Lease, upon whether by lapse of time, the occurrence exercise of any Event of Default, option by Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform or in any other termmanner whatsoever, conditionor upon any termination of Tenant's right to possession without termination of this Lease, covenant Tenant shall at once surrender possession of the Demised Premises to Landlord and immediately vacate the same, and shall remove all its effects therefrom. If Tenant fails to do so, Landlord may upon three (3) days' notice, and without prejudice to any other remedy it may have for possession or agreement arrears in rent, enter upon and take possession of the Demised Premises and remove all persons and property without being deemed guilty of any manner of trespass, with or without process of law, and repossess itself thereof as in its former estate.
D. Tenant agrees to pay Landlord on its demand the amount of all loss and damage that Landlord suffers by reason of Tenant's default, including without limitation any deficiency between the rent hereby reserved and covenanted to be paid and the net amount of rents collected on any reletting for the balance of the term of this Lease, as well as all reasonable expenses incurred by Landlord in such reletting including without limitation broker's fees, attorney's fees, the expense of repairing, altering or redecorating the Demised Premises and otherwise preparing the same for re-rental. The loss and damage that Landlord may suffer by reason of termination of this Lease, or the deficiency from any reletting as provided for above, shall include the expense of repossession.
E. No re-entry or taking possession of the Demised Premises by Landlord and no injunctive relief sought by Landlord against Tenant shall be construed as an election on Landlord's part to be performed under terminate this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant unless a written notice of intention to terminate this Lease is given to Tenant. Notwithstanding any such termination. Tenant shall remain liablereletting or re-entry, howevertaking possession, or injunctive relief, Landlord may at any time thereafter effect to terminate this Lease for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationa previous default.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated F. Only an agreement by Landlord as shall be deemed an acceptance of a default surrender of the Demised Premises and no agreement or acceptance of a surrender of the Demised Premises shall be valid unless the same is in writing and signed by Landlord.
G. Nothing contained in this provision shall relieve Landlord of any legal obligation to mitigate damages.
H. If Tenant as though it was Tenant’s own default. Tenant will be given defaults in any payment of rent, additional rent, or other monies due Landlord including any Late Charges, interest shall accrue thereon from the opportunity to cure such default under due date until paid at the terms rate of this Agreement. Failure the lesser of Tenant to successfully cure said default shall give Landlord eighteen (18%) percent per annum or the right to implement any remedy authorized under the terms of this agreementhighest rate permitted by law.
Appears in 1 contract
Default by Tenant. 14.1 The following If Tenant shall be deemed a default by Tenant under in the terms payment ------------------ of the Lease Annual Rent or Additional Rent and such default shall continue for fifteen (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (1015) days after written notice thereof from Landlord that such payment has not been made;
b. The failure by or if Tenant to perform shall default in the performance of any of its other of the terms, conditions or covenants of obligations under this Lease to be observed or performed by Tenant and if such default shall continue for more than thirty (30) days after written notice thereof from Landlord of such default, unless specifying in what manner Tenant has defaulted (except that if such default is of a nature that it cannot practicably be cured within said thirty (30) day period, this period shall be extended for a reasonable additional time, provided that Tenant commences to cure such default within the initial thirty (30) day period and Tenant is proceeding with due diligence proceeds diligently thereafter to effect such cure) Landlord may (i) cure such default;
c. The making default and any costs and expenses incurred by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party Landlord therefor shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded deemed Additional Rent payable on demand or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of (ii) enter the Leased Premises by Landlordwithout terminating the Lease and repossess the same and expel Tenant and those claiming under Tenant, Tenant shall remain without being liable to prosecution or any claim for the rent damages therefor, and other sums payable hereunder whether or not relet the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering as the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting agent of the Leased Premises.
14.3 AdditionallyTenant, upon and receive the occurrence rental therefor, and the Tenant shall pay the Landlord any deficiency that may arise by reason of such reletting, on demand at any Event time and from time to time at the office of DefaultLandlord, Landlord shall have the right to or (iii) terminate this Lease by written notice at once or at any time thereafter so long as any default remains uncured, in which event Tenant shall immediately surrender the Leased Premises to Landlord, but if Tenant fails to do so, Landlord may, without further notice and without prejudice to any other remedy Landlord may have for possession or arrearages in rental or damages for breach of contract, enter upon the Leased Premises and expel or remove Tenant and its personalty, without being liable to prosecution or any claim for damages therefor; and Tenant agrees to indemnify Landlord for all loss and damage which Landlord may suffer by reason of such intention Lease termination, whether through inability to Tenantrelet the Leased Premises, or through decrease in rentals, or otherwise. In Ten (10) days of the event resolution of such dispute. Tenant and Landlord elects shall proceed diligently to terminate this Lease, Tenant’s liability for rent and other sums resolve any such dispute by agreement or arbitration in accordance with Article 38 or otherwise. Any amount determined to be payable hereunder and to perform any other term, condition, covenant or agreement on its part to shall be performed under this Lease shall cease and terminate as to any period subsequent to paid together with interest from the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and same was first due hereunder at the performance of all terms conditions and agreements relating to matters prior to the date of such terminationrate set forth in Section 39.09 hereof.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The following shall be deemed a to be events of ----------------- default by Tenant under this Lease:
(1) Tenant shall fail to pay within five (5) days of written notice any installment of Rent or any other payment required pursuant to this Lease;
(2) Tenant shall vacate, abandon or cease to operate its business for a period of more than 5 business days in any substantial portion of the terms Premises (other than for renovation or casualty) (If Tenant vacates or ceases to operate its business in the Premises it must continue to comply with all other obligations of the Lease and maintain one (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (101) days after written notice from Landlord that such payment has not been madefull-time security guard in the Premises during normal business hours.);
b. The failure by (3) Tenant to perform or any other guarantor of the terms, conditions Tenant's obligations hereunder shall file a petition or covenants of this Lease to be observed adjudged bankrupt or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature insolvent under any applicable federal or state bankruptcy or insolvency law or admit that it cannot practicably meet its financial obligations as they become due, or a receiver or trustee shall be cured within a thirty (30) day period and appointed for all or substantially all of the assets of Tenant is proceeding with due diligence to cure such defaultor any guarantor of Tenant's obligations hereunder;
c. The making by (4) Tenant or any guarantor of Tenant's obligations hereunder shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors;
d. The filing of (5) Tenant shall do or permit to be done any act which results in a petition by or lien being filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, Premises or the commencement of any action or proceeding for Property;
(6) the liquidation, termination, dissolution or liquidation (if the Tenant is a natural person) the death of Tenant or any guarantor of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party 's obligations hereunder;
(7) Tenant shall be regarded as a in default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, conditionprovision or covenant of this Lease, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant such default is not cured within thirty (30) days after written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating thereof to matters prior to the date of such terminationTenant.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Liposcience Inc)
Default by Tenant. 14.1 The following shall be deemed a to be events of default (“Default”) by Tenant under this Lease; (1) Tenant shall fail to pay when due any installment of rent or any other payment required pursuant to this Lease, and the terms failure is not cured within five (5) business days after written notice to Tenant; (2) Tenant shall abandon any substantial portion of the Lease Premises, unless Tenant shall otherwise comply with all of the other terms and conditions of this Lease; (“Event 3) Tenant shall fail to comply with any term, provision or covenant of Default”):
a. The this Lease, other than the payment of rent, and the failure by Tenant to pay any rent or other sum of money due hereunder is not cured within ten twenty (1020) days after written notice from Landlord to Tenant, provided that if the default cannot reasonably be cured within such payment has period, then such cure period shall be extended as is reasonably required to cure the default, provided that Tenant expeditiously commences the cure within such period and proceeds with reasonable diligence to complete the same within sixty (60) days; (4) Tenant shall file a petition or if an involuntary petition is filed against Tenant, or becomes insolvent, under any applicable federal or state bankruptcy or insolvency law or admit that it cannot been made;
b. The failure by meet its financial obligations as they become due; or a receiver or trustee shall be appointed for the benefit of creditors, which petition is not terminated or withdrawn within sixty (60) days after filing; or (5) Tenant to perform any other of the terms, conditions shall do or covenants of this Lease permit to be observed done any act which results in a lien being filed against the Premises or performed by Tenant for more than thirty the Building and/or project of which the Premises are a part, which lien is not removed of record within twenty (3020) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects that an order for relief is entered in any case under Title 11. U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (the “Trustee”) seeks to terminate this assume the Lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s liability for rent future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other sums payable hereunder and to perform any other termcharges due for the balance of the Lease term of six (6) months’ rent (“Security”), condition, covenant or agreement on its part to be performed held (without any allowance for interest thereon) to secure Tenant’s obligations under this the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall cease and terminate as provide adequate assurance to any period subsequent Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a sum equal to the date on which Landlord delivers Security to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the be held (without any allowance or interest thereon) to secure performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord is consenting to assumption and/or assignment of this Agreementthe Lease. Failure Neither Tenant nor any Trustee shall conduct or permit the conduct of Tenant to successfully cure said default shall give Landlord any “fire”, “bankruptcy”, “going out of business” or auction sale in or from the right to implement any remedy authorized under the terms of this agreementPremises.
Appears in 1 contract
Default by Tenant. 14.1 The Each of the following occurrences shall be deemed a an event of default ("Default") by Tenant under this Lease:
(1) Tenant has not paid any past due installment of Rent or any other payment required pursuant to this Lease within five (5) days after Landlord gives written notice of nonpayment to Tenant, provided, however, that no more than two (2) such notices shall be required to be given in any calendar year; or
(2) Tenant has not complied with any term, provision or covenant of this Lease, other than the terms payment of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder Rent, and has not cured such noncompliance within ten (10) days after written notice from Landlord that to Tenant, or such payment has not been made;
b. The failure by Tenant to perform any other longer period as may be reasonably required, if the nature of the terms, conditions or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice from Landlord of cure is such default, unless such default is of a nature that it cannot practicably be cured completed within a thirty ten (3010) days, so long as Tenant commenced cure within the initial ten (10) day period and thereafter diligently pursues cure to completion; or
(3) Tenant files a petition, or an involuntary petition is proceeding with due diligence to cure such default;
c. The making by filed against Tenant (and is not dismissed within sixty (60) days), or Tenant becomes insolvent under any applicable federal or state bankruptcy or insolvency law, or Tenant admits that it cannot meet its financial obligations as they become due, or a receiver or trustee shall be appointed for all or substantially all of the assets of Tenant (and is not dismissed within sixty (60) days), or Tenant shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors;; or
d. The filing (4) Tenant does or permits to be done any act which results in a lien being filed against the Premises or the Project, and such lien is not discharged or bonded over pursuant to SECTION 11.H. of this Lease. If a petition by Default under SECTION 18.A.(3) occurs, nothing contained herein shall be construed to express or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI imply that Landlord consents to any assumption and/or assignment of the Bankruptcy Act, Lease by Tenant or the commencement inclusion of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Defaultwithin Tenant's bankruptcy estate, and Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have expressly reserves the right to terminate object to any assumption and/or assignment of the Lease and to any inclusion of this Lease by written notice within Tenant's bankruptcy estate. Neither Tenant nor any trustee who may be appointed in such case shall conduct or permit of such intention to Tenant. In any "fire", "bankruptcy", "going out of business", auction sale or other public sale in or from the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such terminationPremises.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The occurrence of any one of the following shall events will be deemed a an event of default by Tenant under the terms of the Lease this Lease:
(“Event of Default”):
a. The failure by a) Tenant shall fail to pay Landlord when due any rent rental or other sum of money due hereunder within ten required under this Lease, and such failure shall continue for a period of five (105) business days after written Landlord has given notice from Landlord to Tenant that such payment has not been made;is past due.
b. The failure by (b) Tenant shall fail to perform or observe any other of the termsterm, conditions covenant or covenants condition of this Lease (other than a failure to be observed timely pay rent or performed by other charges) and Tenant for more than fails to cure such failure within thirty (30) days after written notice from Landlord of such defaultthereof is given by Landlord, unless such default but if the failure is of a nature that it cannot practicably be cured within a such 30 day period, Tenant shall not have committed an event of default if Tenant commences the curing of the failure within such thirty (30) day period and thereafter diligently pursues the curing of same.
(c) Tenant is proceeding with due diligence shall become insolvent, or shall admit in writing its inability to cure such default;
c. The making by Tenant pay its debts when due, shall make a transfer in fraud of an its creditors, or shall make a general assignment or arrangement for the benefit of creditors;, or all or substantially all of Tenant's assets or Tenant's interest in this Lease are levied on by execution or other legal process and such levy is not set aside within sixty (60) days after the occurrence of same.
d. The filing of (d) A petition shall be filed by Tenant to have Tenant adjudged a bankrupt, or a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of arrangement under any action or proceeding for the dissolution or liquidation of Tenant, whether instituted law relating to bankruptcy shall be filed by or against Tenant, or for the appointment of a any such petitions shall be filed against Tenant and shall not be removed within sixty (60) days.
(e) A receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if appointed for all or substantially all the assets of Tenant or for Tenant's interest in this Lease.
(f) Tenant shall promptly move to have abandon the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Default by Tenant. 14.1 The It shall be an event of default and shall be considered a breach of this Lease by Tenant if one or any of the following shall be deemed a occur:
A. If Tenant shall make default by Tenant under in the terms payment of the Lease (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum payment when due as herein provided, and such default shall continue for a period of money due hereunder within seven (7) days or more; or if default shall be made in any of the other covenants, agreements, conditions or undertakings herein required to be kept, observed and performed by ▇▇▇▇▇▇, and such other default shall continue for ten (10) days after written notice from Landlord that such payment has not been made;thereof in writing to Tenant; or
b. The failure by Tenant to perform B. Tenant, or any other guarantor of this Lease, shall file a petition in voluntary or reorganization bankruptcy or under any applicable Chapters of the termsFederal Bankruptcy Act or any similar law, conditions state or covenants federal, whether now or hereafter existing, or any answer admitting insolvency or inability to pay its debts, or fail to obtain a vacation or stay of involuntary bankruptcy proceedings within sixty (60) days as hereinafter provided; or
C. Tenant, or any guarantor of this Lease, shall be adjudicated a bankrupt, or a trustee or receiver shall be appointed for Tenant or any guarantor of this Lease, or for all or the major part of any of their property in any involuntary proceedings; or any court shall have taken jurisdiction of the major part of the property of Tenant or any guarantor of this Lease to in any involuntary proceedings for reorganization, dissolution, liquidation or winding up of Tenant, or any guarantor, and such trustee or receiver shall not be observed discharged or performed by such jurisdiction relinquished or vacated or stayed on appeal or otherwise within sixty (60) days; or
D. Tenant for more than thirty (30) days after written notice from Landlord or any guarantor of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of this Lease shall make an assignment for the benefit of its creditors;; or
d. The filing of a petition by or against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, or the commencement of any action or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if E. Tenant shall promptly move to have the same dismissed, rescinded vacate or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of abandon the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement
Default by Tenant. 14.1 The following shall be deemed a to be events of default by Tenant under this Lease:
(1) Tenant shall fail to pay within five (5) days of written notice any installment of Rent or any other payment required pursuant to this Lease;
(2) Tenant shall vacate, abandon or cease to operate its business for a period of more than 5 business days in any substantial portion of the terms Premises (other than for renovation or casualty) (If Tenant vacates or ceases to operate its business in the Premises it must continue to comply with all other obligations of the Lease and maintain one (“Event of Default”):
a. The failure by Tenant to pay any rent or other sum of money due hereunder within ten (101) days after written notice from Landlord that such payment has not been madefull-time security guard in the Premises during normal business hours.);
b. The failure by (3) Tenant to perform or any other guarantor of the terms, conditions Tenant’s obligations hereunder shall file a petition or covenants of this Lease to be observed adjudged bankrupt or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature insolvent under any applicable federal or state bankruptcy or insolvency law or admit that it cannot practicably meet its financial obligations as they become due, or a receiver or trustee shall be cured within a thirty (30) day period and appointed for all or substantially all of the assets of Tenant is proceeding with due diligence to cure such defaultor any guarantor of Tenant’s obligations hereunder;
c. The making by (4) Tenant or any guarantor of Tenant’s obligations hereunder shall make a transfer in fraud of creditors or shall make an assignment for the benefit of creditors;
d. The filing of (5) Tenant shall do or permit to be done any act which results in a petition by or lien being filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, Premises or the commencement of any action or proceeding for Property;
(6) the liquidation, termination, dissolution or liquidation (if the Tenant is a natural person) the death of Tenant or any guarantor of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party ’s obligations hereunder;
(7) Tenant shall be regarded as a in default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, conditionprovision or covenant of this Lease, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant such default is not cured within thirty (30) days after written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating thereof to matters prior to the date of such terminationTenant.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease Agreement (Liposcience Inc)
Default by Tenant. 14.1 The Each of the following shall be deemed constitute a default "Default" by Tenant under the terms of the Lease Tenant:
(“Event of Default”):
a. a) The failure by of Tenant to pay the Base Rent, any rent other installment of Rent, or any part thereof when due; or
(b) Tenant shall fail to fulfill or perform, in whole or in part, any of its obligations under this Lease (other sum than the payment of money due hereunder within ten Rent) and such failure or non-performance shall continue for a period of fifteen (1015) days after written notice from thereof has been given by Landlord that such payment has not been made;to Tenant; or
b. (c) The failure entry of a decree or order by a court having jurisdiction adjudging Tenant to perform any other of the terms, conditions be bankrupt or covenants of this Lease to be observed insolvent or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature that it cannot practicably be cured within a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant of an assignment for the benefit of creditors;
d. The filing of approving as properly filed a petition by or against seeking reorganization of Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the National Bankruptcy Act, or the commencement of any action other similar applicable Federal or proceeding for the dissolution or liquidation of Tenant, whether instituted by or against TenantState law, or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or a trustee or assignee in bankruptcy or insolvency of Tenant or its property or for the winding up or liquidation of its affairs; or Tenant shall institute proceedings to be adjudicated a voluntary bankrupt or shall consent to the filing of any bankruptcy, reorganization, receivership or other proceeding against Tenant, or any such proceedings shall be instituted against Tenant and the same shall not be vacated within ninety (90) days after the same are commenced; or Tenant shall make an assignment for the benefit of Tenant's creditors or admit in writing Tenant's inability to pay the debts of Tenant generally as they may become due; or
(d) Tenant shall desert or vacate or shall commence to desert or vacate the Premises or any substantial portion of the property Premises or shall remove or attempt to remove, without the prior written consent of Landlord, all or a substantial value of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if 's personal property from the Premises; or
(e) Tenant shall promptly move do or permit to have be done anything which creates a lien upon the same dismissed, rescinded Premises or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all any portion of the covenants and obligations on its part Project; or
(f) Tenant shall fail to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and take possession of the Leased Premises, which right shall remain continuous until such time as Premises within thirty (30) days after Landlord notifies Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining that the same less such proceeds, if any, which may result from the reletting of the Leased Premisesare ready for occupancy.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenant. In the event Landlord elects to terminate this Lease, Tenant’s liability for rent and other sums payable hereunder and to perform any other term, condition, covenant or agreement on its part to be performed under this Lease shall cease and terminate as to any period subsequent to the date on which Landlord delivers to Tenant written notice of such termination. Tenant shall remain liable, however, for all rent and the performance of all terms conditions and agreements relating to matters prior to the date of such termination.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract
Sources: Lease (TaxMasters, Inc.)
Default by Tenant. 14.1 The following shall be deemed a to be events of default (“Default”) by Tenant under the terms this Lease:
(1) Tenant shall fail to pay when due any installment of rent or any other payment required pursuant to this Lease; (2) Tenant shall abandon any substantial portion of the Lease Premises; (“Event 3) Tenant shall fail to comply with any term, provision or covenant of Default”):
a. The this Lease, other than the payment of rent, and the failure by Tenant to pay any rent or other sum of money due hereunder is not cured within ten (10) days after written notice from Landlord that such payment has not been made;
b. The failure by to Tenant; (4) Tenant to perform shall file a petition or if an involuntary petition is filed against Tenant, or becomes insolvent, under any other of the terms, conditions applicable federal or covenants of this Lease to be observed state bankruptcy or performed by Tenant for more than thirty (30) days after written notice from Landlord of such default, unless such default is of a nature insolvency law or admit that it cannot practicably meet its financial obligations as they become due; or a receiver or trustee shall be cured within appointed for all or substantially all of the assets of Tenant; or Tenant shall make a thirty (30) day period and Tenant is proceeding with due diligence to cure such default;
c. The making by Tenant transfer in fraud of creditors or shall make an assignment for the benefit of creditors;
d. The filing of ; or (5) Tenant shall do or permit to be done any act which results in a petition by or lien being filed against Tenant for adjudication as a bankrupt under the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization within the meaning of Chapter XI of the Bankruptcy Act, Premises or the commencement Building and/or project of any action or proceeding for which the dissolution or liquidation of Tenant, whether instituted by or against Tenant, or for the appointment of a receiver or trustee of the property of Tenant, provided that no such filing or proceeding instituted by a third party shall be regarded as a default hereunder if Tenant shall promptly move to have the same dismissed, rescinded or rendered inoperative and Tenant prosecutes such action with due diligence and continues to perform and discharge all of the covenants and obligations on its part to be performed or discharged under this Lease during the pendency of such proceedings.
14.2 Upon the occurrence of an Event of Default, Landlord shall have the immediate right of re-entry and possession of the Leased Premises, which right shall remain continuous until such time as Tenant shall have cured such Event of Default. Notwithstanding such re-entry and possession of the Leased Premises by Landlord, Tenant shall remain liable for the rent and other sums payable hereunder whether or not the Leased Premises are relet by Landlord an for all expenses which Landlord may incur in re-entering the Leased Premises and repairing and maintaining the same less such proceeds, if any, which may result from the reletting of the Leased Premises.
14.3 Additionally, upon the occurrence of any Event of Default, Landlord shall have the right to terminate this Lease by written notice of such intention to Tenanta part. In the event Landlord elects that an order for relief is entered in any case under Title 11, U.S.C. (the “Bankruptcy Code”) in which Tenant is the debtor and: (A) Tenant as debtor-in-possession, or any trustee who may be appointed in the case (the “Trustee”) seeks to terminate this assume the Lease, then Tenant, or Trustee if applicable, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall provide adequate assurance to Landlord of Tenant’s liability for rent future performance under the Lease by depositing with Landlord a sum equal to the lesser of twenty-five percent (25%) of the rental and other sums payable hereunder and to perform any other termcharges due for the balance of the Lease term of six (6) months’ rent (“Security”), condition, covenant or agreement on its part to be performed held (without any allowance for interest thereon) to secure Tenant’s obligations under this the Lease, and (B) Tenant, or Trustee if applicable, seeks to assign the Lease after assumption of the same, then Tenant, in addition to providing adequate assurance described in applicable provisions of the Bankruptcy Code, shall cease provide adequate assurance to Landlord of the proposed assignee’s future performance under the Lease by depositing with Landlord a sum equal to the Security to be held (without any allowance or interest thereon) to secure performance under the Lease. Nothing contained herein expresses or implies, or shall be construed to express or imply, that Landlord is consenting to assumption and/or assignment of the Lease by Tenant, and terminate as Landlord expressly reserves all of its rights to object to any period subsequent to assumption and/or assignment of the date on which Landlord delivers to Lease. Neither Tenant written notice nor any Trustee shall conduct or permit the conduct of such termination. Tenant shall remain liableany “fire”, however“bankruptcy”, for all rent and “going out of business” or auction sale in or from the performance of all terms conditions and agreements relating to matters prior to the date of such terminationPremises.
14.4 Additionally, the parties agree that any default by the co-tenant, SenCer, Inc. can be treated by Landlord as a default by Tenant as though it was Tenant’s own default. Tenant will be given the opportunity to cure such default under the terms of this Agreement. Failure of Tenant to successfully cure said default shall give Landlord the right to implement any remedy authorized under the terms of this agreement.
Appears in 1 contract