Common use of Default by Tenant Clause in Contracts

Default by Tenant. (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five (5) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 2 contracts

Sources: Lease Agreement (Itxc Corp), Lease Agreement (Itxc Corp)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder” under this Lease by Tenant: (ia) If Tenant fails Failure to pay the rent or any other monetary sums required hereunder within five (5) days of the due date. (b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen(15) days after written notice by Landlord to Tenant, except as to those Events of Default that are noncurable, in which case no such grace period shall apply; provided, however, that if the nature of the obligation is such that more than fifteen (15) days are required for performance, then Tenant shall not be in default if Tenant commences performance within such 15-day period and thereafter diligently prosecutes the same to completion. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all amounts due hereunderlegal notices required prior to commencement of an unlawful detainer action, including, including without limitation, Basic Rent and Additional Rent; orlimitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq. (iic) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for ten (10) consecutive days. (d) If Tenant fails to perform any of its other obligations hereunder 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 petition is not dismissed within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (viii) If Tenant makes a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; ; (iii) lease all a receiver or trustee is appointed to take possession of any substantial part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and Tenant’s assets, unless such appointment is of such a nature that it cannot reasonably be cured vacated within thirty (30) days after written notice as aforesaidthe date thereof; or (iv) Tenant consents to or suffers an attachment, Landlord will not exercise execution or other judicial seizure of any rightsubstantial part of its assets or its interest under this Lease, power unless such process is released or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety satisfied within thirty (9030) days after such written noticethe occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if not so cured within Tenant remains a debtor in possession), and such 90-day period 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 any bankruptcy law shall be fully empowered deemed without further act to exercise have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption. (e) The occurrence of any right, power or remedy hereunderother event that is deemed to be an Event of Default under any other provision of this Lease.

Appears in 1 contract

Sources: Standard Industrial Lease (Brooks Automation Inc)

Default by Tenant. (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay when due all amounts due hereunder, including without limitation, Basic Rent and Additional Rent, within five (5) days after written notice all amounts due hereunderof any such failure has been given by Landlord (provided that with respect to Basic Rent, including, without limitation, Basic Rent and Additional Rentno such notice shall be required to be given more frequently than once during any-six month period); or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty twenty (3020) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its propertyproperty without having given Landlord fifteen (15) days prior written notice thereof; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make become insolvent under the Federal Bankruptcy Code or under any similar law or shall consent to an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty ten (3010) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety sixty (9060) days after such written notice, and if not so cured within such 9060-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Barrier Therapeutics Inc)

Default by Tenant. 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 of default shall occur, to-wit: (a) Each any installment of Fixed Rent, Percentage Rent, Additional Rent or any other sums required to be paid by the following Tenant hereunder, or any part thereof, shall constitute an event of default at any time be in arrears and unpaid for five (an "Event of Default"5) hereunder: business days after written demand therefor, or (ib) If Tenant fails to pay within strictly comply with the provisions of Item 8(a), 8(b), 8(d), 8(e) or 8(f) hereof and such failure continues after five (5) business days written notice thereof and/or such failure, whether or not previously timely cured, re-occurs more than three (3) times within any lease year; or (c) at the election of Landlord there be a default by Tenant beyond any applicable cure period under any other lease between Landlord and Tenant or an affiliate, subsidiary, parent or other related entity of Tenant; or (d) there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements, or conditions of this Lease on the part of the Tenant to be kept and performed, and said default shall continue for a period of fifteen (15) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or thereof from Landlord to Tenant (ii) If Tenant fails to perform any of its other obligations hereunder unless such default cannot reasonably be cured within thirty fifteen (3015) days after written notice of any such failure has been given by Landlord; or and Tenant shall have commenced to cure said default within said fifteen (iii15) If Tenant abandons days and continues diligently to pursue the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 curing of the United States Codesame), as now or hereafter in effect, or under any similar law, or files (e) the Tenant shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by be adjudicated a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectbankrupt, or under file any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or its reorganization pursuant to similar relief for itself under any state bankruptcy present or future Federal, State or other statute, law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereofregulation, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts(f) any trustee, generally as they become due. (b) If receiver or liquidator of Tenant commits an Event or of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any substantial part of its properties or of the Premises to shall be appointed in any other person with action, suit or without first altering the same; and (iv) regain possession through summary dispossess proceedings proceeding by or through any other lawful manner. (c) If a default by against Tenant and such proceeding or action shall not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured have been dismissed within thirty (30) days after written such appointment, or (g) the leasehold estate hereby created shall be taken on execution or by other process of law, or (h) Tenant shall vacate or abandon the Premises, then and in any of said cases, the Landlord at its option may terminate this Lease and re-enter upon the Premises and take possession thereof with full right to ▇▇▇ for 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 the Landlord by reason of any breach or default on the part of the Tenant, or the Landlord may, if he elects so to do, bring suit for collection of such rents and damages without entering into possession of the Premises or avoiding this Lease. In addition to, but not in limitation of, any of the remedies set forth in this Lease or given to the Landlord by law or in equity, the Landlord shall also have the right and option, in the event of any default by the Tenant under this Lease and the continuance of such default after the period of notice above provided, to retake possession of the Premises from the Tenant by summary proceedings or otherwise, and it is agreed that the commencement and prosecution of any action by the Landlord in forcible entry and detainer, ejectment or otherwise, or any execution of any judgment or decree obtained in any action to recover possession of the Premises, shall not be construed as aforesaidan election to terminate this Lease unless the Landlord expressly exercises its option hereinbefore provided to declare the term hereof ended, whether or not such entry or re-entry be had or taken under summary proceedings or otherwise, and shall not be deemed to have absolved or discharged the Tenant from any of its obligations and liabilities for the remainder of the term of this Lease, and the 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 pay to the Landlord all monthly deficits after any such re- entry in monthly installments as the amounts of such deficits from time to time are ascertained and, if in the event of any such ouster, the Landlord rents or leases the Premises to some other person, firm or corporation (whether for a term greater, less than or equal to the unexpired portion of the 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 charges which the Tenant would pay hereunder for such period, Landlord will not exercise may immediately upon the making of such new lease or the creation of such new tenancy ▇▇▇ for and recover the difference 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 Tenant would pay hereunder for such period, together with any rightexpense to which the Landlord may be put for brokerage commission, power placing the Premises in tenantable condition or remedy otherwise. In determining the rent payable by Tenant hereunder so long as a sum equal to the average amount of annual Percentage Rent (if any) paid by Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing Landlord pursuant to the provisions of Section 3(b) hereof for the period since the Commencement Date of this Lease which preceded any such default, prorated, shall be added to the Fixed Rent as provided in Section 3(a) hereof. If such new lease or tenancy is made for a shorter term than the balance of the term of this Lease, any such action brought by the Landlord to collect the deficit for that period shall not bar the 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, 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. All sums so paid by Landlord and all cases that costs and expenses so incurred, together with interest thereon at the default rate of twelve percent (12%) per annum from the date of payment or incurring thereof, shall constitute additional rent payable by Tenant under this Lease and shall be paid by Tenant to Landlord on demand. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other remedies allowed at law or in equity. Further, in addition to, but not in limitation of any of the remedies otherwise available to Landlord, in the event (a) Tenant should fail to take possession of the Premises within ten (10) days of the date possession is completely cured with ninety tendered by Landlord to Tenant (90such failure herein referred to as the "Failure to Take Possession") or (b) Tenant should fail to perform its buildout work, fully fixture, stock and staff the Premises and open the Premises for business to the public on or before thirty (30) days after the Commencement Date (such written noticefailure herein referred to as the "Failure to Operate"), or (c) Tenant should fail to deliver any required Security Deposit within the time specified in the Lease or, if such Security Deposit is made by check and if such check is not so cured within honored by the bank on which the check is drawn for any reason (such 90-day period failure herein referred to as the "Failure to Deposit"),or (d) Tenant should fail to comply with the provisions of Section 10(b) (such failure referred to as "Contractor Failure") then Landlord shall have the right at its option to treat such Failure to Take Possession, Failure to Operate, Failure to Deposit and/or Contractor Failure as a default within the meaning of this Lease the remedy for which default is that at the option of Landlord the Lease may be fully empowered forfeited by Tenant and thereby become null and void, which option shall be exercised by Landlord in writing to Tenant, and upon delivery of such notice of exercise any rightof option this Lease shall be forfeited and this Lease shall be void ab initio, power or remedy hereunderand possession of Premises shall be in Landlord and not in Tenant and Tenant shall immediately vacate the Premises and upon failure to so vacate may be ousted by Landlord.

Appears in 1 contract

Sources: Lease Agreement (Dm Management Co /De/)

Default by Tenant. 25.1 if before or during the Term there shall occur any of the following events ("Events of Default"): (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five (5) days after written notice all amounts due hereunderexcept as otherwise provided in section 25.2, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If make a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally debts as they become due., or shall file a petition in bankruptcy, or shall be adjudicated a bankrupt or insolvent, or shall file a petition seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, or shall file an answer admitting or not contesting the material allegations of a petition against it in any such proceeding, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver or liquidator of Tenant or any material part of its assets; or (b) If except as otherwise provided in section 25.2, if, within 60 days after the commencement of any proceeding against Tenant commits an Event seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, the proceeding shall not have been dismissed, or if, within 60 days after the appointment without the consent or acquiescence of Default hereunderTenant of any trustee, then Landlord will have the right to do once receiver or more often liquidator of Tenant or of any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any material part of its assets, the Premises to any other person with or without first altering the sameappointment shall not have been vacated; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner.or (c) If a default by except as otherwise provided in section 25.2, if the interest of Tenant not involving in the payment Demised Premises shall be sold under execution or other legal process; or (d) if Tenant shall fail to pay any installment of money occurs Base Rent or Additional Rent when the same is due and is of such a nature that it cannot reasonably be cured within thirty (30) the failure shall continue for 10 days after written Landlord gives Tenant notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.thereof; or

Appears in 1 contract

Sources: Lease (NRG Generating U S Inc)

Default by Tenant. (a) Each of the following occurrences relative to Tenant shall constitute an event of default (an "Event of Default:") hereunder: (i1) If Failure or refusal of Tenant fails to pay make the timely payment of any Rent payable under this Lease within five (5) business days after following written notice all amounts from Landlord, that the same is due hereunderand payable, includingbut not yet received by Landlord; provided, without limitation, Basic Rent and Additional Rent; orin no event shall such notice be required of Landlord in excess of two (2) times during any twelve (12) month period; (ii2) If The filing or execution or occurrence of a petition in bankruptcy or other insolvency proceeding by or against Tenant fails to perform or Guarantor, or petition or answer seeking relief under any provision of the Bankruptcy Act; or as assignment for the benefit of creditors or composition; or a petition or other proceeding by or against the Tenant or Guarantor for the appointment of a trustee, receiver or liquidator of Tenant or Guarantor or any of its Tenant's or Guarantor's property; or a proceeding by any governmental authority for the dissolution or liquidation of Tenant or any guarantor of Tenant; (3) Failure by Tenant in the performance or compliance with any of the agreements, terms, covenants or conditions provided in this Lease, other obligations hereunder within than those referred to in (1), (2) or (3) above, for a period of thirty (30) days after written notice of any such failure has been given by Landlordfrom Landlord to Tenant specifying the items in default; or (iii4) If Tenant abandons the Premises or without having given prior written notice The occurrence of any other event herein provided to Landlord either vacates the Premises or removes therefrom all or substantially all be an Event of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become dueDefault. (b) If Tenant commits an This Lease and the Term and estate hereby made are subject to the limitation that if and whenever any Event of Default hereundershall occur, then Landlord will have the right may, at its option and without further written notice to Tenant, in addition to all other remedies given hereunder or by law or equity, do once or more often any one or more of the following: (i1) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of Terminate this Lease and all costs and commissions provided or permitted by lawLease, together with the unamortized cost in which event Tenant shall immediately surrender possession of the improvements Leased Premises to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease endedLandlord; (iii2) lease all or any part Enter upon and take possession of the Leased Premises to and expel or remove Tenant and any other person occupant and all property therefrom with or without first altering having terminated the sameLease; and (iv3) regain possession through summary dispossess proceedings Alter locks and other security devices at the Leased Premises so that Tenant will not have access to the Leased Premises. Landlord may take these actions without incurring any liability and without relinquishing Landlord's right to Rent or through any other lawful mannerright given to Landlord hereunder or by operation of law; Tenant hereby waiving any right to claim damage for such re-entry expulsion. (c) If a default by Once all applicable written notices are given, cure periods have elapsed and an Event of Default has occurred, any right of Tenant not involving the payment to receive notice of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered Landlord's intent to exercise any rightof its remedies is hereby waived. (d) Exercise by Landlord of any one or more remedies shall not constitute an acceptance of surrender of the Leased Premises by Tenant, power or remedy hereunder.it being understood that such surrender can be effected only by the written agreement of the Landlord and Tenant, with the prior written consent of any Landlord's Mortgagee (as defined in Section 4.10

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

Default by Tenant. If (a) Each Tenant defaults in the payment of Minimum Rent or other charges and such payment is not made within ten (10) days following Landlord’s written notice that same is due, provided that in no event shall Landlord be obligated to provide Tenant with written notice of any monetary default, more than once in any twelve (12) month period, or (b) if Tenant shall default in the following shall constitute an event performance of default (an "Event any other of Default") hereunder: (i) If Tenant’s obligations hereunder and Tenant fails to pay within five (5) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder remedy such default within thirty (30) days after written notice from Landlord, or such longer time, but not to exceed an additional sixty (60) days, as may be reasonably required to cure because of the nature of the default (provided, as to such longer time, that within the thirty (30) day period Tenant has notified Landlord that more time reasonably is needed and has undertaken procedures to cure the default within such thirty (30) day period and that Tenant thereafter diligently and continuously pursues such effort to completion and promptly responds to any request from Landlord for updates on Tenant’s progress) or (c) if a receiver of any such failure has been given by Landlord; or (iii) If property of Tenant abandons on the Premises is appointed, or without having given prior written notice to Landlord either vacates Tenant’s interest in the Premises is levied upon by legal process, or removes therefrom Tenant be adjudged bankrupt and Tenant fails within thirty (30) days to cause the vacation of such appointment, levy or adjudication, or if Tenant files a voluntary petition in bankruptcy, disposes of all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter assets in effectbulk, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make makes an assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (bd) If Tenant commits an Event of Default hereundervacates or abandons the Premises, then and in any such instance, without further notice to Tenant, or (e) a default occurs under any of the Related Leases, Landlord will shall have the right to do once exercise any and all rights or more often any one remedies available to Landlord at law, in equity or more otherwise, arising from such default, including but not limited to the right to (i) terminate this Lease, or (ii) enter upon the Premises without terminating this Lease and relet the Premises in Landlord’s name for the account of Tenant for the remainder of the followingTerm upon terms and conditions reasonably acceptable to Landlord and immediately recover from Tenant any deficiency for the balance of the Term, plus expenses of reletting. In addition to the foregoing, any time after such default and the lapse of any applicable notice period, Landlord shall have the right to make such payments in default or perform such act in default for the account and at the expense of Tenant, and all unpaid Minimum Rent, Percentage Rent or other charges which are not paid when due and all sums paid by Landlord pursuant to this sentence, including reasonable attorneys’ fees as specifically provided below, shall accrue interest at the annual rate of (i) fifteen percent (15%), or (ii) five percent (5%) above the prime lending rate of JPMorgan Chase Bank, whichever is greater, which shall constitute Additional Rent under this Lease and shall be payable upon demand. Landlord shall use commercially reasonable efforts to mitigate the damages suffered by Landlord rising from the default by Tenant of any of its obligations under this Lease. 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 sum of Seventy-five and 00/100 Dollars ($75.00) for Landlord’s administrative expense in connection therewith. Tenant’s failure to pay Rent, Additional Rent, or any other Lease costs when due under this Lease may cause Landlord to incur unanticipated costs. The exact amount of such costs is impractical or extremely difficult to ascertain. Such costs may include, but are not limited to, processing and accounting charges and late charges that may be imposed on Landlord by any ground lease, mortgage, or deed of trust encumbering the Premises. Therefore, if Landlord does not receive the Rent, Additional Rent, or any other Lease costs in full on or before the tenth (10th) day of the month it becomes due, Tenant shall pay Landlord a late charge, which shall constitute liquidated damages, equal to Fifty Dollars ($50.00) (“Late Charge”), which shall be paid to Landlord together with such Rent, Additional Rent, or other Lease costs then in arrears. The parties agree that such Late Charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of such late payment. All Late Charges and any returned check charges shall then become Additional Rent and shall be due and payable immediately along with such other Rent, Additional Rent, or other Lease costs then in arrears. Money paid by Tenant to Landlord shall be applied to Tenant’s account in the following order: (i) to any unpaid Additional Rent, including, without limitation, Late Charges, returned check charges, legal fees and/or court costs legally chargeable to Tenant, and then (ii) to unpaid Minimum Rent. Nothing herein contained shall be construed so as to compel Landlord to accept any payment of Rent, Additional Rent, or other Lease costs in arrears or Late Charge or returned check charge should Landlord elect to apply its rights and remedies available under this Lease or at law or equity in the event of default hereunder by Tenant. Landlord’s acceptance of Rent, Additional Rent, or other Lease costs in arrears or Late Charge or returned check charge pursuant to this clause shall not constitute a waiver of Landlord’s rights and remedies available under this Lease or at law or equity. At any time after the termination of this Lease, Landlord shall be entitled to additional damages (“Liquidated Damages”), which, at the election of Landlord shall be either: (i) declare an amount equal to the Minimum Rent and Additional Rent (collectively “Rent”), which, but for the termination of this Lease, would have become due during the remainder of the Lease Term, less the amount of Rent, if any, which Landlord shall receive during such period from others to whom the Premises may be rented, in which case such Liquidated Damages shall be computed and payable and ▇▇▇ to recover all unpaid Rent and all Rent for in monthly installments, in advance, on the unexpired Term first day of each calendar month following termination of this Lease and all costs continuing until the date on which the Lease Term would have expired but for such termination, and commissions provided any suit or permitted by law, together with action brought to collect any such Liquidated Damages for any month shall not in any manner prejudice the unamortized cost right of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant collect any concessions in the making of this lease (including, Liquidated Damages for any subsequent month by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary.a similar proceeding; or (ii) declare an amount equal to the present worth (as of the date of such termination) of Rent which, but for the termination of this Lease, would have become due during the remainder of the Lease ended; (iii) lease all or any part Term, less the fair rental value of the Premises in which case such Liquidated Damages shall be payable to Landlord in one lump sum on demand and shall bear interest of five percent (5%) until paid. For purposes of this clause (b), “present worth” shall be computed by discounting such amount to present worth at a discount rate equal to one percentage point above the discount rate then in effect at the Federal Reserve Bank nearest to the location of the Premises. Tenant agrees to pay to Landlord upon demand, as Additional Rent, a sum equal to all costs and expenses (including reasonable attorney fees, professional fees, costs of investigation and disbursements) incurred by Landlord in enforcing any or all of its rights hereunder, specifically including the cost of collecting sums due, whether or not an action or proceeding is commenced, or levying and collecting on any judgment or arbitration award in Landlord’s favor. All rights and remedies of Landlord herein enumerated shall be cumulative, and none shall exclude any other person with remedies allowed at law or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful mannerin equity. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Purchase Agreement (Rex Stores Corp)

Default by Tenant. The following shall be events of default by Tenant under this Lease: (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails Tenant's failure to pay pay, within five (5) days after written notice all amounts due hereunderthat it is due, includingany installment of Rent or other payment required pursuant to this Lease; provided that after the third such notice during any twelve-month period, without limitation, Basic Rent and Additional Rent; orno further such written notice shall be required to establish the event of default; (iib) If Tenant's failure to comply with any term, provision or covenant of this Lease, other than the defaults listed in the other subparagraphs of this Paragraph 26, and the failure is not cured within ten (10) days after written ------------ notice thereof to Tenant, except that this ten (10) day period shall be extended for a reasonable period of time if such alleged default is not reasonably capable of being cured within said ten (10) day period so long as Tenant fails to perform commences the cure and diligently pursues same during the ten (10) day period; (c) Tenant's filing of a petition or adjudication as a debtor or bankrupt insolvent under the Bankruptcy Code or any similar law or statute of its the United States or any state (unless in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days); (d) The appointment of a trustee or receiver of the property of Tenant, or the attachment, execution or other obligations hereunder judicial seizure of Tenant's property, that is not discharged within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectdays, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit any transfer of assets by Tenant in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event fraud of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease endedcreditors; (iiie) lease all Tenant doing or permitting to be done any part of act which results in a lien being filed against the Leased Premises to any other person with or without first altering and the same; and same is not removed within sixty (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (3060) days after written Landlord's notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity thereof to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderTenant.

Appears in 1 contract

Sources: Office Lease Agreement (Efficient Networks Inc)

Default by Tenant. (a) Each of the following acts or omissions of Tenant, or occurrences shall constitute an event of default (an "Event of Default") hereunder: (i1) If Failure or refusal by Tenant fails to timely pay within rent or other payments hereunder upon the expiration of five (5) days after written notice all amounts due hereunderto Tenant is given; provided, includingthat, after the Letter of Credit has been returned to Tenant, Landlord shall not be obligated to provide more than two (2) notices under this clause in any calendar year such that any failure by Tenant to pay rent or any other payment after the giving of such second notice shall automatically, without limitationfurther notice, Basic Rent and Additional Rent; orconstitute default by Tenant; (ii2) If Tenant fails Failure to perform or observe any other covenant or condition of this Lease by Tenant, upon the expiration of a period of twenty (20) days following written notice to Tenant of such failure, except that where such default or failure cannot, by its other obligations hereunder nature, reasonably be cured within such twenty (20) day period, then the length of the grace period for such default shall be extended, provided Tenant commences curing such default and/or failure within such twenty (20) day period and continues the curing thereof with due diligence, speed and continuity, but no longer than one hundred twenty (120) days in total; (3) The filing or execution or occurrence which has not been vacated within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files of: a petition in bankruptcy or for reorganization other insolvency proceeding by or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar lawTenant; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to seeking relief under any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or provision of the Premises shall be appointed in any proceedings brought by TenantBankruptcy Act; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditorscreditors or composition; or a petition or other proceeding by or against the Tenant for the appointment of a trustee, receiver or shall admit in writing its inability to pay its debts, generally as they become due.liquidator of Tenant or any of Tenant's property or a proceeding by any governmental authority for the dissolution or liquidation of Tenant; (b4) If Tenant commits Failure to peacefully surrender the Leased Premises on expiration or termination of this Lease; (5) The occurrence of any other event herein provided to be an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease endedDefault; (iii6) lease all Assignment or subletting without Landlord's consent or breach of any part of the Premises to any other person with warranty or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful mannerrepresentation by Tenant. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Bindview Development Corp)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder” under this Lease by Tenant: (ia) If Tenant fails Failure to pay within five (5) days of the date due the rent or any other monetary sums required hereunder; provided that no more than twice in any twelve (12) month period, such late payment shall not constitute an Event of Default until ten (10) days after written notice by Landlord to Tenant. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any and all amounts due hereunderlegal notices required prior to commencement of an unlawful detainer action, including, including without limitation, Basic Rent and Additional Rent; orlimitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq. (iib) If Tenant fails Failure to perform any other agreement or obligation of its other obligations hereunder within Tenant hereunder, if such failure continues for thirty (30) days after written notice by Landlord to Tenant, except as to those Events of Default that are noncurable, in which case no such grace period shall apply; provided, however, that if the nature of the obligation is such that more than thirty (30) days are required for performance, then Tenant shall not be in default if Tenant commences performance within such thirty (30) day period, thereafter diligently prosecutes to completion, and in fact effectuates a cure thereof within one hundred twenty (120) days of Landlord’s notice. Landlord’s notice described herein is intended to satisfy, and is not in addition to, any such failure has been given by Landlord; orand 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. (iiic) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for a period of twenty (20) consecutive days. (d) If Tenant abandons any of the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or following occurs: (ivi) If Tenant files a petition commencing a voluntary case is filed for an order of relief under the Federal federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to order or decree of insolvency or reorganization or rearrangement under any state bankruptcy law or any similar state federal law; or , and such petition is not dismissed within ninety (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (6090) days after the filing thereof, or if ; (ii) Tenant shall consent or acquiesce in the filing thereof; or (vi) If makes a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; ; (iii) lease all a receiver or trustee is appointed to take possession of any substantial part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and Tenant’s assets, unless such appointment is of such a nature that it cannot reasonably be cured vacated within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) 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 written noticeprocess is released or satisfied within ninety (90) days after the occurrence thereof. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if not so cured within Tenant remains a debtor in possession), and such 90-day period 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 any bankruptcy law shall be fully empowered deemed without further act to exercise have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall, upon demand, execute and deliver to Landlord an instrument confirming such assumption. (e) The occurrence of any rightother event that is deemed to be an Event of Default under any other provision of this Lease, power or remedy hereunderany other lease in the Project to which Tenant (or any affiliate of Tenant) is a party.

Appears in 1 contract

Sources: Office Lease (Evoke Pharma Inc)

Default by Tenant. (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five (5) days after written notice when due all amounts due hereunder, including, without limitation, Basic Rent base rent and Additional Rentadditional rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty ten (3010) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises Leased Space or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law, or, if Tenant is then a banking organization, if Tenant files an application for voluntary liquidation or dissolution applicable to banking organizations; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar state law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises Leased Space shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or; (vii) If Tenant shall generally not pay Tenant's debts as such debts become due, or shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, debts generally as they become due. (b) If Tenant commits an Event of Default hereunder, then ; Then Landlord will have the right to do do, once or more often often, any one or more of the following: (i) declare due and payable and sue ▇▇ to recover all unpaid Rent rent and additional rent, and all Rent rent and additional rent for the unexpired Term term of this Lease Lease, and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary.; (ii) declare this Lease endedterminated; (iii) lease all or enter the Leased Space and sell any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, property in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.it;

Appears in 1 contract

Sources: Lease Agreement (Biosonics Inc)

Default by Tenant. The occurrence of any of the following events and the expiration of any grace periods hereafter described shall constitute a default by Tenant under this Lease: (a) Each The failure of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five any Rent for a period of ten (510) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; orthe date such payment is due; (iib) Tenant assigns its interest in this Lease or sublets any portion of the Premises 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 term, provision, covenant, or condition of this Lease (other than as described in Subsections [a], [b], or [c] above), or with any of the Building Rules now or subsequently established, and such breach or failure continues for fifteen (15) calendar days after notice by Landlord to Tenant; (e) If the interest of Tenant fails to perform any of its under this Lease is levied on under execution or other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectlegal process, or under if any similar law, or files a petition in bankruptcy or for reorganization other insolvency proceedings is filed by or for an arrangement pursuant to any state bankruptcy law against Tenant, or any similar state law; or (v) If an involuntary case against petition is filed or other action taken to declare Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law delay, reduces or any similar law shall be filed in any court and shall not be dismissedmodify Tenant’s debts or obligations or to reorganize or modify Tenant’s capital structure or indebtedness or to appoint a trustee, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee receiver or liquidator of Tenant or of all or substantially all any property of Tenant's property , or of the Premises shall be appointed in any proceedings brought or other action is commenced or taken by Tenanta governmental authority for the dissolution or liquidation of Tenant (provided that no such levy, execution, legal process; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought petition filed against Tenant and shall not be discharged within sixty (60) days after such appointment; or constitute a breach of this Lease if Tenant shall consent to vigorously contest the same by appropriate proceedings and shall remove or acquiesce in such appointment; orvacate the same within thirty (30) calendar days from the date of its creation, service, or filing); (viif) If Tenant shall make becomes insolvent, makes an assignment for the benefit of creditors, or shall admit makes a transfer in writing its inability to pay its debts, generally as they become due. (b) If fraud of creditors; or a receiver or trustee is appointed for Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.its properties;

Appears in 1 contract

Sources: Master Lease Agreement (Paladin Realty Income Properties Inc)

Default by Tenant. (a) Each of the The following events shall constitute an event events of default (an "Event of Default") hereunderunder this Lease: (i) If Tenant fails to pay within five a default by ▇▇▇▇▇▇ in the payment of any rent or other sum payable hereunder for a period of three (53) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; orthe same is due; (ii) If a default by Tenant fails to perform in the performance of any of its the other obligations hereunder within thirty terms, covenants, agreements, or conditions contained herein and, if the default is curable, the continuation of such default for a period of ten (3010) days after written notice by Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than ten (10) days to remedy, provided that if Tenant has defaulted in the performance of the same obligation one or more times in any twelve-month period and notice of any such failure default has been given by Landlord; orLandlord in each instance, no cure period shall thereafter be applicable hereunder; (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all insolvency of Tenant's property or , any transfer by ▇▇▇▇▇▇ in fraud of the Premises shall be appointed in any proceedings brought creditors, assignment by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit the commencement of any proceedings of any kind by or against Tenant under any provision of the Federal Bankruptcy Act or under any other insolvency, bankruptcy or reorganization act unless, in writing its inability to pay its debtsthe event any such proceedings are involuntary, generally Tenant is discharged from the same within sixty (60) days thereafter; the appointment of a receiver for a substantial part of the assets of Tenant; or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; (iv) the abandonment of the premises; and (v) a default by Tenant in the performance of any of the terms, covenants, agreements, or conditions contained in any other lease or agreement between Landlord and Tenant, including that certain Net Office-Tech Lease dated as they become dueof January 15, 1998 between Landlord and Tenant for premises located at ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇. (b) If Upon the occurrence of any event of default by Tenant commits an Event of Default hereunder, then Landlord will have the right 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 once or more often any one or more of the following: (i) declare due Landlord shall have the right, so long as such default continues, to give notice of termination to Tenant, and payable and ▇▇▇ to recover all unpaid Rent and all Rent for on the unexpired Term of date specified in such notice this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryterminate. (ii) declare In the event of any such termination of this Lease ended;Lease, Landlord may then or at any time thereafter, reenter the premises and remove therefrom all persons and property and again repossess and enjoy the premises, without prejudice to any other remedies that Landlord may have by reason of Tenant's default or of such termination. (iii) lease all or In the event of any part such termination of the Premises this Lease, and in addition to any other person with 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 reasonable 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 first altering limitation, any brokerage commissions) incurred by Landlord in reletting the same; andpremises. (iv) regain possession through summary dispossess proceedings For the purpose of determining the unpaid rent in the event of a termination of this Lease, or through the rent due hereunder in the event of a reletting of the premises, the monthly rent reserved in this Lease shall be deemed to be the sum of the rental due under Paragraph 3 above and the amounts last payable by Tenant pursuant to Paragraph 4 above. (v) After terminating this Lease, Landlord may remove any other lawful mannerand 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) If a default by Tenant not involving Even though ▇▇▇▇▇▇ has breached this Lease and abandoned the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaidpremises, Landlord will not exercise any right, power or remedy hereunder this Lease shall continue in effect for so long as Tenant is proceeding with due diligence, in good faith and with continuity Landlord does not terminate Tenant's right to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written noticepossession, and if Landlord may enforce all its rights and remedies under this Lease, including the right to 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 ▇▇▇▇▇▇▇▇'s interest under this Lease, shall not so cured within such 90-day period then constitute a termination of Tenant's right to possession. (d) The remedies provided for in this Lease are in addition to any other remedies available to Landlord shall be fully empowered to exercise any rightat law or in equity, power by statute or remedy hereunderotherwise.

Appears in 1 contract

Sources: Net Office Lease (Xenogen Corp)

Default by Tenant. (a) Each of the following shall constitute be deemed an event of default (an "Event of Default") hereunder” and a breach of this Lease: (i) If Tenant fails A. A failure to pay within five the Rent required hereby, or any other amount due Landlord hereunder, or any part thereof, for a period of fifteen (515) days after receipt of written notice all amounts due hereunderthereof from Landlord; B. Violation of any term or condition to be observed by Tenant, or failure in the performance of any other covenant or condition of this Lease on the part of Tenant to be performed, for a period of thirty (30) days after notice thereof from Landlord; C. The filing of a petition by or against Tenant for adjudication as a debtor within the meaning of Chapter 7 or Chapter 13 or other provisions of the Bankruptcy Act, as now or hereafter amended or supplemented, or for reorganization or arrangement within the meaning of Chapter 11 of said Bankruptcy Act, or the filing of any petition by or against Tenant under any future bankruptcy act for the same or similar relief; D. The dissolution 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, including, without limitation, Basic Rent and Additional Rentits leasehold interest in the Premises; E. The taking possession of the property of Tenant by any governmental officer or agency pursuant to statutory authority for the dissolution, rehabilitation, reorganization or liquidation of Tenant; orthe levying by any governmental officer upon Tenant’s leasehold estate or if Tenant’s leasehold estate is attempted to be sold under any execution or process of law; (ii) If F. The making by Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors; G. If Tenant or any agent of Tenant intentionally falsifies any report or misrepresents any information required to be furnished to Landlord pursuant to this Lease; and H. The death of Tenant, if Tenant is an individual, or any individual guarantor of Tenant’s obligations hereunder; or the commencement of steps or proceedings toward the dissolution, winding up, or other termination of the existence of Tenant or of any guarantor of Tenant’s obligations hereunder, or toward the liquidation of any of their respective assets. If the filing of a petition as set forth in subsection 14(C) shall admit be involuntary on the part of Tenant, the event in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits question shall not be deemed an Event of Default hereunder, then Landlord will have within the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term meaning of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making absence of this lease any adjudication thereof or final order thereon, and if the occurrence of subsection (includingC), by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances (D) or other payments or credits to or (E) above shall be involuntary on behalf the part of Tenant, collectively, "Concessions") all such Concessions the event in question shall not be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to deemed an Event of Default within the contrary. (ii) declare meaning of this Lease ended; (iii) lease all if dismissed or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default vacated by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderthereof.

Appears in 1 contract

Sources: Asset Purchase Agreement (Id Systems Inc)

Default by Tenant. (a) A. Each of the following occurrences relative to Tenant shall constitute an event of default (an "Event of Default") hereunder: (i1) If Failure or refusal by Tenant fails to pay within five make the timely payment of any rent or other sums payable under this Lease when and as the same shall become due and payable, provided Landlord has given Tenant ten (510) days after days' written notice all amounts of the same and thereafter the failure or refusal by Tenant to timely make any payment due hereunder, including, hereunder shall be an Event of Default without limitation, Basic Rent and Additional Rentfurther notice; or (ii2) If Abandonment or vacating of the Leased Premises or any significant portion thereof; or (3) The filing or execution or occurrence of a petition in bankruptcy or other insolvency proceeding by or against Tenant fails to perform or any guarantor of Tenant; or petition or answer seeking relief under any provision of the Bankruptcy Act; or an assignment for the benefit of creditors or composition; or a petition or other proceeding by or against Tenant for the appointment of a trustee, receiver or liquidator of Tenant or any of its Tenant's property; or a proceeding by any governmental authority for the dissolution or liquidation of Tenant or any guarantor of Tenant; or (4) Failure by Tenant in the performance or compliance with any of the agreements, terms, covenants or conditions provided in this Lease, other obligations hereunder within than those referred to in (1) or (2) above, for a period of thirty (30) days after written notice of any such failure has been given by Landlordfrom Landlord to Tenant specifying the items in default; or (iii5) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code)A reorganization, as now or hereafter in effectmerger, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or sale of all or substantially all of the assets of Tenant's property or , unless as a result of such transaction, the Premises shall be appointed entity succeeding to the assets of Tenant: (a) expressly assumes the obligations under this Lease in any proceedings brought by Tenanta document in form and substance reasonably acceptable to Landlord; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits has a net worth of not less than that of Tenant; (6) The occurrence of any other event herein provided to be an Event of Default. B. This Lease and the Term and estate hereby made are subject to the limitation that if and whenever any Event of Default hereundershall occur, then Landlord will have the right may, at its option and without further written notice to Tenant, in addition to all other remedies given hereunder or by law or equity, do once or more often any one or more of the following: (i1) declare due Terminate this Lease, in which event Tenant shall immediately surrender possession of the Leased Premises to Landlord; (2) Enter upon and take possession of the Leased Premises and expel or remove Tenant and any other occupant therefrom with or without having terminated the Lease; (3) Alter locks and other security devices at the Leased Premises. C. Exercise by Landlord of any one or more remedies shall not constitute an acceptance of surrender of the Leased Premises by Tenant, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant. D. If Landlord terminates this Lease by reason of an Event of Default as defined in Section 5.08.A.(l)(2)(3) or (5), Tenant shall pay to Landlord the sum of all rent and other indebtedness accrued to the date of such termination, plus, as damages, an amount equal to the then present value of all rentals then payable under this Lease for the remainder of the Term. E. If Landlord repossesses the Leased Premises without terminating the Lease, then Tenant shall pay to Landlord all rent and ▇▇▇ other indebtedness accrued to recover all unpaid Rent the date of such repossession, plus rent and all Rent other sums required to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Leased Premises during said period (after deducting expenses incurred by Landlord as provided below); reentry by Landlord will not affect the obligations of Tenant for the unexpired Term Term. Tenant shall not be entitled to any excess of this Lease and all costs and commissions provided any rent obtained by reletting over the rent herein reserved. Actions to collect amounts due from Tenant may be brought on one or permitted by lawmore occasions, together with without the unamortized cost necessity of Landlord's waiting until expiration of the improvements Term. F. In case of an Event of Default, to the Premises performed extent the same are not deducted, Tenant shall also pay to Landlord: broker's fees incurred by Landlord or reimbursed by Landlord to Tenant under in connection with reletting the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all whole or any part of the Leased Premises; the cost of removing and storing Tenant's or any other occupant's property; the cost of repairing, altering, remodeling or otherwise putting the Leased Premises into condition acceptable to a new tenant or tenants; and all reasonable expenses incurred by Landlord in enforcing Landlord's remedies, including reasonable attorneys' fees and court costs. G. Upon termination or repossession of the Leased Premises for an Event of Default, Landlord shall not be obligated to relet or attempt to relet the Leased Premises, or any portion thereof, or to collect rental after reletting, but Landlord shall have the option to relet or attempt to relet. In the event of reletting, Landlord may relet the whole or any portion of the Leased Premises for any period, to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through tenant, and for any other lawful manneruse and purpose. (c) H. If a Tenant should fail to make any payment, perform any obligation, or cure any default by Tenant not involving the payment of money occurs hereunder, Landlord, without obligation to do so and is of without thereby waiving such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power failure or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that may make such payment, perform such obligation, and/or remedy such other default for the default is completely cured with ninety account of Tenant (90) days after and enter the Leased Premises for such written noticepurpose), and if not so cured within Tenant shall pay upon demand all costs, expenses and disbursements (including reasonable attorneys' fees) incurred by Landlord in taking such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderremedial action.

Appears in 1 contract

Sources: Lease Agreement (Farah Inc)

Default by Tenant. (a) Each of the The following events shall constitute an event be deemed to be events of default by Tenant under this Lease (hereinafter called an "Event of Default") hereunder:): (i1) If Tenant fails shall fail to timely pay within five any Rent and such failure shall continue for a period of ten (510) days after written notice all amounts due hereunderof such default shall have been given to Tenant; provided, includinghowever, Landlord shall not be obligated to give Tenant written notice of its failure to pay Rent more than two times in any 12-month period and after the second notice, an Event of Default shall occur automatically upon Tenant’s failure to timely pay any Rent within such 12-month period without limitation, Basic Rent and Additional Rent; orthe requirement of any further notice from Landlord; (ii2) If Tenant fails shall fail to perform comply with any terms, provisions or covenants of its this Lease or any other obligations hereunder within agreement between Landlord and Tenant not requiring the payment of Rent, and such failure shall continue for a period of thirty (30) days after written notice of any such failure has been given by Landlord; is delivered to Tenant or , if such failure cannot reasonably be cured within such thirty (iii30) If day period, Tenant abandons the Premises or without having given prior written notice shall fail to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or commence to cure such failure within such thirty (iv30) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant day period and/or shall thereafter fail to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant prosecute such cure diligently and continuously to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied completion within sixty (60) days after of the filing thereofdate of Landlord's notice of default; (3) Tenant takes any action to, or if notifies Landlord that Tenant intends to, file a petition under any section or chapter of the United States Bankruptcy Code, as amended from time to time, or under any similar Law of the United States or any state thereof; or a petition shall consent be filed against Tenant or acquiesce in the filing thereofany Guarantor under any such statute and shall not be dismissed within 90 days thereafter; or (vi4) If a custodian, receiver, receiver or trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed for Tenant's leasehold interest in any proceedings brought by the Premises or for all or a substantial part of the assets of Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Upon the occurrence of any Event of Default hereunderDefault, then Landlord will have the right may, at its option and without further notice to Tenant and without judicial process, in addition to all other remedies given hereunder or by Law or equity, do once or more often any one or more of the following: : (i1) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of terminate this Lease and all costs and commissions provided or permitted by lawLease, together with the unamortized cost in which event Tenant shall immediately surrender possession of the improvements Premises to Landlord; (2) enter upon and take possession of the Premises performed by Landlord and expel or reimbursed by Landlord to remove Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of therefrom, with or without having terminated this lease Lease; (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions"3) all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease apply all or any part of the Security Deposit to cure such Event of Default; (4) change or re-key all locks to entrances to the Premises, and Landlord shall have no obligation to give Tenant a new key to the Premises until such Event of Default is cured; and (5) remove from the Premises any furniture, fixtures, equipment or other personal property of Tenant, without liability for trespass or conversion, and store such items either in the Complex or elsewhere at the sole cost of Tenant and without liability to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is Tenant. Any of such a nature that it canfurniture, fixtures, equipment or personal property not reasonably be cured claimed within thirty (30) days from the date of removal shall be deemed abandoned. (c) Exercise by Landlord of any one or more remedies hereunder shall not constitute forfeiture or an acceptance of surrender of the Premises by Tenant, it being understood that such surrender can be effected only by the written agreement of Landlord and Tenant. (d) If Landlord terminates this Lease by reason of an Event of Default, Tenant shall pay to Landlord the sum of (1) the cost of recovering the Premises, (2) the cost of repairing any damage to the Premises, (3) any amounts owed by Tenant under this Lease that have accrued but not been paid, and (4) any other damages or relief which Landlord may be entitled to at law or in equity. If Tenant has prepaid any Base Rental on this Lease, Landlord may apply such prepaid Base Rental against costs, expenses and damages suffered or incurred by Landlord in connection with Tenant’s default and shall refund to Tenant the balance, if any, of such prepaid Base Rental. (e) If Tenant should fail to make any payment, perform any obligation, or cure any default hereunder within ten (10) days after receipt of written notice as aforesaidthereof, Landlord, without obligation to do so and without thereby waiving such failure or default, may make such payment, perform such obligation, and/or remedy such other default for the account of Tenant (and enter the Premises for such purpose), and Tenant shall, within ten (10) days following written demand, pay all costs, expenses and disbursements (including attorneys' fees) incurred by Landlord in taking such remedial action, plus, at the option of Landlord, interest thereon at the Default Rate. (f) If an Event of Default occurs and continues beyond applicable notice, grace and cure periods, Landlord agrees to comply with its obligations under Texas law to mitigate damages. Tenant agrees that such obligations will be satisfied if Landlord undertakes to lease the Premises to another tenant (a "Substitute Tenant") in accordance with the following criteria: (a) Landlord will have no obligation to solicit or entertain negotiations with any other prospective tenants for the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant; (b) Landlord will not exercise be obligated to lease or show the Premises on a priority basis, or offer the Premises to a prospective tenant when other space in the Building suitable for the prospective tenant's use is (or soon will be) available; (c) Landlord will not be obligated to lease the Premises to a Substitute Tenant for a Base Rental less than the current fair market Base Rental then prevailing for similar uses in comparable buildings in the same market area as the Building, nor will Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord's then current leasing policies for comparable space in the Building; (d) Landlord will not be obligated to enter into a lease with a Substitute Tenant whose use would (i) violate any rightrestriction, power covenant, or remedy hereunder so long as requirement contained in the lease of another tenant of the Building; (ii) adversely affect the reputation of the Building; or (iii) be incompatible with other uses of the Building; (e) Landlord will not be obligated to enter into a lease with any proposed Substitute Tenant is proceeding with due diligencethat does not have, in good faith Landlord's reasonable opinion, sufficient financial resources to operate the Premises in a first class manner; and (f) Landlord will not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless: (i) Tenant pays any such sum to Landlord in advance of Landlord's execution of a lease with continuity the proposed Substitute Tenant (which payment will not be in lieu of any damages or other sums to complete which Landlord may be entitled as a result of Tenant's default under this Lease); or (ii) Landlord, in Landlord's reasonable discretion, determines that any such expenditure is financially justified in connection with entering into a lease with the curing prospective Substitute Tenant; and (f) Tenant hereby waives any right to assert, claim or allege that Landlord has not fulfilled its duty to mitigate damages as a result of such defaultan Event of Default if Landlord’s efforts to mitigate are in compliance with the provisions of this Section 27 (g). (g) Tenant will reimburse and compensate Landlord on demand and as Additional Rent for any actual loss Landlord incurs in connection with, provided in all cases that resulting from or related to any breach or default of Tenant under this Lease, regardless of whether the breach or default is completely cured with ninety (90) days after such written noticeconstitutes an Event of Default, and if regardless of whether suit is commenced or judgment is entered. Such loss includes all reasonable legal fees, costs and expenses (including paralegal fees, expert fees, and other professional fees and expenses) Landlord incurs investigating, negotiating, settling or enforcing any of Landlord’s rights or remedies or otherwise protecting Landlord’s interests under this Lease. In addition to the foregoing, Landlord is entitled to reimbursement of all of Landlord’s fees, expenses and damages, including, but not so cured within limited to, reasonable attorneys’ fees and paralegal and other professional fees and expenses, Landlord incurs in connection with any bankruptcy or insolvency proceeding involving Tenant including, without limitation, any proceeding under any chapter of the Bankruptcy Code; by exercising and advocating rights under Section 365 of the Bankruptcy Code; by proposing a plan of reorganization and objecting to competing plans; and by filing motions for relief from stay. Such fees and expenses are payable on demand, or, in any event, upon assumption or rejection of this Lease in bankruptcy. Subject to Section 31 below, in no event shall Tenant be liable to Landlord for consequential, special or punitive damages by reason of a failure to perform (or a default) by Tenant under this Lease. (h) Tenant waives and releases all Claims, Tenant may have resulting from Landlord’s re-entry and taking possession of the Premises pursuant to this Section 27 by any lawful means and removing, storing or disposing of Tenant’s property as permitted under this Lease, regardless of whether this Lease is terminated and, to the fullest extent allowable under the Laws, Tenant releases and will indemnify, protect, defend (with counsel reasonably acceptable to Landlord) and hold harmless Landlord and the Landlord Related Parties from and against any and all Claims arising therefrom. No such 90re-day period then Landlord shall entry is to be fully empowered considered or construed as a forcible entry by Landlord. THIS INDEMNITY PROVISION IS INTENDED TO INDEMNIFY LANDLORD, LANDLORD RELATED PARTIES AND THEIR RESPECTIVE AGENTS AGAINST THE CONSEQUENCES OF THEIR OWN NEGLIGENCE OR FAULT WHEN LANDLORD OR ITS AGENTS ARE JOINTLY, COMPARATIVELY, OR CONCURRENTLY NEGLIGENT WITH TENANT (BUT NOT WHEN THE NEGLIGENCE OR FAULT OF LANDLORD, LANDLORD RELATED PARTIES OR THEIR AGENTS IS THE SOLE BASIS OF THE CLAIM). No such re-entry is to exercise any right, power be considered or remedy hereunderconstrued as a forcible entry by Landlord.

Appears in 1 contract

Sources: Office Lease Agreement (FSP Galleria North Corp)

Default by Tenant. (a) Each 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. If any of the following events shall constitute an event of default (an "Event of Default") hereunder: occur, to-wit: (i) If if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant fails hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to pay within five be kept and performed and said default shall continue for a period of fifteen (515) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or thereof from Landlord to Tenant (ii) If Tenant fails to perform any of its other obligations hereunder unless such default cannot reasonably be cured within thirty fifteen (3015) days after written notice and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of any such failure has been given by Landlord; or same) or (iii) If if Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by be adjudicated a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectbankrupt, or under file any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or its reorganization pursuant to similar relief for itself under any present or future federal, state bankruptcy or other statute, law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereofregulation, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts(iv) if any trustee, generally as they become due. (b) If receiver or liquidator of Tenant commits an Event or of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any substantial part of the Premises to its properties shall be appointed in any other person with action, suit or without first altering the same; and (iv) regain possession through summary dispossess proceedings proceeding by or through any other lawful manner. (c) If a default by against Tenant and such proceeding or action shall not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured have been dismissed within thirty (30) days after written notice such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as aforesaidrequired in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord will not in the exercise of any right, power other right or remedy hereunder so long as Tenant is proceeding with due diligenceLandlord may have on account of any default by Tenant, in good faith may either: (1) re-enter the Premises, take possession of all buildings, improvements, additions, alterations, equipment and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written noticefixtures thereon, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.eject all parties in possession therefrom,

Appears in 1 contract

Sources: Lease Agreement (Dominion Homes Inc)

Default by Tenant. (a) Each The occurrence of any one or more of the following shall constitute an event of default events (an "Event of Default") hereundershall constitute a breach of this Lease by ▇▇▇▇▇▇: (ia) If Tenant fails to pay within any Fixed Rent, or any other amount of money or charge payable by Tenant hereunder as and when such Fixed Rent or other amount or charge becomes due and payable and such failure continues for more than five (5) business days after ▇▇▇▇▇▇▇▇ gives written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rentthereof to Tenant; or (iib) If Tenant fails materially or repeatedly violates the provisions of this Lease related to perform any confidentiality or to Tenant accessing areas of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by the Landlord; or’s Campus not permitted under this Lease. (iiic) If Tenant abandons (i) files, or consents by answer or otherwise to the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files filing against it of, a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now for relief or hereafter in effect, reorganization or under arrangement or any similar law, or files a other petition in bankruptcy or for reorganization liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, (ii) makes an assignment for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 benefit of the United States Code), as now or hereafter in effectits creditors, or under any similar law; or a petition or answer proposing (iii) consents to the adjudication appointment of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator other officer with similar powers of Tenant or of all or substantially all any substantial part of Tenant's property property; or (d) Without consent by ▇▇▇▇▇▇, a court or of the Premises shall be appointed in any proceedings brought by Tenant; or if any government authority enters an order, and such order is not vacated within sixty (60) days, (i) appointing a custodian, receiver, trustee or liquidator shall be appointed other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant's property, or (ii) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any proceedings brought against Tenant and shall not be discharged within sixty bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (60iii) days after such appointment; ordering the dissolution, winding-up or if Tenant shall consent to or acquiesce in such appointmentliquidation of Tenant; or (viie) If This Lease or any estate of Tenant shall make an assignment for the benefit of creditors, hereunder is levied upon under any attachment or shall admit in writing its inability to pay its debts, generally as they become dueexecution and such attachment or execution is not vacated within 60 days. (bf) If Other than the agreements or covenants covered by paragraphs (a) through (e) (e) of this Section 7.01, Tenant commits an Event of Default hereunder, then Landlord will have the right fails to do once perform or more often breaches any one agreement or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term covenant of this Lease to be performed or observed by ▇▇▇▇▇▇, as and all costs and commissions provided when performance or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be observance is due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein such failure or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within breach continues for more than thirty (30) days after Landlord gives written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity thereof to complete the curing of such defaultTenant, provided in all cases that that, if the nature of Tenant's default is completely cured with ninety such that more than thirty (9030) days after are reasonably required for its cure, then Tenant shall not be deemed to be in default if Tenant shall commence such written notice, and if not so cured cure within such 90-said thirty (30) day period then Landlord shall be fully empowered and thereafter diligently prosecute such cure to exercise any right, power or remedy hereundercompletion.

Appears in 1 contract

Sources: Office Lease (Mission Produce, Inc.)

Default by Tenant. All rights and remedies of the Landlord herein enumerated shall be cumulative, and none shall exclude any other right or remedy available at Law or in equity. (a1) Each The occurrence of any one or more of the following events shall constitute an event a default by the Tenant and a breach of default (an "Event of Default") hereunder: this Lease: (i) If the Tenant fails to pay within five make a payment of Base Rent or additional rent or any other monetary obligation when the same shall become due and payable hereunder and such failure shall continue for more than ten (510) days after written notice all amounts due hereunderby the Landlord, including, without limitation, Basic Rent and Additional Rent; or or (ii) If the Tenant fails to promptly and fully perform or observe any of its the other obligations hereunder within thirty provisions in this Lease to be performed or observed by the Tenant and the failure shall continue for more than twenty (3020) days after written notice by the Landlord specifying the nature of any such failure, or if the failure has been given so specified shall be of such a nature that the same cannot be reasonably cured or remedied within said twenty (20) days period, the Tenant shall not have commenced to cure or remedy the failure in good faith within such twenty (20) day period and thereafter shall have diligently proceeded to cure or remedy it, (unless the act or omission of the Tenant or occurrence involves a hazardous or emergency condition which shall be cured by the Tenant forthwith upon the Landlord; or 's demand), or (iii) If the leasehold interest or property of the Tenant abandons the Premises is levied upon under execution or without having given prior written notice to Landlord either vacates the Premises is attached by process of Law, or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under at any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent time prior to or acquiesce in such appointment; or (vii) If during the Term, the Tenant shall make makes an assignment for the benefit of creditors, or a receiver is appointed for any property of the Tenant, or any voluntary or involuntary petition or similar pleading under any section or sections of any bankruptcy Law shall admit be filed by or against the Tenant, or any voluntary or involuntary proceeding in writing its inability any court or tribunal shall be instituted to declare the Tenant in solvent or unable to pay its the Tenant's debts, generally as they become dueand in the case of any involuntary petition or proceeding, the petition or proceeding is not dismissed within thirty (30) consecutive days from the date it is filed. (b2) If the Tenant commits an Event of Default defaults hereunder, and at any time thereafter, (i) if the Term shall not have commenced, the Landlord may cancel and terminate this Lease effective three (3) days after receipt of notice by the Tenant, or (ii) if the Term shall have commenced, the Landlord may serve upon the Tenant a notice that this Lease and the Term will terminate on a date to be specified therein, (which shall not be less than three (3) days after the date the Landlord's notice is received), and upon the date so specified by the Landlord in its notice, this Lease and the then unexpired Term shall terminate and come to an end as fully and completely as if the date specified in the Landlord' notice was the day herein definitely fixed for the end of the Term, and the Tenant shall then quit and surrender the Premises to the Landlord, but the Tenant shall remain liable as hereinafter set forth; provided, however, that if the Tenant shall fail to make timely payment of rent and such failure shall continue for two (2) consecutive months, or if the Tenant shall default in the performance of an obligation in this Lease on its part to be performed, including the timely payment of rent, two (2) or more times in any period of six (6) months then, not withstanding that each act or omission shall have been cured within the period after the giving of notices as herein provided, any further default in the performance of any obligation under this Lease on its part be performed shall be deemed to be deliberate and the Landlord will thereafter may serve the aforesaid notice of termination without affording to the Tenant a further opportunity to cure the default. (3) Upon termination of this Lease by the Landlord as herein above provided, the Landlord may terminate all services and reenter the Premises either by force or otherwise, and by summary proceedings or otherwise, dispossess the Tenant and the legal representative of the Tenant or any other occupant of the Premises, and remove all effects therefrom without being deemed in any manner guilty of trespass, eviction or forcible detainer, and hold the Premises as if this Lease had not been made. (4) If the Tenant defaults under this Lease, the Landlord shall have the right to do once or more often any one or more of terminate this Lease and receive from the followingTenant, in addition to the other remedies provided in this Lease: (i) declare any unpaid rent which is due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements owing to the Premises performed by Landlord at the time of such termination or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary.reentry; plus (ii) declare the present value of the unpaid rent which would have been earned under this Lease ended;after termination or re- entry minus the amount of such rental loss (net of expenses) that the Tenant proves could be reasonably avoided; plus (iii) lease all or any part of the Premises to any other person with amount specific and documented necessary to compensate the Landlord for all the detriment proximately caused by the Tenant's failure to perform its obligations under this Lease or without first altering which in the sameordinary course of things would be likely to result therefrom; and (iv) regain possession through summary dispossess proceedings at the Landlord's election, such other amounts in addition to or through any other lawful mannerin lieu of the foregoing as may be permitted from time to time by applicable Law or in equity. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Emagin Corp)

Default by Tenant. (a) Each of the following occurrences shall constitute an event of default (an "Event of Default") hereunder:Default (herein so called): (ia) If the failure of Tenant fails to pay within five Base Rent, Additional Rent or any other amount due under this Lease as and when due hereunder and the continuance of such failure for a period of ten (510) days after written notice all amounts from Landlord to Tenant specifying the failure; provided, however, after Landlord has given Tenant written notice pursuant to this clause 24.1(a) on two separate occasions within any twelve (12) month period, Landlord shall not be required to give Tenant any further notice under this clause 24.1(a). Notwithstanding the foregoing, the obligation of Tenant to pay a late charge or interest pursuant to this Lease shall commence as of the due hereunder, including, without limitation, Basic date of the Rent and Additional Rent; oror other monetary obligation as provided in Section 5.7 above. (iib) If the failure of Tenant fails to perform perform, comply with or observe any other agreement, obligation or undertaking of its Tenant, or any other obligations hereunder within thirty term, condition or provision in this Lease, and the continuance of such failure for a period of twenty (3020) days after written notice from Landlord to Tenant specifying the failure; (c) The involuntary transfer by Tenant of Tenant=s interest in this Lease or the voluntary attempt to or actual transfer of its interest in this Lease, without Landlord=s prior written consent; (d) The failure of Tenant to discharge any such failure has been given lien placed as a result of Tenant=s action or inaction upon the Premises or Building as set forth hereunder; (e) The occurrence of a Net Tenant Delay, as defined in the Work Letter Agreement, of forty-five (45) calendar days or more; (f) the filing of a petition by Landlord; or or against Tenant (the term "Tenant" also meaning, for the purpose of this clause 24.1(d), any guarantor of the named Tenant's obligations hereunder) (i) in any bankruptcy or other insolvency proceeding, (ii) seeking any relief under the Bankruptcy Code or any similar debtor relief law, (iii) If Tenant abandons for the Premises appointment of a liquidator or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or receiver for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed for Tenant's interest in any proceedings brought by this Lease, or (iv) to reorganize or modify Tenant's capital structure; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; orand (viig) If the admission by Tenant shall make in writing that it cannot meet its obligations as they become due or the making by Tenant of an assignment for the benefit of its creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an . . Upon any Event of Default hereunderDefault, then Landlord will have the right may, at Landlord's option in its sole discretion, and in addition to all other rights, remedies and recourses afforded Landlord hereunder or by law or equity, do once or more often any one or more of the following: (a) terminate this Lease by the giving of written notice to Tenant; reenter the Premises, repossess and enjoy the Premises and all Tenant Improvements; and recover from Tenant all of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and other amounts accrued hereunder to the date of termination, (ii) all amounts due under Section 24.3, and (iii) liquidated damages in an amount equal to (A) the total Rent that Tenant would have been required to pay for the remainder of the Term discounted to present value at the prime lending rate (or equivalent rate, however denominated) in effect on the date of termination at the largest national bank in the state where the Complex is located, minus (B) the then-present fair rental value of the Premises for such period, similarly discounted, plus any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant=s failure to perform its obligations under this Lease or which would be likely to result therefrom, including, without limitation, attorneys= fees, brokers= commissions or finder=s fees; (b) terminate Tenant's right to possession of the Premises without terminating this Lease by the giving of written notice to Tenant, in which event Tenant shall pay to Landlord (i) all Rent and other amounts accrued hereunder to the date of termination of possession, (ii) all amounts due from time to time under Section 24.3, and (iii) all Rent and other sums required hereunder to be paid by Tenant during the remainder of the Term, diminished by any net sums thereafter received by Landlord through reletting the Premises during said period. Reentry by Landlord in the Premises will not affect the obligations of Tenant hereunder for the unexpired Term Term. Landlord may bring action against Tenant to collect amounts due by Tenant on one or more occasions, without the necessity of Landlord's waiting until expiration of the Term. If Landlord elects to proceed under this Section 24.2(b), it may at any time elect to terminate this Lease pursuant to Section 24.2(a); (c) without notice, alter any and all locks and other security devices at the Premises without being obligated to deliver new keys to the Premises, unless Tenant has cured all Events of Default before Landlord has terminated this Lease under Section 24.2(a) or has entered into a lease to relet all or a portion of the Premises; and/or (d) if an Event of Default specified in Section 24.1(c) occurs, Landlord may remove and store any property that remains on the Premises and, if Tenant does not claim such property within ten (10) days after Landlord has delivered to Tenant notice of such storage, Landlord may appropriate, sell, destroy or otherwise dispose of the property in question without notice to Tenant or any other person, and without any obligation to account for such property. The abandonment of the Premises by Tenant or the failure of Tenant to occupy the Premises or any significant portion thereof for a period of in excess of thirty (30) calendar days shall not constitute an Event of Default hereunder, but shall entitle Landlord, at its election, to terminate the Lease upon written notice to Tenant. The termination right of Landlord in such event shall be in addition to all other rights, remedies and recourses afforded Landlord hereunder or by law or equity upon the occurrence of an Event of Default. No taking possession of the Premises by Landlord shall be construed as Landlord=s acceptance of a surrender of the Premises by Tenant or an election of Landlord to terminate this Lease unless written notice of such intention is given to Tenant. Notwithstanding any leasing or subletting without termination of the Lease, Landlord may at any time thereafter elect to terminate the Lease for Tenant=s previous breach. . Upon any Event of Default, Tenant shall also pay to Landlord all costs and commissions provided expenses incurred by Landlord, including court costs and reasonable attorneys' fees, in (a) retaking or permitted by lawotherwise obtaining possession of the Premises, together (b) removing and storing Tenant's or any other occupant's property, (c) constructing the Tenant Improvements or otherwise incurred in connection with the unamortized cost of Tenant Improvement Allowance Items as defined in the improvements to Work Letter Agreement, (d) repairing, restoring, altering, remodeling or otherwise putting the Premises performed by Landlord into condition acceptable to a new tenant or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease tenants, (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions"e) all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease reletting all or any part of the Premises, (f) paying or performing the underlying obligation which Tenant failed to pay or perform, and (g) enforcing any of Landlord's rights, remedies or recourses arising as a consequence of the Event of Default. . Upon termination of this Lease or upon termination of Tenant's right to possession of the Premises, Landlord shall use reasonable efforts to relet the Premises on such terms and conditions as Landlord in its sole discretion may determine (including a term different than the Term, rental concessions, and alterations to any and improvements of the Premises); however, Landlord shall not be obligated to relet the Premises before leasing other person portions of the Building. Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished because of, Landlord's failure to relet the Premises or collect rent due with or without first altering respect to such reletting. If Landlord relets the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving Premises, rent Landlord receives from such reletting shall be applied to the payment of: first, any indebtedness from Tenant to Landlord other than Rent (if any); second, all costs, including for maintenance and alterations, incurred by Landlord in reletting; and third, Rent due and unpaid. In no event shall Tenant be entitled to the excess of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete rent obtained by reletting over the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderRent herein reserved.

Appears in 1 contract

Sources: Lease Agreement (Fields MRS Original Cookies Inc)

Default by Tenant. (a) Each of the following There shall constitute exist an event of default (herein called an "Event of Default") hereunderunder this Lease Agreement if: (iA) If Tenant fails shall fail to pay any installment of Base Rent required to be paid by Tenant within five (5) 10 days after written notice all amounts the same shall become due hereunder, including, without limitation, Basic Rent and Additional Rentfor payment; or (iiB) If Tenant fails shall fail in any material respect to perform or comply with any other obligation of its other obligations hereunder Tenant under this Lease Agreement, and such failure is not performed or corrected within thirty (30) 30 days after written notice of any such default from Landlord (or, if such failure has been given by Landlordis not capable of being performed or corrected within such 30-day period, if Tenant shall not commence the correction of such default within 30 days after notice of such default from Landlord and proceed with due diligence to complete such correction within a reasonable time, but in no event longer than 90 days from the notice of such default); or (iiiC) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code)Tenant, as now or hereafter in effectATSG, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant ▇▇▇▇ shall make an a general assignment for the benefit of creditors, or shall admit if Tenant’s interest in writing its inability to pay its debts, generally as they become due.the Premises is sold upon execution or other legal process; or (bD) If Tenant commits an Event shall suffer a receiver to be appointed in any action or proceeding by or against Tenant, and such appointment is not stayed or discharged within 60 days after the commencement thereof, or if Tenant is a debtor in any insolvency proceeding conducted pursuant to the laws of Default hereunderany state or of a political subdivision of any state and such proceeding is not stayed or discharged within 60 days after the commencement thereof, then Landlord will have or if Tenant shall be or become, either voluntarily or involuntarily, a debtor in any case commenced under the right to do once or more often any one or more provisions of the following: (i) declare due U.S. Bankruptcy Code, as amended, and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided such case is not stayed or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured discharged within thirty (30) 60 days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereundercommencement thereof.

Appears in 1 contract

Sources: Lease Agreement (Air Transport Services Group, Inc.)

Default by Tenant. (a) Each The happening of any of the following events shall constitute an event of default (an "Event of Default") hereunder” of Tenant: a. If Tenant: (i) If Tenant fails to pay within five any portion of Rent when due and the default continues for ten (510) days after written notice all amounts thereof to Tenant, provided that in the event Tenant has failed to pay any portion of Rent when due hereunderthree (3) or more times during any consecutive twelve (12) month period during the Term, includingLandlord shall thereafter not be obligated to provide written notice thereof, without limitation, Basic Rent and Additional Rent; or or (ii) If Tenant fails to perform or observe any other material provision of its other obligations hereunder this Lease within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice thereof to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereofTenant, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaiddays, Landlord will Tenant has not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, commenced to cure such default within such thirty (30) day period and thereafter diligently and continuously worked in good faith and with continuity to complete the curing of cure such default; or b. If (i) any voluntary petition or similar pleading under any bankruptcy act or under any law seeking reorganization or an arrangement with creditors or adjustment of debts is filed by Tenant, provided in all cases that the default or if any such petition or pleading is completely cured with involuntary, and it is not adjudicated favorably to Tenant within ninety (90) days after its filing; (ii) Tenant admits its inability to pay its debts; (iii) Tenant makes an assignment for the benefit of creditors, or if any proceedings is filed by or against Tenant to declare Tenant insolvent or unable to meet its debts and such written noticeproceeding is not dismissed within ninety (90) days after its filing; or (iv) a receiver, trustee or other court appointee or nominee of any name or character is appointed for Tenant or all or a substantial portion of its property and if Tenant does not so cured remove or vacate same within such ninety (90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder) days from the date of appointment.

Appears in 1 contract

Sources: Lease Agreement (Centennial Bank Holdings, Inc.)

Default by Tenant. (a) Each Tenant covenants and agrees to pay the Basic Rent, together with all other sums of money which under the provisions hereof may be considered as additional rent, at the times and in the manner hereinabove set forth, and to pay any other sums that may be due Landlord under this Lease promptly upon their becoming due. (b) If Tenant shall fail to pay any installment of Basic Rent or additional rent when due, or violate any other covenant or agreement made by it in this Lease and if such failure, violation or default shall continue uncured for ten (10) days after receipt by Tenant of written notice thereof (or for failures which cannot be corrected within such ten (10) day period, for such additional period as shall be reasonably required for the cure provided that Tenant commences the cure within such ten (10) day period and diligently prosecutes such cure to completion). Then, in any of said events, Landlord may, at it's option re-enter and resume possession of the following shall constitute an event of default (an "Event of Default") hereunder:Premises, and/or declare this Lease and the tenancy hereby created terminated and thereupon, remove all persons and property from the Premises, by summary proceedings or other judicial process, and (i) If Tenant fails to shall generally not pay within five (5) days after written notice all amounts its debts as they become due hereunder, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally or shall make a general assignment for the benefit of creditors, or (ii) if Tenant shall commence any case, proceeding or other action seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or it's debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtor, or seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its property, or (iii) if Tenant shall take any action to authorize any of the actions set forth in subparagraphs (i) or (ii) above, or (iv) if any case, proceeding or other action against Tenant shall be commenced seeking to have an order for relief entered against it as they become due. debtor, or seeking reorganization, arrangement, adjustment, liquidation, dissolution or composition of it or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking appointment of a 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 is not fully stayed within seven (7) days after the entry thereof, or (b) If remains undismissed for a period of seven (7) days, or (v) if any execution, attachment or mechanics' lien against Tenant commits or the Premises is unsatisfied or unsecured by adequate corporate (d) Notwithstanding the provisions in subsection (c) above, in the event of an Event assignment by operation of Default hereunderlaw under the Federal Bankruptcy Code, then or any state bankruptcy or insolvency law and Landlord's election to not terminate this Lease, the assignee shall provide Landlord will have the right to do once or more often any one or more with adequate assurance of future performance of all of the following: terms, conditions, and covenants of this Lease, which shall include, but which shall not be limited to, assumption of all the terms, covenants and conditions of the Lease by the assignee and the making by the assignee of the following express covenants to Landlord: (i) declare due and payable and ▇▇▇ that assignee has sufficient capital to recover all unpaid Rent and all Rent for pay the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or additional rent and other payments or credits to or on behalf charges due under the Lease for the remainder of Tenant, collectively, "Concessions") all such Concessions shall be due the entire Term; and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part that assumption of the Premises Lease by the assignee will not cause Landlord to be in violation or breach of any provision in any other person with Lease, financing agreement or without first altering operating agreement relating to the same; and (iv) regain possession through summary dispossess proceedings Land or through any other lawful mannerthe Building. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease (Cn Bancorp Inc)

Default by Tenant. In the event Tenant shall fail to pay monthly rental by the tenth (a10th) Each day of the following shall constitute month for three consecutive months or four times during a twelve month period; or if Tenant is adjudicated a bankrupt; or if Tenant files a petition on bankruptcy under any section or provision of the bankruptcy law; or if an event of default involuntary petition in bankruptcy is filed against Tenant, and same is not withdrawn or dismissed within sixty (an "Event of Default"60) hereunder: days from the filing thereof; or if a receiver or trustee is appointed for Tenant's property and the order appointing such receiver or trustee remains in force for thirty (i) If Tenant fails to pay within five (530) days after written notice all amounts due hereunderthe entry of such order; or if, includingwhether voluntarily or involuntarily, without limitationTenant takes advantage of any debtor relief proceedings under any present or future law, Basic Rent and Additional Rentwhereby the rent or any part thereof is, or is proposed to be, reduced or payment thereof deferred; or (ii) If or if Tenant fails to perform any makes an assignment for the benefit of its other obligations hereunder creditors; or if Tenant's effects should be levied upon or attached under process against Tenant, not satisfied or dissolved within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice from Landlord to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant tenant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing obtain satisfaction thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to vacate or acquiesce in such appointmentabandon the Premises; or (vii) If or if Tenant shall make an assignment for the benefit of creditorsfail to perform or observe any other covenant, agreement, or shall admit in writing its inability condition to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have be performed or kept by the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making terms and provisions of this lease (includingLease, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or failure in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of one such a nature that it cannot reasonably be cured within event shall continue for thirty (30) days after written notice thereof has been given by Landlord to Tenant; then in any one of such events, Landlord shall have the right, at the option of the Landlord, then or at any time thereafter while such default or defaults shall continue, to elect either: (1) to cure such defaults at the expense of Tenant and without prejudice to any other remedies which Landlord might otherwise have, any payment made or expenses incurred by Landlord incurring such default shall bear interest thereon at eighteen percent (18%) per annum, or at such maximum legal rate as permitted by North Carolina law, whichever shall be lower, to be and become additional rent to be paid by Tenant with the next installment or rent falling due thereafter; or (2) to re-enter the Premises and dispossess Tenant and anyone claiming under Tenant, by summary proceedings pursuant to the laws of the State of North Carolina, and remove their effects, and take complete possession of the Premises and either (i) declare this Lease forfeited and the term ended, or (ii) elect to continue this Lease in full force and effect, but with the right at any time thereafter to declare this Lease forfeited and the term ended; or (iii) exercise any other remedies or maintain any action permitted to Landlord pursuant to the laws of the State of North Carolina, or any other applicable laws. In such re-entry the Landlord may, under process of law, have all persons and Tenant's personal property removed from the Premises. Tenant hereby covenants in such event of default for itself and all others occupying the Premises under Tenant, to peacefully yield up and surrender the Premises to the Landlord. Should Landlord justifiably declare this Lease forfeited and the term ended subject to due process, the Landlord shall be entitled to recover from Tenant the rental and all other sums due and owing by Tenant to the date of termination, plus the costs of curing all of Tenant's defaults existing at or prior to the date of termination, plus the deficiency, if any, between Tenant's rental hereunder and the rental obtained by Landlord on another Lease for the balance of the term remaining under this Lease should Landlord, following default as aforesaid, elect to continue this Lease in full force. Landlord will not exercise any rightshall use its best efforts to rent the Premises by private negotiations, power with or remedy hereunder so long without advertising and on the best terms available for the remainder of the term hereof, or for such longer or shorter period as Landlord shall deem advisable. Tenant is proceeding with due diligenceshall remain liable for all rentals and other charges and costs imposed on Tenant herein, in good faith the amounts, at the times and with continuity to complete upon the conditions as herein provided, but Landlord shall credit against such liability of the Tenant all amounts received by Landlord from such reletting after first reimbursing itself for all costs incurred in curing of such defaultTenant's defaults and re-entering, provided in all cases that preparing and refinishing the default is completely cured with ninety (90) days after such written noticePremises for reletting, and if not so cured within such 90-day period then Landlord shall be fully empowered reletting the Premises, and for the payment of any procurement fee or commission paid to exercise any rightobtain another Tenant, power or remedy hereunderand for all attorney fees and legal costs incurred by landlord.

Appears in 1 contract

Sources: Lease Agreement (Frisby Technologies Inc)

Default by Tenant. Upon the occurrence of any of the following events, Tenant shall be deemed in default under this Lease: (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails Tenant’s failure to pay any installment of Base Rent or Additional Rent or any other sum due hereunder within five (5) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of nonpayment; provided, however, that if in any Lease Year (as such term is defined in §1.14) Tenant shall pay any installment of Base Rent or Additional Rent or any other sum due hereunder more than five days after it shall be due, then Tenant shall be deemed in default under this Lease upon Tenant’s failure has been given to pay within five days after it shall be due any installment of Base Rent or Additional Rent or any other sum becoming due on or after the sixth day after the due date of the aforementioned sum paid late by Landlord; orTenant through and including the last day of the same Lease Year; (iiib) If Assignment of this Lease or subleasing of any portion of the Premises in violation of Article 12; (c) Failure to keep the insurance policies for the Premises in full force and effect, or to deliver the policies to Landlord upon request; (d) Default by Tenant abandons under any other agreement between Tenant and Landlord; (e) The Building’s or the Premises’ becoming subject to any mechanic’s, materialman’s or other lien which arises out of work performed or materials furnished to the Premises or without having given prior written notice to Landlord either vacates the Premises obligations incurred by Tenant and which remains undischarged of record (by payment, bonding or removes therefrom all or substantially all of its property; orotherwise) for 30 days; (ivf) If Tenant files a petition commencing a voluntary case Tenants failure to deliver to Landlord, within 10 days after request by Landlord, any estoppel certificate required under the Federal Bankruptcy Code this Lease; (Title 11 of the United States Code), as now or hereafter in effect, or g) Default under any similar lawguaranty or indemnity executed in connection herewith which continues after the expiration of any applicable grace periods; (h) Tenant’s or any guarantor’s becoming bankrupt or insolvent or filing any debtor proceedings or having taken against it, in any court, pursuant to state or files federal statute, a petition in bankruptcy or insolvency, or reorganization, or the appointment of a receiver or trustee; or Tenant’s petitioning for reorganization or for entering into an arrangement pursuant or suffering this Lease to any state bankruptcy law be taken under a writ of execution; (i) Tenants not taking possession of the Premises within 30 days after the Date of this Lease, or any similar state lawTenant’s vacating or abandoning the premises; or (vj) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code)Tenant’s failure to perform any other term, as now or hereafter in effectcondition, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization covenant to be performed by it pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied this Lease within sixty (60) 15 days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenantwritten notice; or if any such custodian, receiver, trustee default or liquidator omission complained of shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it the same cannot reasonably be completely cured or remedied within thirty (30) days after written notice as aforesaidsaid 15-day period, Landlord will not exercise any right, power Tenant’s failure to diligently commence curing such default within such 15-day period or remedy hereunder so long as Tenant is proceeding Tenant’s failure thereafter with due diligence, reasonable diligence and in good faith and with continuity to complete the curing of proceed to remedy or cure such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (International Fight League, Inc.)

Default by Tenant. If Tenant does one or more of the following: ----------------- (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails Fails to pay within five (5) days after written notice when due all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or; (iib) If Takes any action prohibited hereunder, or takes any action requiring prior written notice by Tenant fails without giving Landlord such notice; (c) Fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; Landlord or such longer period as may be required by Tenant to cure the same, provided Tenant proceeds with due diligence and good faith, or; (iiid) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code)Becomes insolvent, as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make makes an assignment for the benefit of creditors, files or shall admit has filed against it which is not removed by Tenant within ninety (90) days after filing a petition in writing bankruptcy, ▇▇▇▇ in equity, or other proceeding for the appointment of a receiver or trustee for its inability to pay its debtsproperty, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then or if proceedings for reorganization or composition with creditors under any law is instituted by or against Tenant; Then Landlord will have the right to do once or more often any one or more of the following: (ia) declare Declare due and payable and ▇▇▇ to recover all unpaid Rent and Additional Rent and all Rent for the unexpired Term term of this Lease and all costs costs, commissions, and commissions damage provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary.; (iib) declare Declare this Lease ended; (iiic) lease By any means, enter and dispossess Tenant of the Leased Space, and remove, distrain upon and/or sell any property in it, subject to any prior liens pursuant to the attached Exhibit "D"; (d) Lease all or any part of the Premises Leased Space to any other person with or without first altering the same; and; (ive) regain Enter an amicable action and judgment in ejectment against Tenant, using this Lease or a copy as authority and causing a writ of possession through summary dispossess proceedings to be issued. Tenant hereby empowers any attorney of any court of record to appear for it one or through more times and to take on its behalf any or all of the actions described in subsections (e) and (f) of this Section 14 including the entry of judgment by confession, agreement or otherwise; (f) All of the remedies hereinbefore given to Landlord and all rights and remedies given to it by law and equity shall be cumulative and concurrent. No determination of this Lease or the taking or recovering of the Leased Space shall deprive Landlord of any of its remedies or action against Tenant for Rent or Additional Rent due at the time or which, under the terms hereof, would in the future become due as if there has been no determination, or for sums due at the time or which, under the terms hereof, would in the future become due as if there has been no determination, nor shall the bringing of any action for Rent or Additional Rent or breach of covenant, or the resort to any other lawful manner. (c) If remedy herein provided for the recovery of Rent or Additional Rent be construed as a default waiver of the right to obtain possession of the Leased Space. In any action commenced by Tenant not involving the payment Landlord in exercise of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy remedies provided hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered entitled to exercise any right, power recover its actual attorneys fees expended in such action or remedy hereundersuch specific attorneys commission as is otherwise specified herein.

Appears in 1 contract

Sources: Lease (Internet Capital Group Inc)

Default by Tenant. (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: If (i) If default shall be made in the payment of any sum to be paid by Tenant fails to pay within five under this Lease, and default shall continue for ten (510) days after written delivery (or attempted but refused delivery) of notice all amounts due hereunderfrom Landlord (provided that Landlord shall only be obligated to give Tenant notice of any monetary default twice in any twelve (12) month period, includingand thereafter Tenant shall be deemed in default within ten (10) days after failure to make such payment without requirement of notice from Landlord), without limitation, Basic Rent and Additional Rent; or or (ii) If Tenant fails to perform default shall be made in the performance of any of its the other obligations hereunder within thirty covenants or conditions that Tenant is required to observe and to perform, and such default shall continue for twenty (3020) days after written notice of any such failure has been given by Landlord; or days, or (iii) If if the interest of Tenant abandons the Premises under this Lease shall be levied on under execution or without having given prior written notice to Landlord either vacates the Premises other legal process, or removes therefrom all or substantially all of its property; or (iv) If if any petition shall be filed by or against Tenant files to declare Tenant a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code)bankrupt or to delay, as now reduce or hereafter in effectmodify Tenant's debts or obligations, or under (v) if any similar petition shall be filed or other action taken to reorganize or modify Tenant's capital structure if Tenant be a corporation or other entity, or (vi) if Tenant be declared insolvent according to law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to (vii) if any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all assignment of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment made for the benefit of creditors, or (viii) if a receiver or trustee is appointed for Tenant or its property, or (ix) if Tenant shall admit in writing its inability to pay its debts, generally as they become due. abandon the Leased Premises during the Term or any renewals or extensions thereof (bany of (i) If Tenant commits through (ix) is herein called an "Event of Default hereunderDefault"), then Landlord will have may treat the right to do once or more often occurrence of any one or more of the followingEvents of Default as a breach of this Lease (provided that no such levy, execution, legal process, declaration, appointment or petition filed against Tenant shall constitute a breach of this Lease if Tenant shall contest the same by appropriate proceedings and shall remove or vacate the same within ninety (90) days from the date of its creation, service or filing) and thereupon, at Landlord's option, may have any one or more of the following described remedies in addition to all other rights and remedies provided at law or in equity: (ia) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of Landlord may terminate this Lease and all costs forthwith repossess the Leased Premises and commissions provided or permitted by law, together with the unamortized cost be entitled to recover forthwith as damages a sum of the improvements money equal to the total of (i) the cost of (b) Landlord may terminate Tenant's right of possession (but not this Lease) and may repossess the Leased Premises performed by Landlord forcible entry or reimbursed by Landlord detainer suit or otherwise, without demand or notice of any kind to Tenant under the Work Letter. In the and without terminating this Lease, in which event Landlord has granted Tenant any concessions in the making of this lease (includingmay, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions but shall be due under no obligation to do so, relet the same for the account of Tenant for such rent and payable upon such terms as shall be reasonably satisfactory to Landlord. For the purpose of such reletting, Landlord is authorized to make any repairs, changes, alterations or additions in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. Leased Premises that may be necessary, and (a) if Landlord shall fail or refuse to relet the Leased Premises, or (b) if the same are relet and a sufficient sum shall not be realized from such reletting after paying (i) the unpaid rent due hereunder earned but unpaid at the time of reletting plus interest thereon at the Maximum Rate thereon, (ii) declare this Lease ended; the reasonable cost of recovering possession, (iii) lease all or any part of the Premises to any other person with or without first altering the same; and reasonable costs and expenses of repairs, changes, alterations and additions and (iv) regain possession through summary dispossess proceedings the reasonable expense of such reletting and of the collection of the rent accruing therefrom to satisfy the rent provided for in this Lease to be paid, then Tenant shall pay to Landlord as damages a sum equal to the amount of the rental reserved in this Lease for such period or through periods, or if the Leased Premises have been relet, the Tenant shall satisfy and pay any other lawful mannersuch deficiency upon demand therefor from time to time and Tenant agrees that Landlord may file suit to recover any sums falling due under the terms of this Section 5.10(b) from time to time, and that no delivery to or recovery 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 unless a written notice of such intention be given to Tenant by Landlord. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. (c) If a Upon any such default by Tenant not involving in the payment of money occurs and is rent as required by this Lease, Landlord or Landlord's agent may change the door lock of the Leased Premises. In such event, Landlord or its agent shall place a nature that it cannot reasonably be cured within thirty (30) days after written notice on Tenant's front door stating the name and the address or telephone number of the individual or company from which the new key may be obtained. The new key may be obtained (i) only during Tenant's regular business hours and (ii) only upon payment in full of the delinquent rent. Landlord may lock out Tenant in the event of any such default without being deemed in any manner guilty of conversion, trespass, eviction, or forcible entry or detainer, without incurring any liability for any damage, claim, or cause of action resulting therefrom and without relinquishing any other right or rights given to Landlord hereunder or by operation of law or in equity. If Landlord shall violate the provisions of this subparagraph, Tenant's sole remedy shall be to recover possession of the Leased Premises and Tenant expressly waives any and all rights and remedies under Section 93.002(g) of the Texas Property Code, as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, amended. As provided in all cases that Section 93.002(h) of the default is completely cured with ninety Texas Property Code, the terms and provisions of this subparagraph of the Lease supersede the terms and conditions of said Section 93.002 to the extent of any conflict between the two provisions. (90d) days after such written notice, All past due rent and if not so cured within such 90-day period then Landlord other amounts due hereunder shall be fully empowered to exercise any right, power or remedy hereunderbear interest at the Maximum Rate.

Appears in 1 contract

Sources: Lease Agreement (Icarus International Inc)

Default by Tenant. (a) Each All of the following rights and remedies of Landlord herein enumerated shall constitute an event of default (an "Event of Default") hereunderbe cumulative, and none shall exclude any other right or remedy allowed by law. It is agreed that in the event: (i) If That the Tenant fails shall fail, neglect or refuse to pay within five (5) days after written notice all amounts any installment of Rent at the time, and in the amount as herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due hereunder, including, without limitation, Basic Rent and Additional Rent; orpayable under the terms hereof; (ii) If That any voluntary or involuntary petition or similar pleading, under any section or sections of any bankruptcy act, shall be filed by or against Tenant, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Tenant fails insolvent or unable to pay Tenant's debts, and the same shall not be dismissed or discharged within thirty (30) days after notice thereof in writing; (iii) That the Tenant shall fail, neglect or refuse to keep and perform any of the other covenants, conditions, stipulations or agreements herein contained and to be kept and performed by it, and in the event any such default shall continue, for a period of more than thirty (30) days after notice thereof in writing given to the Tenant, by the Landlord; provided, however, that if the cause for giving such notice involves the making of repairs, or other matters reasonably requiring a longer period of time than the period of such notice, the Tenant shall be deemed to have complied with such notice so long as it has commenced to comply with said notice within the period set forth in the notice, and is diligently prosecuting compliance with said notice, or has taken proper steps or proceedings, under the circumstances, to prevent the seizure, destruction, alteration or other interference with said Demised Premises by reason of non-compliance with the requirements of any law or any ordinance or with the regulations, rules or directions of any government authority, as the case may be; (iv) That the Tenant makes any assignment of its other obligations hereunder property for the benefit of creditors, or should the Demised Premises be taken under a levy of execution or attachment, in an action against the Tenant, and such levy, attachment or assignment is not dismissed and discharged within thirty (30) days after written notice of any such failure has been given thereof to Tenant by Landlord; or (iii) If , the Tenant abandons the does hereby authorize and fully empower said Landlord or Landlord's agent to cancel or annul this Lease at once and to re-enter and take possession of said Demised Premises or without having given prior written notice immediately, and remove all persons and their property therefrom, and to use such force and assistance,in effecting and perfecting such removal as said Landlord either vacates the Premises or removes therefrom all or substantially may deem necessary and advisable to recover at once full and exclusive possession of all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 said Demised Premises, whether in possession of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of said Tenant or of their persons or otherwise. At Landlord's option, Landlord may declare all or substantially all installments of Tenant's property or Rent for the remainder of the Premises shall lease term, to be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare immediately due and payable whereupon the same shall become immediately due and ▇▇▇ payable. The Landlord may, however, at its option, at any time after a default or violation of condition or covenant, re-enter and take possession of said Premises without such re-entering working a forfeiture of the rents to recover all be paid and the covenants, agreements and conditions to be kept and performed by said Tenant for the full term of this Lease. In such event, the Landlord shall have the right, but not the obligation, to divide or subdivide the Premises in any manner the Landlord may determine and to lease or let the same or portions thereof for such periods of time and at such rentals and for such use and upon such covenants and conditions as Landlord may elect, applying the net rentals from such letting first to the payment of Landlord's expenses incurred in dispossessing the Tenant and the costs and expenses of making such improvements in the Premises as may be necessary in order to enable the Landlord to relet the same, and to the payment of any brokerage commissions or other necessary expenses of the Landlord in connection with such reletting. The balance, if any, shall be applied by the Landlord from time to time, but in any event not less than once each month, on account of the payments due or payable by the Tenant hereunder, with the right reserved to Landlord to bring such actions or proceedings for the recovery of any deficits remaining unpaid Rent as it may deem advisable from time to time, without being obligated to await the end of the term hereof for a final determination of the Tenant's account and the commencement or maintenance of one (1) or more actions shall not bar the Landlord from bringing other or subsequent actions for further accruals pursuant to the provisions of this Paragraph. Any balance remaining, however, after full payment and liquidation of Landlord's account, as aforesaid, shall be paid to the Tenant from time to time with the right reserved to the Landlord at any time to give notice in writing to the Tenant of Landlord's election to cancel and terminate this Lease and all Rent for Tenant's obligations hereunder and upon the unexpired Term giving of such notice and the simultaneous payment by Landlord to Tenant of any credit balance in Tenant's favor that may at the time be owing to Tenant shall constitute a final and effective cancellation and termination of this Lease and all the obligations thereunder on the part of either party to the other. In addition to the foregoing, collection costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions reasonable attorneys' fees shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default paid by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderdelinquencies are referred for collection.

Appears in 1 contract

Sources: Commercial Office Lease (Ultimate Software Group Inc)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder" under this Lease by Tenant: (ia) If Tenant fails Failure to pay within five when due the rent or any other monetary sums required hereunder. (5b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant, except as to those Events of Default that are non-curable, in which case no such grace period shall apply. Landlord's notice described herein is intended to satisfy, and is not in addition to, any and all amounts due hereunderlegal notices required prior to commencement of an unlawful detainer action, including, including without limitation, Basic Rent and Additional Rent; orlimitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq. (iic) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for a period of ten (10) consecutive days. (d) If Tenant fails to perform any of its other obligations hereunder 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 petition is not dismissed within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (viii) If Tenant makes a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; ; (iii) lease all a receiver or trustee is appointed to take possession of any substantial part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of Tenant's assets, unless such a nature that it cannot reasonably be cured appointment vacated within thirty (30) days after written notice as aforesaidthe date thereof; (d) Tenant consents to or suffers an attachment, Landlord will not exercise execution or other judicial seizure of any rightsubstantial part of its assets or its interest under this Lease, power unless such process is released or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety satisfied within thirty (9030) days after such written noticethe occurrence thereof; or (e) Tenant's net worth, determined in accordance with generally accepted accounting principles consistently applied, decreases, at any time during the Lease Term, below Tenant's net worth as of the date of execution of this Lease. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if not so cured within Tenant remains a debtor in possession), and such 90-day period 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 any bankruptcy law shall be fully empowered deemed without further act to exercise have assumed all of the obligations of the Tenant hereunder arising on or after the date of such assignment. Any such assignee shall upon demand execute and deliver to Landlord an instrument confirming such assumption. (e) The occurrence of any right, power or remedy hereunderother event that is deemed to be an Event of Default under any other provision of this Lease.

Appears in 1 contract

Sources: Standard Industrial Gross Lease (Inland Entertainment Corp)

Default by Tenant. (a) Each The occurrence of any one or more of the following shall constitute an event of default events (an "Event of Default") hereundershall constitute a breach of this Lease by Tenant: (ia) If Tenant fails to pay within ▇▇▇ ▇ny Base Rent, or any additional monthly rent under section 3.1 hereof, or any additional rent or other amount of money or charge payable by Tenant hereunder as and when such rent becomes due and payable and such failure continues for more than five (5) business days after Landlord gives written notice all amounts due hereunderthereof to Tenant; provided, includinghowever, without limitationthat after the second such failure in a calendar year, Basic Rent and Additional Rentonly the passage of time, but no further written notice, shall be required to establish an Event of Default in the same calendar year; or (iib) If Tenant fails to perform or breaches any other agreement or covenant of its other obligations hereunder within thirty this Lease to be performed or observed by Tenant as and when performance or observance is due and such failure or breach continues for more than ten (3010) days after Landlord gives written notice thereof to Tenant; provided, however, that if, by the nature of any such agreement or covenant, such failure has been given by Landlordor breach cannot reasonably be cured within such period of ten (10) days, an Event of Default shall not exist as long as Tenant commences with due diligence and dispatch the curing of such failure or breach within such period of ten (10) days and, having so commenced, thereafter prosecutes with diligence and dispatch and completes the curing of such failure or breach; or (iiic) If Tenant abandons (i) files, or consents by answer or otherwise to the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files filing against it of, a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now for relief or hereafter in effect, reorganization or under arrangement or any similar law, or files a other petition in bankruptcy or for reorganization liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, (ii) makes an assignment for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 benefit of the United States Code), as now or hereafter in effectits creditors, or under any similar law; or a petition or answer proposing (iii) consents to the adjudication appointment of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator other officer with similar powers of Tenant or of all or substantially all any substantial part of Tenant's property or of the Premises shall be appointed in any proceedings brought property; or (d) Without consent by Tenant; , a court or if any government a▇▇▇▇▇▇ty enters an order, and such order is not vacated within thirty (30) days, (i) appointing a custodian, receiver, trustee or liquidator shall be appointed other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant's property, or (ii) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any proceedings brought against Tenant and shall not be discharged within sixty bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (60iii) days after such appointment; ordering the dissolution, winding-up or if Tenant shall consent to or acquiesce in such appointmentliquidation of Tenant; or (viie) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this This Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part estate of the Premises to Tenant hereunder is levied upon under any other person with attachment or without first altering the same; and (iv) regain possession through summary dispossess proceedings execution and such attachment or through any other lawful manner. (c) If a default by Tenant execution is not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured vacated within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.days; or

Appears in 1 contract

Sources: Industrial Lease (Foster L B Co)

Default by Tenant. A. Each one of the following events is herein referred to as an “Event of Defaulty’: (1) Any failure by Tenant to pay the Rent or any other monetary sums required to be paid hereunder on the date such sums are due. (2) Tenant shall vacate or abandon the Premises. (3) This Lease or the estate of Tenant hereunder shall be transferred to or shall pass to or devolve upon any other person or party except in the manner set forth in Paragraph 13. (4) This Lease or the Premises or any part thereof shall be taken upon execution or by other process of law directed against Tenant or shall be taken upon or subject to any attachment at the instance of any creditor of or claimant against Tenant and said attachment shall not be discharged or disposed of within fifteen (15)days after the levy thereof (5) The filing of any petition or the commencement of any case or proceeding by the Tenant under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy, or reorganization or the adjudication that the Tenant is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code with respect to Tenant. (6) The filing of any petition or the commencement of any case or proceeding described in subparagraph (5) above against the Tenant, unless such petition and all proceedings initiated thereby are dismissed within sixty (60) days from the date of such filing; the filing of an answer by Tenant admitting the allegations of any such petition; the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of the Tenant, unless such appointment is vacated or dismissed within sixty (60) days from the date of such appointment. (7) The insolvency of the Tenant or the execution by the Tenant of an assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of the Tenant generally to pay its debts as they mature. (8) The admission in writing by Tenant, or any partner of Tenant if Tenant is a partnership, that it is unable to pay his debts as they mature or he is generally not paying his debts as they mature. (9) Tenant shall fail to accept possession of the Premises on the date the Primary Lease Term commences. (10) Tenant shall fail to perform any of the other agreements, terms, covenants, or conditions hereof on Tenant’s part to be performed and such non-performance shall continue for a period of thrrty (30) days after written notice thereof by Landlord to Tenant or, if such performance cannot be reasonably had within such thuty (30) day period, Tenant shall not in good faith have commenced such performance within such thrrty (30) day period and shall not diligently proceed therewith to completion; provided, however, if Tenant fails to perform any of the other agreements, covenants or conditions hereof repeatedly during the term of this Lease, Tenant shall no longer have the opportunity to cure any subsequent failure and an Event of Default shall be deemed to have occurred immediately upon such failure. B. If any one or more Event of Default shall happen, then Landlord shall have the right, at Landlord’s election, then or at any time thereafter, either: (a) Each Without demand or notice, to reenter and take possession of the following Premises or any part thereof and repossess the same as Landlord’s former estate and expel Tenant and those claiming through or under Tenant and remove the effects of both or either, without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of Rent or preceding breach of covenants or conditions. Should Landlord elect to reenter, as provided in this subparagraph (I), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord, may, fiom time to time, without terminating this Lease, relet the Premises or any part thereof, either alone or in conjunction with other portions of the Building of which the Premises are a part, in Landlord’s or Tenant’s name but for the account of Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions and upon such other terms (which may include concessions of fiee rent and alteration and repair of the Premises) as Landlord, in its absolute discretion, may determine and Landlord may collect and receive the rents therefor. Landlord shall in no way be responsible or liable for any failure to relet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting; provided, however, Landlord shall use reasonable efforts to relet the Premises. No such reentry or taking possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention be given to Tenant. No notice fiom Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any such reentry andlor reletting to exercise its right to terminate this Lease by giving Tenant such written notice, in which event the Lease will terminate as specified in said notice. (b) If Landlord elects to take possession of default the Premises as provided in this subparagraph (an "Event of Default"1) hereunder: without terminating the Lease, Tenant shall pay to Landlord (i) If the Rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord’s expenses incurred in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, expenses of employees, alterations, remodeling, and repair costs and expenses of preparation for such reletting. If, in connection with any reletting, the new lease term extends beyond the existing term or the premises covered thereby include other premises not part of the Premises, a fair apportionment of the rent received from such reletting and expenses incurred in connection therewith, as provided aforesaid, will be made in determining the net proceeds received fiom such reletting. In addition, in determining the net proceeds fiom such reletting, any rent concessions will be apportioned over the term of the new lease. Tenant fails shall pay such amounts to pay Landlord monthly on the days on which the rent and all other amounts owing hereunder would have been payable if possession had not been retaken and Landlord shall be entitled to receive the same from Tenant on each such day; or (2) To give Tenant written notice of intention to terminate this Lease on the date of such given notice or on any later date specified therein and, on the date specified in such notice, Tenant’s right to possession of the Premises shall cease and the Lease shall thereupon be terminated, except as to Tenant’s liability hereunder as hereinafter provided, as if the expiration of the term fixed in such notice were the end of the term herein originally demised. In the event this Lease is terminated pursuant to the provisions of this subparagraph (2), Tenant shall remain liable to Landlord for damages in an amount equal to the Rent and other sums which would have been owing by Tenant hereunder for the balance of the term had this Lease not been terminated less the net proceeds, if any, of any reletting of the Premises by Landlord subsequent to such termination, after deducting all of Landlord’s expenses in connection with such reletting, including, but without limitation, the expenses enumerated above. Landlord shall be entitled to collect such damages from Tenant monthly on the days on which Rent and other amounts would have been payable hereunder if this Lease had not been terminated and Landlord shall be entitled to receive the same fiom Tenant on each such day. Alternatively, at the option of Landlord, in the event this Lease is terminated, Landlord shall be entitled to recover forthwith against Tenant as damages for loss of the bargain and not as a penalty an amount equal to the worth at the time of termination of the excess, if any, of the amount of Rent reserved in this Lease for the balance of the term hereof over the then Reasonable Rental Value of the Premises for the same period plus all amounts incurred by Landlord in order to obtain possession of the Premises and relet the same, including attorneys’ fees, reletting expenses, alterations and repair costs, brokerage commissions and all other like amounts. It is agreed that the “Reasonable Rental Value” shall be the amount of rental which Landlord can obtain as rent for the remaining balance of the term. C. Suit or suits for the recovery of the Rents and other amounts and damages set forth hereinabove may be brought by Landlord, fiom time to time, at Landlord’s election, and nothing herein shall be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired had there been no such default by Tenant or no such termination, as the case may be. Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and non-exclusive. All costs incurred by Landlord in connection with collecting any Rent or other amount and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of the Lease, shall also be recoverable by Landlord fiom Tenant. Further, if an action is brought pursuant to the terms and provisions of the Lease, the prevailing party in such action shall be entitled to recover fiom the other party any and all reasonable attorneys’ fees incurred by such prevailing party in connection with such action. D. No failure by Landlord to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof and no acceptance of full or partial Rent during the continuance of any such breach shall constitute a waiver of any such breach or of such agreement, term, covenant, or condition. No agreement, term, covenant or condition hereof to be performed or complied with by Tenant and no breach thereof shall be waived, altered, or modified, except by written instrument executed by Landlord. No waiver of any breach shall affect or alter this Lease but each and every agreement, term, covenant, and condition hereof shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. Notwithstanding any termination of this Lease, the same shall continue in full force and effect as to any provisions which require observance or performance by Landlord or Tenant subsequent to such termination. E. Nothing contained in this Paragraph 20 shall limit or prejudice the right of Landlord to prove and obtain as liquidated damages in any bankruptcy, insolvency, receivership, reorganization, or dissolution proceeding an amount equal to the maximum allowed by any statute or rule of law governing such a proceeding and in effect at the time when such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts recoverable, either as damages or Rent, referred to in any of the preceding provisions of this Paragraph. Notwithstanding anything contained in this Paragraph to the contrary, any such proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, or appointment of a receiver or trustee, as set forth above, shall be considered to be an Event of Default only when such proceeding, action, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease. F. Any Rents or other amounts owing hereunder which are not paid within five (5) days after due shall thereafter bear interest at the annual rate of eighteen percent (18%) per annum until paid. Further, in the event any Rents or other amounts owing hereunder are not paid within five (5) days after written notice all notice, Landlord and Tenant agree that Landlord will incur additional administrative expenses, the amount of which will be difficult if not impossible to determine. Accordingly, Tenant shall pay to Landlord an additional, one-time late charge for any such late payment in the amount of five percent (5%) of such payment. Any amounts due paid by Landlord to cure any defaults of Tenant hereunder, includingwhich Landlord shall have the right but not the obligation to do, without limitationshall, Basic Rent and Additional Rent; or if not repaid by Tenant within five (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (305) days after written notice of any such failure has been given demand by Landlord; or , thereafter bear interest at the rate of three percentage points over the Prime Rate or the highest rate permitted by applicable usury law, whichever is lower, until paid. Prime Rate, as used herein, shall mean the three percent (iii3%) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 in excess of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce rate published in the filing thereof; or (vi) Western Edition of The Wall Street Journal under “Money Rates.” If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of for any reason the Premises shall be appointed Prime Rate is no longer published in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunderThe Wall Street Journal, then Landlord will have shall select another financial publication and reasonably equivalent announced rate as was announced in The Wall Street Journal. G. Tenant and Landlord hereby waive (to the right to do once or more often extent allowed by law) any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term rights to a trial by jury in suit or suits brought to enforce any provision of this Lease and all costs and commissions provided or permitted by law, together with arising out of or concerning the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making provisions of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryLease. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Office Building Lease (Smart Move, Inc.)

Default by Tenant. (a) Each 15.1 If one or more of the following shall constitute an event events (sometimes called "events of default (an "Event of Defaultdefault") hereunderwill happen and be continuing: 15.1.1 Tenant defaults (i) If in the payment of any Base Rent, or (ii) in the payment of any Additional Rent or any other sums provided to be paid hereunder and such default under this clause (ii) continues for ten (10) days after Landlord has given Tenant written notice thereof; or 15.1.2 Tenant defaults in the observance or performance of any other covenant, condition, agreement or provision hereof and Tenant fails to pay within five (5) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder remedy such default within thirty (30) days after written notice thereof from Landlord to Tenant specifying the nature of any the default (or, in the event the default cannot be cured within such failure has been given by Landlordperiod, Tenant fails to initiate action to remedy such default within said period and to prosecute the same to completion with due diligence); or (iii) If 15.1.3 Tenant abandons admits insolvency or bankruptcy or its inability to pay its debts as they may mature, or makes an assignment for the Premises benefit of creditors or without having given prior written notice applies for or consents to Landlord either vacates the Premises appointment of a trustee or removes therefrom all receiver for Tenant, or substantially all for the major part of its property; or (iv) If 15.1.4 a trustee or receiver is appointed for Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 major part of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall property without Tenant's consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any acquiescence and such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall appointment is not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment 15.1.5 bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings for relief under any state or federal bankruptcy law or similar law for the benefit relief of creditorsdebtors generally, are instituted by or shall admit against Tenant, and if instituted against Tenant are consented to by Tenant or are not dismissed, stayed or otherwise nullified within sixty (60) days after such institution; then in writing any such case, Landlord may at its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often option exercise any one or more of the followingfollowing remedies: (i) declare due and payable and ▇▇▇ 15.1.5.1 Landlord may terminate this Lease by giving to recover all unpaid Rent Tenant notice of Landlord's intention so to do, in which event the term of this Lease or any renewal thereof will end, and all Rent for right, title and interest of Tenant hereunder will expire on the unexpired Term date stated in such notice, which will not be less than ten days after the date of the notice by Landlord of its intention so to terminate; 15.1.5.2 Landlord may enforce the provisions of this Lease and enforce and protect the right of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein or for the enforcement of any other appropriate legal or equitable remedy. 15.2 If Landlord exercises its remedy provided for in subparagraph Section 15.1.5.1, Landlord may then or at any time thereafter re-enter and take complete and peaceful possession of the Premises, with or without process of law, and may remove all persons therefrom, and Tenant covenants in any such event peacefully and quietly to yield up and surrender the Premises to Landlord. 15.3 In the event of the termination of this Lease, Landlord will be entitled to recover from Tenant all the Base Rent accrued and unpaid for the period up to and including such termination date, as well as Additional Rent and other sums payable by Tenant, or for which Tenant is liable or in respect of which Tenant under any of the provisions hereof has agreed to indemnify Landlord, which may be then owing and unpaid, and all costs and commissions provided expenses, including court costs and reasonable attorneys' fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and in addition Landlord will be entitled to recover any and all other amounts by way of damages or otherwise permitted by applicable law arising from the termination of this Lease. In addition, in the event Landlord terminates this Lease, Landlord may elect to recover from Tenant an amount equal to the then present value of all Base Rent and Additional Rent which were to accrue under this Lease from the date of termination through the end of the Term, less the present value of the fair market rental value of the Premises over the same period of time. The prime rate of interest as specified by the Wall Street Journal as of the date of termination shall be used for purposes of computing present value. Notwithstanding the foregoing provisions, Landlord will use reasonable efforts to re-lease the Premises and otherwise mitigate its damages following a Tenant default. 15.4 No remedy herein conferred will be considered exclusive of any other remedy conferred by this Lease or by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") but all such Concessions shall remedies will be due cumulative. Every power and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare remedy given by this Lease ended; (iii) lease all may be exercised from time to time and as often as the occasion may arise. No delay or any part omission of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered either party to exercise any rightpower, power right or remedy hereunderwill impair any such power, right or remedy. No waiver of any breach or any covenant, agreement or provision of this Lease will be construed or held to be a waiver of any other breach, covenant, agreement or provision by either party.

Appears in 1 contract

Sources: Asset Purchase Agreement (Tarpon Industries, Inc.)

Default by Tenant. (a) Each of the The following shall constitute an event of default (an "Event of Default") " hereunder: (ia) If Failure of Tenant fails to pay within five any Annual Base Rent, Additional Rent, or charge due hereunder and such default continues for ten (510) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rentfrom Landlord; or (iib) If Failure of Tenant fails to perform any comply with the material terms, conditions, or covenants of its other obligations hereunder within this Lease and such default continues for a period of thirty (30) days after written notice of any from Landlord, or such failure has been given by Landlordadditional time as may be reasonably required if the cure cannot be completed within thirty (30) days but is timely commenced and is diligently prosecuted; or (iiic) If This Lease or the Leased Premises, or any part thereof, are taken upon execution or by other process of law directed against Tenant, or are taken upon or subjected to any attachment by any creditor of Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of claimant against Tenant, and such attachment is not discharged within 90 days after its propertylevy; or (ivd) If Tenant fails to pay the Tenant's debts as the same shall mature; or (e) Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for a voluntary petition seeking reorganization or for to effect a plan or an arrangement pursuant to any state bankruptcy law with or any similar state lawfor the benefit of Tenant's creditors; or (vf) If Tenant is adjudged bankrupt or insolvent, or any order for relief in a bankruptcy or insolvency proceeding is entered against Tenant; or (g) Tenant files an answer or other document admitting, or failing to contest, the material allegations of an involuntary case petition for bankruptcy filed against Tenant; or (h) Tenant as debtor is commenced by applies for or consents to the appointment of a petition under the Federal Bankruptcy Code (Title 11 of the United States Code)receiver, as now or hereafter in effecttrustee, or under conservator for any similar law; portion of Tenant's properties or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law such appointment shall be filed in any court made without Tenant's consent and shall not be dismissed, discharged or denied removed within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof90 days; or (vii) If a custodian, receiver, trustee Abandonment or liquidator vacation of Tenant or of all or substantially all of Tenant's property or any portion of the Project or the Leased Premises shall be appointed by Tenant for a period of more than ten (10) consecutive calendar days, unless such action is in any proceedings brought by Tenant; connection with the abandonment or if any such custodianvacation of a street, receivereasement, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent public right of way necessary to or acquiesce in such appointmentdevelop the Project; or (viij) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event that the Leased Premises or the Project is not used principally for the purposes permitted herein, Landlord has granted may give Tenant any concessions in the making of this lease (includingnotice thereof, by way certified U.S. Mail, and if Tenant shall fail to remedy such default within (30) days after receipt of illustration and not limitationsuch notice, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all if such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaiddays, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith shall have the right to institute proceedings for the recovery of possession of the Leased Premises and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderProject.

Appears in 1 contract

Sources: Ground Lease Agreement

Default by Tenant. (a) Each All of the following rights and remedies of Landlord herein enumerated shall constitute an event of default (an "Event of Default") hereunderbe cumulative, and none shall exclude any other right or remedy allowed by law. It is agreed that in the event: (i) If That the Tenant fails shall fail, neglect or refuse to pay within five (5) days after written notice all amounts any installment of Fixed Minimum Rent or Additional Rent at the time, and in the amount as herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due hereunder, including, without limitation, Basic Rent and Additional Rent; orpayable under the terms hereof; (ii) If That any voluntary or involuntary petition or similar pleading, under any section or sections of any bankruptcy act, shall be filed by or against Tenant, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Tenant fails insolvent or unable to pay Tenant's debts, and the same shall not be dismissed or discharged within thirty (30) days after notice thereof in writing; (iii) That the Tenant shall fail, neglect or refuse to keep and perform any of the other covenants, conditions, stipulations or agreements herein contained and to be kept and performed by it, and in the event any such default shall continue, for a period of more than thirty (30) days after notice thereof in writing given to the Tenant, by the Landlord; provided, however, that if the cause for giving such notice involves the making of repairs, or other matters reasonably requiring a longer period of time than the period of such notice, the Tenant shall be deemed to have complied with such notice so long as it has commenced to comply with said notice within the period set forth in the notice, and is diligently prosecuting compliance with said notice, or has taken proper steps or proceedings, under the circumstances, to prevent the seizure, destruction, alteration or other interference with said Premises by reason of noncompliance with the requirements of any law or any ordinance or with the regulations, rules or directions of any government authority, as the case may be; (iv) That the Tenant makes any assignment of its other obligations hereunder property for the benefit of creditors, or should the Premises be taken under a levy of execution or attachment, in an action against the Tenant, and such levy, attachment or assignment is not dismissed and discharged within thirty (30) days after written notice of any such failure has been given thereof to Tenant by Landlord; or (iii) If , the Tenant abandons the does hereby authorize and fully empower said Landlord or Landlord's agent to cancel or annul this Lease at once and to re-enter and take possession of said Premises or without having given prior written notice immediately, and remove all persons and their property therefrom, and to use such force and assistance in effecting and perfecting such removal as said Landlord either vacates the Premises or removes therefrom all or substantially may deem necessary and advisable to recover at once full and exclusive possession of all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 said Premises, whether in possession of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of said Tenant or of their persons or otherwise. At Landlord's option, Landlord may declare all or substantially all installments of Tenant's property or Minimum Rent and Additional Rent as adjusted at the time of default for the remainder of the Premises shall Lease term, to be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare immediately due and payable whereupon the same shall become immediately due and ▇▇▇ payable. The Landlord may, however, at its option, at any time after such default or violation of condition or covenant, reenter and take possession of said Premises without such re-entering working a forfeiture of the rents to recover all be paid and the covenants, agreements and conditions to be kept and performed by said Tenant for the full term of this Lease. In such event, the Landlord shall have the right, but not the obligation, to divide or subdivide the Premises in any manner the Landlord may determine and to lease or let the same or portions thereof for such periods of time and at such rentals and for such use and upon such covenants and conditions as Landlord may elect, applying the net rentals from such letting first to the payment of Landlord's expenses incurred in dispossessing the Tenant and the costs and expenses of making such improvements in the Premises as may be necessary in order to enable the Landlord to relet the same, and to the payment of any brokerage commissions or other necessary expenses of the Landlord in connection with such reletting. The balance, if any, shall be applied by the Landlord from time to time, but in any event not less than once each month, on account of the payments due or payable by the Tenant hereunder, with the right reserved to Landlord to bring such actions or proceedings for the recovery of any deficits remaining unpaid Rent as it may deem advisable from time to time, without being obligated to await the end of the term hereof for a final determination of the Tenant's account and the commencement or maintenance of one (1) or more actions shall not bar the Landlord from bringing other or subsequent actions for further accruals pursuant to the provisions of this Paragraph. Any balance remaining, however, after full payment and liquidation of Landlord's account, as aforesaid, shall be paid to the Tenant from time to time with the right reserved to the Landlord at any time to give notice in writing to the Tenant of Landlord's election to cancel and terminate this Lease and all Rent for Tenant's obligations hereunder and upon the unexpired Term giving of such notice and the simultaneous payment by Landlord to Tenant of any credit balance in Tenant's favor that may at the time be owing to Tenant shall constitute a final and effective cancellation and termination of this Lease and all the obligations thereunder on the part of either party to the other. In addition to the foregoing, collection costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions reasonable attorneys' fees shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default paid by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderdelinquencies are referred for collection.

Appears in 1 contract

Sources: Commercial Office Lease (Ultimate Software Group Inc)

Default by Tenant. (a) Each The occurrence of any one or more of the following shall constitute an event of default ▇▇▇▇▇wing events (an "Event of Default") hereundershall constitute a breach of this Lease by Tenant: (ia) If Tenant fails to pay within any Base Ren▇, ▇▇ any additional monthly rent under section 3.1 hereof, or any additional rent or other amount of money or charge payable by Tenant hereunder as and when such rent becomes due and payable and such failure continues for more than five (5) days after Landlord gives written notice all amounts due hereunderthereof to Tenant; ▇▇▇▇▇▇▇▇, includinghowever, without limitationthat after the second such failure in a calendar year, Basic Rent and Additional Rentonly the passage of time, but no further written notice, shall be required to establish an Event of Default in the same calendar year; or (iib) If Tenant fails to perform or breaches any other agreement or covenant of its other obligations hereunder within thirty this Lease to be performed or observed by Tenant as and when performance or observance is due and such failure or breach continues for more than ten (3010) days after Landlord gives written notice thereof to Tenant; provided, however, that if, by the nature of any such agreement or covenant, such failure has been given by Landlordor breach cannot reasonably be cured within such period of ten (10) days, an Event of Default shall not exist as long as Tenant commences with due diligence and dispatches the curing of such failure or breach within such period of ten (10) days and, having so commenced, thereafter prosecutes with diligence and dispatches and completes the curing of such failure or breach; or (iiic) If Tenant abandons (i) files, or consents by answer or otherwise to the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files filing against it of, a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now for relief or hereafter in effect, reorganization or under arrangement or any similar law, or files a other petition in bankruptcy or for reorganization liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, (ii) makes an assignment for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 benefit of the United States Code), as now or hereafter in effectits creditors, or under any similar law; or a petition or answer proposing (iii) consents to the adjudication appointment of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator other officer with similar powers of Tenant or of all or substantially all any substantial part of Tenant's property or of the Premises shall be appointed in any proceedings brought property; or (d) Without consent by Tenant; , a court or if any government authority enters an ▇▇▇▇▇, and such order is not vacated within thirty (30) days, (i) appointing a custodian, receiver, trustee or liquidator shall be appointed other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant's property, or (ii) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any proceedings brought against Tenant and shall not be discharged within sixty bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (60iii) days after such appointment; ordering the dissolution, winding-up or if Tenant shall consent to or acquiesce in such appointmentliquidation of Tenant; or (viie) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this This Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part estate of the Premises to Tenant hereunder is levied upon under any other person with attachment or without first altering the same; and (iv) regain possession through summary dispossess proceedings execution and such attachment or through any other lawful manner. (c) If a default by Tenant execution is not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured vacated within thirty (30) days after written notice as aforesaid, Landlord will not exercise days; or (f) Tenant abandons the Premises and fails to (i) continue to pay Base Rent or any right, power additional monthly rent due under section 3.1 hereof or remedy hereunder so long as any other amount of money or charge payable by Tenant is proceeding when due; and (ii) fails to maintain the Premises in accordance with due diligence, in good faith and with continuity to complete the curing terms of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderthis Lease.

Appears in 1 contract

Sources: Industrial Lease (Sanfilippo John B & Son Inc)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Any installment of Base Rent or Additional Rent required to be paid by Tenant fails to pay within hereunder, or any part thereof shall at any time be in arrears and unpaid for five (5) days after written notice all amounts due hereunderthe date due, including, without limitation, Basic Rent and Additional Rent; or (ii) If There is any default or breach on the part of Tenant fails to perform in the observance or performance of any of its the other obligations hereunder within covenants, agreements, or conditions of this Lease on the part of Tenant to be kept and performed and said default or breach shall continue for a period of thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by thereof from Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all unless such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaidand in such case, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith shall have commenced to cure said default within said thirty (30) days and with continuity thereafter continue diligently to complete pursue to completion the curing of such defaultsame, provided but in all cases that the default is completely cured with no event to exceed ninety (90) days after notice from Landlord to Tenant), or (iii) The leasehold estate hereby created shall be taken on execution or by other process of law, or (iv) Tenant shall fail to deliver within ten (10) days after a request therefor any document described in Sections 13 or 21 hereof. (b) If and whenever any Event of Default shall exist, Landlord shall have the right at its election then or at any time thereafter which such written noticeEvent of Default exists to pursue any one or more of the following remedies in addition to all other rights or remedies provided herein or at law or in equity: (i) Re-enter the Premises, take possession of all buildings, improvements, additions, alterations, equipment and fixtures thereon, and eject all parties in possession therefrom, using, to the extent permitted by law, such force for that purpose as may be necessary, without being liable to any prosecution for said re-entry or the use of such force, and, without terminating this Lease, at any time and from time to time relet the Premises or any part thereof for the account of Tenant or otherwise, receive and collect the rents therefor, applying the same first to payment of such reasonable expenses as Landlord may have paid, assumed or incurred in recovering possession of the Premises, including, without limitation, costs, expenses and reasonable attorney’s fees, brokerage and reasonable remodeling of the Premises, paid, assumed or incurred by Landlord in connection with reletting the Premises, and then to the fulfillment of the covenants of Tenant. Any such reletting as provided for herein may be for the remainder of the Term as originally granted or for a longer or shorter period. Landlord may execute any lease made pursuant to the terms hereof in Landlord’s own name and Tenant shall have no right or authority whatever to collect any rent whatever from such tenant. In any case and whether or not the Premises or any part thereof be relet, Tenant shall pay to Landlord all sums required to be paid by Tenant up to the time of re-entry by Landlord, and thereafter Tenant shall, if not so cured within required by Landlord, pay to Landlord until the end of the Term, the equivalent amount of all rent and other charges required to be paid by Tenant under the terms of this Lease, less the avails of any such 90reletting during the Term, if any, after payment of the expenses of Landlord as aforesaid, and the same shall be due and payable on the several rent days herein specified. No such re-day period then entry by Landlord shall constitute an election to terminate this Lease unless and until Landlord thereafter gives Tenant written notice of Landlord’s election to terminate this Lease. Actions to collect any amounts due by Tenant as provided in this Section 15 may be fully empowered brought from time to exercise time on one or more occasions without the necessity of Landlord’s waiting until expiration of the Term; (ii) Terminate this Lease, and with or without process of law, expel and remove Tenant, or any rightother person or persons in occupancy from the Premises, power together with their goods and chattels, using, to the extent permitted by law, such force as may be necessary in the judgment of Landlord or its agents in so doing, and repossess and enjoy said Premises together with all improvements, additions, alterations, equipment and fixtures thereon, and in addition to any other remedy hereunderit may have, Landlord may recover from Tenant all reasonable damages it may incur by reason of such breach by Tenant.

Appears in 1 contract

Sources: Lease Agreement (INSMED Inc)

Default by Tenant. (a) A. Each one of the following shall constitute an event of default (events is herein referred to as an "Event of Default") hereunder: (i1) If Any failure by Tenant to pay the rent or any other monetary sums required to be paid hereunder on the date such sums are due after five (5) days' written notice by Landlord: (2) Tenant shall vacate or abandon the Premises; (3) This Lease or the estate of Tenant hereunder shall be transferred to or shall pass to or devolve upon any other person or party except in the manner set forth in Paragraph 13; (4) This Lease or the Premises or any part thereof shall be taken upon execution or by other process of law directed against Tenant or shall be taken upon or subject to any attachment at the instance of any creditor of or claimant against Tenant and said attachment shall not be discharged or disposed of within fifteen (15) days after the levy thereof; (5) The filing of any petition or the commencement of any case or proceeding by the Tenant under any provision or chapter of the Federal Bankruptcy Act, the Federal -20- 22 Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy, or reorganization or the adjudication that the Tenant is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code with respect to Tenant; (6) The filing of any petition or the commencement of any case or proceeding described in subparagraph (5) above against the Tenant, unless such petition and all proceedings initiated thereby are dismissed within sixty (60) days from the date of such filing; the filing of an answer by Tenant admitting the allegations of any such petition; the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of the Tenant, unless such appointment is vacated or dismissed within sixty (60) days from the date of such appointment; (7) The insolvency of the Tenant or the execution by the Tenant of an assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of the Tenant generally to pay its debts as they mature; (8) The admission in writing by Tenant, or any partner of Tenant if Tenant is a partnership, that it is unable to pay his debts as they mature or he is generally not paying his debts as they mature; (9) Tenant shall fail to take possession of the Premises on the date the Primary Lease Term commences; (10) Tenant shall fail to perform any of the other agreements terms, covenants, or conditions hereof on Tenant's part to be performed and such non-performance shall continue for a period of thirty (30) days after written notice thereof by Landlord to Tenant or, if such performance cannot be reasonably had within such thirty (30) day period, Tenant shall not in good faith have commenced such performance within such thirty (30) day period and shall not diligently proceed therewith to completion; provided, however, if Tenant fails to perform any of the other agreements, covenants or conditions hereof repeatedly during the term of this Lease, Tenant shall no longer have the opportunity to cure any subsequent failure and an Event of Default shall be deemed to have occurred immediately upon such failure. B. If any one or more Event of Default shall happen, then Landlord shall have the right at Landlord's election, then or at any tine thereafter, either: (a) Without demand or notice, to reenter and take possession of the Premises or any part thereof and repossess the same as of Landlord's former estate and expel Tenant and those claiming through or under Tenant and remove the effects of both or either, without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of rent or preceding breach of covenants or conditions. Should Landlord elect to reenter, as provided in this subparagraph (1), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may, from time to time, without terminating this Lease, relet the Premises or any part thereof, either alone or in conjunction with other portions of the Building of which the Premises are a part, in Landlord's or Tenant's name but for the account of Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in its absolute discretion, may determine and Landlord may collect and receive the rents therefor. Landlord shall in no way be responsible or liable for any failure to relet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting. No such reentry or taking possession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention be given to Tenant. No notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any such reentry and/or reletting to exercise its right to terminate this Lease by giving Tenant such written notice, in which event the Lease will terminate as specified in said notice. (b) If Landlord elects to take possession of the Premises as provided in this subparagraph (1) without terminating the Lease, Tenant shall pay to Landlord (i) the rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (ii) the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord's expenses incurred in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, expenses of employees, alteration, remodeling, and repair costs and expenses of preparation for such reletting. If, in connection with any reletting, the new lease term extends beyond the existing term or the premises covered thereby include other premises not part of the Premises, a fair apportionment of the rent received from such reletting and the expenses incurred in connection therewith, as provided aforesaid, will be made in determining the net proceeds received from such reletting. In addition, in determining the net proceeds from such reletting, any rent concessions will be apportioned over the term of the new lease. Tenant shall pay such amounts to Landlord monthly on the days on which the rent and all other amounts owing hereunder would have been payable if possession had not been retaken and Landlord shall be entitled to receive the same from Tenant on each such day; or (2) To give Tenant written notice of intention to terminate this Lease on the date of such given notice or on any later date specified therein and, on the date specified in such notice, Tenant's right to possession of the Premises shall cease and the Lease shall thereupon be terminated, except as to Tenant's liability hereunder as hereinafter provided, as if the expiration of the term fixed in such notice were the end of the term herein originally demised. In the event this Lease is terminated pursuant to the provisions of this subparagraph (2), Tenant shall remain liable to Landlord for damages in an amount equal to the rent and other sums which would have been owing by Tenant hereunder for the balance of the term had this Lease not been terminated less the net proceeds, if any, of any reletting of the Premises by Landlord subsequent to such termination, after deducting all Landlord's expenses in connection with such reletting, including, but without limitation, the expenses enumerated above. Landlord shall be entitled to collect such damages from Tenant monthly on the days on which the rent and other amounts would have been payable hereunder if this Lease had not been terminated and Landlord shall be entitled to receive the same from Tenant on each such day. Alternatively, at the option of Landlord, in the event this Lease is terminated, Landlord shall be entitled to recover forthwith against Tenant as damages for loss of the bargain and not as a penalty an amount equal to the worth at the time of termination of the excess, if any, of the amount of rent reserved in this Lease for the balance of the term hereof over the then Reasonable Rental Value of the Premises for the same period plus all amounts incurred by Landlord in order to obtain possession of the Premises and relet the same, including attorneys' fees, reletting expenses, alterations and repair costs, brokerage commissions and all other like amounts. It is agreed that the Reasonable Rental Value" shall be the amount of rental which Landlord can obtain as rent for the remaining balance of the term. C. Suit or suits for the recovery of the rents and other amounts and damages set forth hereinabove may be brought by Landlord, from time to time, at Landlord's election, and nothing herein shall be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired had there been no such default by Tenant or no such termination, as the case may be. Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the exercise by Landlord of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and non-exclusive. All costs incurred by Landlord in connection with collecting any rent or other amount and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of this Lease, shall also be recoverable by Landlord from Tenant. Further if an action is brought pursuant to the terms and provisions of the Lease, the prevailing party in such action shall be entitled to recover from the other party any and all reasonable attorneys' fees incurred by such prevailing party in connection with such action. D. No failure by Landlord to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof and no acceptance of full or partial rent during the continuance of any such breach shall constitute a waiver of any such breach or of such agreement, term, covenant, or condition. No agreement, term, covenant, or condition hereof to be performed or complied with by Tenant and no breach thereof shall be waived, altered, or modified, except by written instrument executed by Landlord. No waiver of any breach shall affect or alter this Lease but each and every agreement, term, covenant, and condition hereof shall continue in full force and effect with respect to any other then existing or subsequent breach thereof. Notwithstanding any termination of this Lease, the same shall continue in force and effect as to any provisions which require observance or performance by Landlord or Tenant subsequent to such termination. E. Nothing contained in this Paragraph 20 shall limit or prejudice the right of Landlord to prove and obtain as liquidated damages in any bankruptcy, insolvency, receivership, reorganization, or dissolution proceeding an amount equal to the maximum allowed by any statute or rule of law governing such a proceeding and in effect at the time when such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts -23- 25 recoverable, either as damages or rent, referred to in any of the preceding provisions of this Paragraph. Notwithstanding anything contained in this Paragraph to the contrary, any such proceeding or action involving bankruptcy, insolvency, reorganization, arrangement, assignment for the benefit of creditors, or appointment of a receiver or trustee, as set forth above, shall be considered to be an Event of Default only when such proceeding, action, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease. F. Any rents or other amounts owing hereunder which are not paid within five (5) days after the date they are due shall thereafter bear interest at the rate of three percentage points over the Prime Rate then being charged by Commercial Federal Savings Bank, or its successor, to its most credit-worthy customers on an unsecured basis for short term loans (the "Prime Rate") or the highest rate permitted by applicable usury law, whichever is lower, until paid. Further, in the event any rents or other amounts owing hereunder are not paid within five (5) days after written notice notice, Landlord and Tenant agree that Landlord will incur additional administrative expenses, the amount of which will be difficult if not impossible to determine. Accordingly, Tenant shall pay to Landlord an additional, one-time late charge for any such late payment in the amount of five percent (5%) of such payment. Any amounts paid by Landlord to cure any defaults of Tenant hereunder, which Landlord shall have the right but not the obligation to do, shall, if not repaid by Tenant within five (5) days of demand by Landlord, thereafter bear interest at the rate of three percentage points over the Prime Rate or the highest rate permitted by applicable usury law, whichever is lower, until paid. G. Tenant and Landlord hereby waive (to the extent allowed by law) any and all rights to a trial by jury in suit or suits brought to enforce any provision of this Lease or arising out of or concerning the provisions of this Lease. H. Subject to any prior purchase money security interests granted by Tenant, Tenant hereby conveys to Landlord all of Tenants property situated on the Premises as security for the payment of all rents and other amounts due or to become due hereunder, includingand Tenant shall execute such documents as Landlord may reasonably require to evidence and perfect Landlord's security interest therein. For this purpose, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law this Lease shall be filed in any court considered to be a security agreement covering such personal property and shall not be dismissedLandlord, discharged or denied within sixty (60) days after upon the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator occurrence of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunderunder this Paragraph 20 hereof, then Landlord will have may exercise any rights of a secured party under the right to do once or more often any one or more Uniform Commercial Code of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term State of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work LetterColorado. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions Such security interest shall be due prior and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises superior to any other person security interest except an existing purchase money security interest. Tenant's property shall not be removed from the Premises without the consent of Landlord, except to the extent, such property is replaced with an item of equal or without first altering greater value (and Landlord's security interest shall extend to such replacements and to the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful mannerproceeds of all such property). (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Office Building Lease (Front Range Capital Corp)

Default by Tenant. (a) Each Any of the following events shall constitute an event events of default (an "Event of Default") hereunderunder this Lease: (i1) If a default by ▇▇▇▇▇▇ in the payment of any rent or other sum payable hereunder when due; (2) a default by Tenant fails to pay within five (5) in the performance of any of the other terms, covenants, agreements or conditions contained herein and, if the default is curable, the continuation of such default for a period of 10 days after written notice all amounts due hereunderby Landlord or beyond the time reasonably necessary for cure if the default is of the nature to require more than 10 days to remedy, including, without limitation, Basic Rent provided that if Tenant has defaulted in the performance of the same obligation more than one time in any twelve-month period and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure default has been given by Landlord; orLandlord in such instance, no cure period shall thereafter be applicable hereunder; (iii3) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all insolvency of Tenant's property or , any transfer by ▇▇▇▇▇▇ in fraud of the Premises shall be appointed in any proceedings brought creditors, assignment by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or the commencement of any proceedings of any kind by or against Tenant under any provision of the Federal Bankruptcy Act or under any other insolvency, bankruptcy or 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 for a substantial part of the assets of Tenant; or the levy upon this Lease or any estate of Tenant hereunder by any attachment or execution; or (4) the abandonment of the premises which for the purpose of this sub-paragraph shall admit in writing be deemed to occur when Tenant allows the premises to be unoccupied by Tenant or its inability to pay its debts, generally as they become dueemployees for a period longer than ten (10) consecutive days during the term of this Lease. (b) If Upon the occurrence of any event of default by Tenant commits an Event of Default hereunder, then Landlord will have the right 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 once or more often any one or more of the following: (i1) declare due Landlord shall have the right, so long as such default continues, to give notice of termination to Tenant, and payable and ▇▇▇ to recover all unpaid Rent and all Rent for on the unexpired Term of date specified in such notice this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. shall terminate. (2) In the event Landlord has granted Tenant of any concessions in the making such termination of this lease Lease, Landlord may then or at any time thereafter, re-enter the premises and remove therefrom all persons and property and again repossess and enjoy the premises, without prejudice to any other remedies that Landlord may have by reason of Tenant's default or of such termination. (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 way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable Landlord in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to reletting the contrarypremises. (ii4) declare 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 monthly rent reserved in this Lease ended;shall be deemed to be the sum of the rental due under paragraph 3 above and the amounts last payable by Tenant pursuant to paragraph 4 and 5 above and any concessions by Landlord as an inducement for Tenant to enter into this Lease. (iii5) lease all Landlord's acceptance of payment from Tenant of less than the amount of rent then due shall not constitute a waiver of any rights of Landlord or Tenant including, without limitation, any part right of Landlord to recover possession of the Premises to any other person with or without first altering the same; andpremises. (iv6) regain possession through summary dispossess proceedings After terminating this Lease, Landlord may remove any and all personal property located in the premises and place such property in a public or through any other lawful mannerprivate warehouse or elsewhere at the sole cost and expense of Tenant. (c) If a default by Tenant not involving Even though ▇▇▇▇▇▇ has breached this Lease and abandoned the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaidpremises, Landlord will not exercise any right, power or remedy hereunder this Lease shall continue in effect for so long as Tenant is proceeding with due diligence, in good faith and with continuity Landlord does not terminate Tenant's right to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written noticepossession, and if Landlord may enforce all its rights and remedies under this Lease, including the right to 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 ▇▇▇▇▇▇▇▇'s interest under this Lease, shall not so cured within such 90-day period then constitute a termination of Tenant's right to possession. (d) Tenant hereby waives all rights under California Code of Civil Procedure Section 1179 and California Civil Code Section 3275 providing for relief from forfeiture, and any other right now or hereafter existing to redeem the premises or reinstate this Lease after termination pursuant to this Paragraph 15 or by order or judgment of any court or by any legal process. (e) Landlord shall be fully empowered and Tenant hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereby against the other on any matters not relating to exercise personal injury or property damage but otherwise arising out of or in any rightway connected with this Lease, power the relationship of Landlord and Tenant, ▇▇▇▇▇▇'s use or remedy hereunderoccupancy of the premises, and any emergency statutory or any other statutory remedy. (f) The remedies provided for in this Lease are in addition to any other remedies available to Landlord at law or in equity, by statute or otherwise.

Appears in 1 contract

Sources: Standard Industrial Lease (Applied Imaging Corp)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Any installment of Base Rent or Additional Rent required to be paid by Tenant fails to pay within five hereunder, or any part thereof shall at any time be in arrears and unpaid for ten (510) days after following Landlord’s written notice all amounts due hereunderthat the same is past due, including, without limitation, Basic Rent and Additional Rent; or (ii) If There is any default or breach on the part of Tenant fails to perform in the observance or performance of any of its the other obligations hereunder within covenants, agreements, or conditions of this Lease on the part of Tenant to be kept and performed and said default or breach shall continue for a period of thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by thereof from Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all unless such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaidand in such case, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith shall have commenced to cure said default within said thirty (30) days and with continuity thereafter continue diligently to complete pursue to completion the curing of such defaultsame, provided but in all cases that the default is completely cured with no event (other than Force Majeure) to exceed ninety (90) days after such written noticenotice from Landlord to Tenant, or (iii) The leasehold estate hereby created shall be taken on execution or by other process of law pursuant to a bankruptcy or similar proceeding (unless, in the case of a petition filed against Tenant, the same is dismissed within sixty (60) days after the filing). (b) If and whenever any Event of Default as defined above or elsewhere in this Lease shall occur and is continuing beyond any all applicable cure periods, Landlord shall have the right at its election then or at any time thereafter to pursue any one or more of the following remedies in addition to all other rights or remedies provided herein or at law or in equity: (i) Re-enter the Premises in accordance with the process of law, take possession of all buildings, improvements, additions, alterations, equipment and fixtures thereon, and eject all parties in possession therefrom, without being liable to any prosecution for said re-entry, and, without terminating this Lease, at any time and from time to time, relet the Premises or any part thereof for the account of Tenant or otherwise, receive and collect the rents therefor, applying the same first to payment of such reasonable expenses as Landlord may have paid, assumed or incurred in recovering possession of the Premises, including, without limitation, costs, expenses and reasonable attorney's fees, brokerage and reasonable remodeling of the Premises, paid, assumed or incurred by Landlord in connection with reletting the Premises, and then to the fulfillment of the covenants of Tenant. Any such reletting as provided for herein may be for the remainder of the Term as originally granted or for a longer or shorter period. Landlord may execute any Lease made pursuant to the terms hereof in Landlord's own name and Tenant shall have no right or authority whatever to collect any rent whatever from such subtenant. In any case and whether or not the Premises or any part thereof be relet, Tenant shall pay to Landlord all sums required to be paid by Tenant up to the time of re-entry by Landlord, and thereafter Tenant shall, if not so cured within required by Landlord, pay to Landlord until the end of the Term, the equivalent amount of all rent and other charges required to be paid by Tenant under the terms of this Lease, less the avails of any such 90reletting during the Term, if any, after payment of the expenses of Landlord as aforesaid, and the same shall be due and payable on the rent days herein specified. No such re-day period then entry by Landlord shall constitute an election to terminate this Lease unless and until Landlord thereafter gives Tenant written notice of Landlord's election to terminate this Lease. Actions to collect any amounts due by Tenant as provided in this Section 15 may be fully empowered brought from time to exercise time on one or more occasions without the necessity of Landlord's waiting until the expiration of the Term; (ii) Terminate this Lease, and in accordance with applicable law, expel and remove Tenant, or any rightother person or persons in occupancy from the Premises, power together with their goods and chattels, and repossess and enjoy said Premises together with all improvements, additions, Alterations, equipment and fixtures thereon, and in addition to any other remedy it may have, Landlord may recover from Tenant all reasonable damages it may incur by reason of such breach by Tenant. Notwithstanding anything to the contrary contained herein, except as set forth in Section 17 below, in no event shall Landlord or remedy Tenant be liable to the other for consequential or punitive damages as a result of such parties default hereunder. (c) Landlord shall use commercially reasonable efforts to re-let the Premises to mitigate its damages upon the occurrence of an Event of Default under this Lease. For the purposes hereof, “commercially reasonable efforts” shall mean the following actions, which actions shall create an irrebuttable presumption that Landlord has fulfilled such obligation: (i) Landlord shall include the availability of the Premises in Landlord’s leasing flyers sent to brokers (if any), commencing following Landlord’s recovery of possession of the Premises, and ending upon re-leasing of the Premises; and/or (ii) Landlord shall engage an independent commercial real estate broker to re-let the Premises, the cost and expense of which shall be an element of Landlord’s damages in addition to any other damages recoverable pursuant to this Lease. Nothing contained herein shall require Landlord to re-let the Premises prior to or with any preference over the leasing of any other similar premises of Landlord in the Project.

Appears in 1 contract

Sources: Lease Agreement (Passage BIO, Inc.)

Default by Tenant. (a) 20.1 Each of the following shall constitute an event of default (events is an "Event of Default") hereunder: (i1) If Any failure by Tenant to pay Rent on the due date unless such failure is cured within 5 business days after notice by Landlord; however, Tenant is not entitled to more than 2 notices of delinquent payments during any calendar year and, if thereafter during such calendar year any Rent is not paid when due, an Event of Default shall automatically occur; (2) Tenant abandons the Premises (as evidenced by vacating the Premises with the intent by Tenant not to be bound by the terms of the Lease, as evidenced by a breach of any of its other obligations under the Lease, including the payment of Rent); (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 insolvency, bankruptcy, or reorganization ("Bankruptcy Proceeding"); (6) Commencement of a Bankruptcy Proceeding against Tenant, unless dismissed within 60 days after commencement; (7) The 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, or the occurrence of any of the foregoing with respect to any Guarantor, if any, of Tenant's obligations; (8) The admission in writing by Tenant (or any general partner of Tenant if Tenant is a partnership), that it is unable to pay its debts as they mature or it is generally not paying its debts as they mature; (9) Tenant fails to pay within five take possession of the Premises by the 9th day following the Commencement Date (5) days after written notice all amounts which deadline shall be extended by delays beyond the reasonable control of Tenant, provided that Tenant is proceeding with due hereunder, including, without limitation, Basic Rent diligence to complete the Tenant Work and Additional Rent; ormove into the Premises); (ii10) If Tenant fails to perform any of its other obligations hereunder within thirty (30) and non- performance continues for 30 days after written notice of any by Landlord or, if such failure has been given 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 completion; provided, however, Tenant's right to cure shall not exceed the period provided by Landlord; orApplicable Law; (iii11) If Tenant abandons the Premises Any event which is expressly defined as or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits deemed an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of under this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryLease. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Lifeminders Inc)

Default by Tenant. (a) Each 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. If any of the following events shall constitute an event of default (an "Event of Default") hereunder: occur, to-wit: (i) If if any installment of Fixed Base Rent, Percentage Rent, or any other sums required to be paid by Tenant fails hereunder, or any part thereof, shall at any time be in arrears and unpaid for ten (10) days after the date due, or (ii) if there be any default on the part of the Tenant in the observance or performance of any of the other covenants, agreements or conditions of said Lease on the part of Tenant to pay within five be kept and performed and said default shall continue for a period of fifteen (515) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; or thereof from Landlord to Tenant (ii) If Tenant fails to perform any of its other obligations hereunder unless such default cannot reasonably be cured within thirty fifteen (3015) days after written notice and in such case, Tenant shall have commenced to cure said default within said fifteen (15) days and thereafter continues diligently to pursue to completion the curing of any such failure has been given by Landlord; or same) or (iii) If if Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by be adjudicated a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectbankrupt, or under file any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or its reorganization pursuant to similar relief for itself under any present or future federal, state bankruptcy or other statute, law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereofregulation, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts(iv) if any trustee, generally as they become due. (b) If receiver or liquidator of Tenant commits an Event or of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any substantial part of the Premises to its properties shall be appointed in any other person with action, suit or without first altering the same; and (iv) regain possession through summary dispossess proceedings proceeding by or through any other lawful manner. (c) If a default by against Tenant and such proceeding or action shall not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured have been dismissed within thirty (30) days after written notice such appointment, or (v) if the leasehold estate hereby created shall be taken by execution or by other process of law, or (vi) if Tenant shall fail to operate and conduct business as required in Section 8 hereinabove, then, in any such event, Landlord, at Landlord's option and without limiting Landlord in the exercise of any other right or remedy Landlord may have on account of any default by Tenant, may either: (1) re-enter the Premises, take possession of all buildings, improvements, additions, alterations, equipment and fixtures thereon, and eject all parties in possession therefrom, using such force for that purpose as may be necessary, without being liable to any prosecution for said re-entry or the use of such force, and, without terminating this Lease, at anytime and from time to time relet the Premises or any part or parts thereof for the account of Tenant or otherwise, receive and collect the rents therefor, applying the same first to payment of such expenses as Landlord may have paid, assumed or incurred in recovering possession of the Premises, including costs, expenses and reasonable attorney's fees and brokerage, paid, assumed or incurred by Landlord in connection with reletting the Premises, and then to the fulfillment of the covenants of Tenant. Any such reletting as provided for herein may be for the remainder of the Term as originally granted or for a longer or shorter period. Landlord may execute any Lease made pursuant to the terms hereof in Landlord's own name, and Tenant shall have no right or authority whatever to collect any rent from such subtenant. In any case and whether or not the Premises or any part thereof be relet, Tenant shall pay to Landlord all sums required to be paid by Tenant up to the time of re-entry by Landlord, and thereafter Tenant shall, if required by Landlord, pay to Landlord until the end of the Term the equivalent amount of all rent and other charges required to be paid by Tenant under the terms of this lease, less the avails of such reletting during the Term, if any, after payment of the expenses of Landlord as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord same shall be fully empowered to exercise any right, power or remedy hereunder.due and payable on the several rent days herein

Appears in 1 contract

Sources: Lease Agreement (Dominion Homes Inc)

Default by Tenant. (a) Each All of the following rights and remedies of Landlord herein enumerated shall constitute an event of default (an "Event of Default") hereunderbe cumulative, and none shall exclude any other right or remedy allowed by law. It is agreed that in the event: (i) If That the Tenant fails shall fail, neglect or refuse to pay within five (5) days after written notice all amounts any installment of Rent at the time, and in the amount as herein provided, or to pay any other monies agreed by it to be paid promptly when and as the same shall become due hereunder, including, without limitation, Basic Rent and Additional Rent; orpayable under the terms hereof; (ii) If That any voluntary or involuntary petition or similar pleading, under any section or sections of any bankruptcy act, shall be filed by or against Tenant, or any voluntary or involuntary proceeding in any court or tribunal shall be instituted to declare Tenant fails insolvent or unable to pay Tenant's debts, and the same shall not be dismissed or discharged within thirty (30) days after notice thereof in writing; (iii) That the Tenant shall fail, neglect or refuse to keep and perform any of the other covenants, conditions, stipulations or agreements herein contained and to be kept and performed by it, and in the event any such default shall continue, for a period of more than thirty (30) days after notice thereof in writing given to the Tenant, by the Landlord; provided, however, that if the cause for giving such notice involves the making of repairs, or other matters reasonably requiring a longer period of time than the period of such notice, the Tenant shall be deemed to have complied with such notice so long as it has commenced to comply with said notice within the period set forth in the notice, and is diligently prosecuting compliance with said notice, or has taken proper steps or proceedings, under the circumstances, to prevent the seizure, destruction, alteration or other interference with said Demised Premises by reason of non-compliance with the requirements of any law or any ordinance or with the regulations, rules or directions of any government authority, as the case may be; (iv) That the Tenant makes any assignment of its other obligations hereunder property for the benefit of creditors, or should the Demised Premises be taken under a levy of execution or attachment, in an action against the Tenant, and such levy, attachment or assignment is not dismissed and discharged within thirty (30) days after written notice of any such failure has been given thereof to Tenant by Landlord; or (iii) If , the Tenant abandons the does hereby authorize and fully empower said Landlord or Landlord's agent to cancel or annul this Lease at once and to re-enter and take possession of said Demised Premises or without having given prior written notice immediately, and remove all persons and their property therefrom, and to use such force and assistance in effecting and perfecting such removal as said Landlord either vacates the Premises or removes therefrom all or substantially may deem necessary and advisable to recover at once full and exclusive possession of all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 said Demised Premises, whether in possession of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of said Tenant or of their persons or otherwise. At Landlord's option, Landlord may declare all or substantially all installments of Tenant's property or Rent for the remainder of the Premises shall lease term, to be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare immediately due and payable whereupon the same shall become immediately due and ▇▇▇ payable. The Landlord may, however, at its option, at any time after a default or violation of condition or covenant, re-enter and take possession of said Premises without such re-entering working a forfeiture of the rents to recover all be paid and the covenants, agreements and conditions to be kept and performed by said Tenant for the full term of this Lease. In such event, the Landlord shall have the right, but not the obligation, to divide or subdivide the Premises in any manner the Landlord may determine and to lease or let the same or portions thereof for such periods of time and at such rentals and for such use and upon such covenants and conditions as Landlord may elect, applying the net rentals from such letting first to the payment of Landlord's expenses incurred in dispossessing the Tenant and the costs and expenses of making such improvements in the Premises as may be necessary in order to enable the Landlord to relet the same, and to the payment of any brokerage commissions or other necessary expenses of the Landlord in connection with such reletting. The balance, if any, shall be applied by the Landlord from time to time, but in any event not less than once each month, on account of the payments due or payable by the Tenant hereunder, with the right reserved to Landlord to bring such actions or proceedings for the recovery of any deficits remaining unpaid Rent as it may deem advisable from time to time, without being obligated to await the end of the term hereof for a final determination of the Tenant's account and the commencement or maintenance of one (1) or more actions shall not bar the Landlord from bringing other or subsequent actions for further accruals pursuant to the provisions of this Paragraph. Any balance remaining, however, after full payment and liquidation of Landlord's account, as aforesaid, shall be paid to the Tenant from time to time with the right reserved to the Landlord at any time to give notice in writing to the Tenant of Landlord's election to cancel and terminate this Lease and all Rent for Tenant's obligations hereunder and upon the unexpired Term giving of such notice and the simultaneous payment by Landlord to Tenant of any credit balance in Tenant's favor that may at the time be owing to Tenant shall constitute a final and effective cancellation and termination of this Lease and all the obligations thereunder on the part of either party to the other. In addition to the foregoing, collection costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions reasonable attorneys' fees shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default paid by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderdelinquencies are referred for collection.

Appears in 1 contract

Sources: Commercial Office Lease (Ultimate Software Group Inc)

Default by Tenant. (aA) Each The occurrence of any of the following shall constitute an event of a default (an "Event of Default") hereunderunder this Lease by Tenant: (i1) If Any failure by Tenant fails to pay within five any Rent or other charge required to be paid under this Lease and such failure continues for a period of ten (510) days after Tenant's receipt of written notice all amounts thereof from Landlord; provided that Landlord shall not be required to provide Tenant with notice of failure to pay Minimum Rent or CAM Charges more than two (2) times in any twelve (12) month period, and any subsequent failures in such twelve (12) month period to pay in full Minimum Rent or CAM Charges on the day the same is due hereunder, including, shall constitute a default without limitation, Basic Rent and Additional Rentthe requirement of notice; or (ii2) If Any failure by Tenant fails to observe or perform any other provision, covenant or condition of its other obligations hereunder within this Lease to be observed or performed by Tenant and such failure continues for thirty (30) days after written notice thereof from Landlord to Tenant, provided, however, that if the nature of any such failure has been given by Landlorddefault is such that the same cannot reasonably be cured within a thirty (30) day period, Tenant shall not be deemed to be in default if it shall commence such cure within such thirty (30) day period and thereafter rectify and cure such default with due diligence; or (iii3) If To the extent permitted by law, a general assignment by Tenant abandons for the Premises benefit of creditors, or without having given prior written notice the filing by or against Tenant of any proceeding under any insolvency or bankruptcy law, unless, in the case of a proceeding filed against Tenant, the same is dismissed within ninety (90) days, or the appointment of a trustee or receiver to Landlord either vacates the Premises or removes therefrom take possession of all or substantially all of its property; or the assets of Tenant, unless possession is restored to Tenant within ninety (iv90) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectdays, or under any similar law, execution or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or other judicially authorized seizure of all or substantially all of Tenant's property assets located upon the Premises or of Tenant's interest in this Lease, unless the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be seizure is discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunderdays.

Appears in 1 contract

Sources: Lease Agreement (DSW Inc.)

Default by Tenant. (a) Each The occurrence of any one or more of the following shall constitute an event of default events (an "Event of Default") hereundershall constitute a breach of this Lease by Tenant: (ia) If Tenant fails to pay within five Base Rent, or any additional monthly rent under Section 4.1 hereof, or any additional rent or other amount of money or charge payable by Tenant hereunder as and when such rent becomes due and payable and such failure continues for more than ten (510) days after written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rentsuch rent or other amount of money or charge is due; or (iib) If Tenant fails to perform or breaches any other agreement or covenant of its other obligations hereunder within this Lease to be performed or observed 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 thereof to Tenant; provided, however, that if, by the nature of any such agreement or covenant, such failure has been given by Landlordor breach cannot reasonably be cured within such period of thirty (30) days, an Event of Default shall not exist as long as Tenant 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; or (iiic) If Tenant abandons (i) files, or consents by answer or otherwise to the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files filing against it of, a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now for relief or hereafter in effect, reorganization or under arrangement or any similar law, or files a other petition in bankruptcy or for reorganization liquidation or to take advantage of any bankruptcy, insolvency or other debtors' relief law of any jurisdiction, (ii) makes an assignment for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 benefit of the United States Code), as now or hereafter in effectits creditors, or under any similar law; or a petition or answer proposing (iii) consents to the adjudication appointment of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator other officer with similar powers of Tenant or of all or substantially all any substantial part of Tenant's property or of the Premises shall be appointed in any proceedings brought property; or (d) Without consent by Tenant; , a court or if any government authority enters an order, and such order is not vacated within sixty (60) days, (i) appointing a custodian, receiver, trustee or liquidator shall be appointed other officer with similar powers with respect to Tenant or with respect to any substantial part of Tenant's property, or (ii) constituting an order for relief or approving a petition for relief or reorganization or arrangement or any other petition in bankruptcy or for liquidation or to take advantage of any proceedings brought against bankruptcy, insolvency or other debtors' relief law of any jurisdiction, or (iii) ordering the dissolution, winding-up or liquidation of Tenant; or (e) This Lease or any estate of Tenant hereunder is levied under any attachment or execution and shall such attachment or execution is not be discharged vacated within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointmentdays; or (viif) If Tenant shall make an assignment for vacates or abandons the benefit of creditors, Property at any time prior to the expiration or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term earlier termination of this Lease and all costs and commissions provided or except as permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryLease. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Radyne Corp)

Default by Tenant. (a) A. Each one of the following shall constitute an event of default (events is herein referred to as an "Event of Default") hereunder: (i1) If Any failure by Tenant fails to pay within the rent or any other monetary sums required to be paid hereunder on the date such sums are due shall be deemed a default. Notwithstanding the foregoing, Tenant may cure a default under this provision at any time prior to five (5) business days after written notice all of such default is given by Landlord exercising its remedies as to such default under this Lease; provided, however, Tenant shall not be entitled to more than two (2) notices of a delinquency in payment during any calendar year and, if thereafter during such calendar year any rent or other amounts due hereunderowing hereunder are not paid when due, including, without limitation, Basic Rent and Additional Rent; oran Event of Default shall be deemed to have occurred immediately even though no notice thereof is given; (ii2) If Tenant fails shall vacate or abandon the Premises; (3) This Lease or the estate of Tenant hereunder shall be transferred to or shall pass to or devolve upon any other person or party except in the manner set forth in Paragraph 13; (4) This Lease or the Premises or any part thereof shall be taken upon execution or by other process of law directed against Tenant or shall be taken upon or subject to any attachment at the instance of any creditor of or claimant against Tenant and said attachment shall not be discharged or disposed of within fifteen (15) days after the levy thereof; (5) The filing of any petition or the commencement of any case or proceeding by the Tenant under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy, or reorganization or the adjudication that the Tenant is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code with respect to Tenant; (6) The filing of any petition or the commencement of any case or proceeding described in subparagraph (5) above against the Tenant, unless such petition and all proceedings initiated thereby are dismissed within sixty (60) days from the date of such filing; the filing of an answer by ▇▇▇▇▇▇ admitting the allegations of any such petition; the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of the Tenant, unless such appointment is vacated or dismissed within sixty (60) days from the date of such appointment; (7) The insolvency of the Tenant or the execution by the Tenant of an assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of the Tenant generally to pay its debts as they mature; (8) The admission in writing by ▇▇▇▇▇▇, or any partner of Tenant if ▇▇▇▇▇▇ is a partnership, that he is unable to pay his debts as they mature or he is generally not paying his debts as they mature; (9) Tenant shall fail to take possession of the Premises on the date the Primary Lease Term commences; (10) Tenant shall fail to perform any of its the other obligations hereunder within agreements, terms, covenants, or conditions hereof on Tenant's part to be performed and such non-performance shall continue for a period of thirty (30) days after written notice of any thereof by Landlord to Tenant or, if such failure has been given by Landlord; or performance cannot be reasonably had within such thirty (iii30) If day period, Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or shall not in good faith have commenced such performance within such thirty (iv30) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court day period and shall not be dismisseddiligently proceed therewith to completion; provided, discharged however, if ▇▇▇▇▇▇ fails to perform any of the other agreements, covenants or denied within sixty (60) days after conditions hereof repeatedly during the filing thereofterm of this Lease, or if Tenant shall consent or acquiesce in no longer have the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in opportunity to cure any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant subsequent failure and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full deemed to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryhave occurred immediately upon such failure. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Firstworld Communications Inc)

Default by Tenant. (a) Each The occurrence of any of the following shall constitute an event of default (an "Event of Default") hereunder" under this Lease by Tenant: (ia) If Tenant fails Failure to pay within five when due the rent or any other monetary sums required hereunder. (5b) Failure to perform any other agreement or obligation of Tenant hereunder, if such failure continues for fifteen (15) days after written notice by Landlord to Tenant, except as to those Events of Default that are non-curable, in which case no such grace period shall apply. ▇▇▇▇▇▇▇▇'s notice described herein is intended to satisfy, and is not in addition to, any and all amounts due hereunderlegal notices required prior to commencement of an unlawful detainer action, including, including without limitation, Basic Rent and Additional Rent; orlimitation the notice requirements of California Code of Civil Procedure Sections 1161 et seq. (iic) Abandonment or vacation of the Premises by Tenant, or failure to occupy the Premises for a period of ten (10) consecutive days. (d) If Tenant fails to perform any of its other obligations hereunder 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 petition is not dismissed within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (viii) If Tenant makes a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an general assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; ; (iii) lease all a receiver or trustee is appointed to take possession of any substantial part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of Tenant's assets, unless such a nature that it cannot reasonably be cured appointment vacated within thirty (30) days after written notice as aforesaidthe date thereof; (d) Tenant consents to or suffers an attachment, Landlord will not exercise execution or other judicial seizure of any rightsubstantial part of its assets or its interest under this Lease, power unless such process is released or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety satisfied within thirty (9030) days after such written noticethe occurrence thereof; or (e) Tenant's net worth, determined in accordance with generally accepted accounting principles consistently applied, decreases, at any time during the Lease Term, below ▇▇▇▇▇▇'s net worth as of the date of execution of this Lease. If a court of competent jurisdiction determines that any of the foregoing events is not a default under this Lease, and a trustee is appointed to take possession (or if not so cured within Tenant remains a debtor in possession), and such 90-day period trustee or Tenant transfers ▇▇▇▇▇▇'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 any bankruptcy law shall be fully empowered deemed without further act to exercise any right, power have assumed all of the obligations of the Tenant hereunder arising on or remedy hereunderafter the date of such assignment. Any such assignee shall upon demand execute and deliver to Landlord an instrument confirming such assumption.

Appears in 1 contract

Sources: Standard Industrial Gross Lease (Scripps Financial Corp)

Default by Tenant. 13.1 Tenant shall be in breach of this Lease if at any time during the term of the Lease (aand regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings in law, in equity or before any administrative tribunal, which might have the effect of preventing Tenant from complying with the terms of this Lease) Each any one of the following events occurs (each of which shall constitute an event of default (be deemed an "Event of Default") hereunder:): (i) If 13.1.1 Tenant fails to pay make payment of any monthly installment of rent or of any other charge to be paid by Tenant, and such failure is not cured within five 10 days after Landlord has given written notice to Tenant of such failure of payment (5provided, however, that it shall be an Event of Default if Tenant fails to make payment of any monthly installment of rent or of any other charge to be paid by Tenant with ten (10) days after of the due date therefor if Landlord has given Tenant written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rentpursuant to this Section 13.1.1 two or more times in the twelve (12) preceding calendar months); or (ii) If 13.1.2 Tenant fails in a material manner or to a material extent to perform any of its other obligations hereunder and such failure is not cured within thirty (30) 30 days after Landlord has given written notice to Tenant of any such failure has been given by Landlordfailure; provided, however, that if the nature of Tenant's obligation is such that more than 30 days are required for performance, then Tenant shall not be in breach if Tenant commences performance within 10 days after such notice and thereafter diligently prosecutes the cure to completion; or (iii) If 13.1.3 Tenant abandons the Premises becomes insolvent, or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all makes a transfer in fraud of its propertycreditors, or makes an assignment for the benefit of its creditors; or (iv) If 13.1.4 Tenant voluntarily files or has filed against it, a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 any provision of the United States Code)Bankruptcy Act, as now or hereafter in effectamended, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 statute of the United States Code)or any state, as now or hereafter and (in effectthe case of a voluntary petition) such petition is not dismissed within 30 days thereafter, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a is adjudged bankrupt or its reorganization pursuant to any state bankruptcy law insolvent in a proceeding filed by or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereofagainst Tenant; or (vi) If a custodian, receiver, 13.1.5 A receiver or trustee or liquidator of Tenant or of is appointed for all or substantially all of Tenant's property or assets. 13.2 If Tenant breaches this Lease and abandons the Leased Premises before the end of the Premises shall be appointed in term or any proceedings brought by Tenant; extension thereof, or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent Tenant's right to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit possession is terminated by Landlord because of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunderDefault, then then, except as provided in Section 13.3, the Lease shall automatically terminate and Landlord will may recover from Tenant: 13.2.1 The worth at the time of award of the unpaid rent which had been earned at the time of termination; plus 13.2.2 The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of rental loss for such period which could have been reasonably avoided by Landlord's diligence; plus 13.2.3 The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of rental loss for such period which could be reasonably avoided by Landlord's diligence; plus 13.2.4 Any other amount necessary to compensate Landlord for all damage proximately caused by Tenant's breach of its obligations under this Lease, or which in the ordinary course of events would be likely to result therefrom, including but not limited to taxes, insurance premiums, maintenance and other obligations of Tenant for the balance of the term to the extent such losses could not be reasonably avoided by Landlord's diligence. 13.3 In the event Tenant has breached this Lease and abandoned the Leased Premises, the Lease shall continue in full force and effect so long as Landlord does not terminate Tenant's right to possession of the premises, and Landlord may enforce all of its rights and remedies under the Lease, including the right to do once or more often any one or more recover rent as it becomes due. For purposes of this section, the following acts by Landlord shall not constitute termination of Tenant's right to possession of the followingpremises: 13.3.1 Acts of maintenance or preservation or efforts to relet the Leased Premises. 13.3.2 The appointment of a receiver upon the initiative of Landlord to protect Landlord's interest under this Lease or in the Leased Premises. 13.4 If Landlord elects to reenter the Leased Premises or to take possession pursuant to legal proceedings or pursuant to any notice provided by law, Landlord may either terminate this Lease or 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 may relet the premises or any part thereof for such term or terms (iwhich may be for a term extending beyond the term of this Lease) declare 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 rental received by Landlord from such reletting shall be applied as follows: first, to the payment of any costs and expenses of such reletting, including brokerage fees, attorneys' fees, and the costs of such alterations and repairs; second, to the payment of any indebtedness other than rent due hereunder from Tenant to Landlord; 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 rental income received from such reletting during any month is less than that to be paid during that month by Tenant hereunder, Tenant shall immediately pay the deficiency to Landlord. The deficiency shall be calculated and ▇▇▇ paid monthly. No reentry or taking possession of the premises by Landlord shall be construed as an election to recover all unpaid Rent and all Rent for the unexpired Term of terminate this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost unless a written notice of the improvements to the Premises performed by Landlord or reimbursed such election is given by Landlord to Tenant or unless the termination be decreed by a court of competent jurisdiction. Notwithstanding any reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for the previous breach. If Landlord at any time terminates this Lease for any breach, then Landlord may (in addition to exercising any other remedies Landlord may have under the Work Letter. In the event Landlord has granted Tenant any concessions in the making other provisions of this lease (includingLease or otherwise) recover from Tenant all damages Landlord may incur by reason of such breach, by way including the cost of illustration recovering the Leased Premises, plus reasonable attorneys' fees, and not limitationplus the worth at the time of such termination of the excess, free Basic Rentif any, excess Tenant improvement allowancesof the amount of rent and other charges 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, moving allowances or other payments or credits to or on behalf all of Tenant, collectively, "Concessions") all such Concessions which amounts shall be immediately due and payable in full from Tenant to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryLandlord. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Lease Agreement (Monaco Coach Corp /De/)

Default by Tenant. Landlord and Tenant hereby agree that the occurrence of any one or more of the following events shall, after the expiration of any applicable notice and grace period without correction thereof, be deemed an “Event of Default” by Tenant under this Lease, and that said Event of Default shall give Landlord the right to exercise its remedies as described at Section 14.2 below. (a) Each Tenant’s failure to make any payment of the following Base Rent or any other payment of Additional Rent required to be made by Tenant to Landlord hereunder, as and when due, where such failure shall constitute an event continue for a period of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five (5) days after written notice all amounts due hereunderthereof from Landlord to Tenant; provided, includinghowever, without limitationthat if Landlord shall have given such notice twice in the then immediately preceding twelve (12)-month period, Basic Rent and Additional Rent; orthen no notice shall be required pursuant to this Section 14.1(a); (iib) If The failure by Tenant fails to observe or perform any of its the covenants, conditions or provisions of this Lease to be observed or performed by Tenant (other obligations hereunder within thirty than those referenced at Section 14.1(a) above), where such failure shall continue for a period of fifteen (3015) business days after written notice thereof from Landlord to Tenant; provided, however, that if such failure is of a type that is not curable by Tenant within said fifteen (15) business days after notice thereof, then such fifteen (15) business day period shall be extended for such additional period that may be reasonably required to effect such cure so long as Tenant, promptly after such notice, shall commence such cure and continuously and diligently proceed to cure such failure; for purposes hereof a “business day” is any day except a Saturday, Sunday or legal holiday in the United States. (i) The making by Tenant of any such failure has been given by Landlordgeneral arrangement or general assignment for the benefit of creditors; or (iiiii) If Tenant abandons becoming a “debtor” as defined in 11 U.S.C. 101 or any successor statute thereto (unless, in the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all case of its property; or (iv) If Tenant files a petition commencing a voluntary case under filed against Tenant, the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor same is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied dismissed within sixty (60) days after days); (iii) the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If appointment of a custodian, receiver, trustee or liquidator receiver to take possession of Tenant or of all or substantially all of Tenant's property ’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 shall be appointed or of Tenant’s interest in any proceedings brought by Tenant; or if any this Lease, where such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall seizure is not be discharged within sixty (60) days after such appointmentdays; or if Tenant shall consent to or acquiesce in such appointment; or (viiv) If Tenant shall make an assignment for the benefit insolvency of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work LetterTenant. In the event Landlord has granted Tenant that any concessions in the making provision of this lease Section 14.1(c) is unenforceable under applicable law, such provision shall be of no force or effect; and/or (includingd) If Tenant is a corporation, by way of illustration and not limitationpartnership, free Basic Rentlimited liability company or similar entity, excess Tenant improvement allowances, moving allowances the voluntary dissolution or other payments or credits to or on behalf liquidation of Tenant, collectively, "Concessions") all such Concessions shall be due and payable except in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person connection with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy Permitted Transfer hereunder.

Appears in 1 contract

Sources: Lease Agreement (Griffin Capital Net Lease REIT, Inc.)

Default by Tenant. 26.1 The term Act of Default refers to the occurrence of any one (1) or more of the following: (a) Each Failure of Tenant to pay within fifteen (15) days of when due any sum required to be paid hereunder including Base Rent or Additional Rent (the Monetary Default); (b) Failure of Tenant, after thirty (30) days written notice thereof, to perform any of Tenant’s obligations, covenants, or agreements except a Monetary Default; (c) If Tenant admits in writing that it cannot meet its obligations as they become due; or is declared insolvent according to any law; or assignment of Tenant’s property is made for the benefit of creditors; or a receiver or trustee is appointed for Tenant or its property; or 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 or process; or any petition is filed by or against Tenant to declare Tenant bankrupt or to delay, reduce or modify Tenant’s debts or obligations; or any petition is filed or other action taken to reorganize or modify Tenant’s capital structure if Tenant is a corporation or other entity. Any such levy, execution, legal process, or petition filed against Tenant shall not constitute a breach of this Lease provided 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; (d) The abandonment of the Leased Premises by Tenant, which shall mean that Tenant has vacated the Leased Premises for thirty (30) consecutive days, whether or not Tenant is in Monetary Default; or that Tenant, in the judgment of Landlord, is vacating the Leased Premises by removing its furniture and fixtures; (e) The discovery by Landlord that any financial statement given by Tenant or any of its assignees, subtenants, successors-in-interest was materially false; or (f) If Tenant shall die, cease to exist as a corporation or partnership, or be otherwise dissolved or liquidated or become insolvent, or shall make a transfer in fraud of creditors. 26.2 In the event of any non-monetary Act of Default by Tenant, Landlord, shall provide Tenant with a notice of such Default and, if Tenant has failed to cure or remedy the Default with fifteen (15) days of such notice (or, if the Default is other than the payment of Base Rent, within thirty (30) days of such notice), or if the Default is a Default other than in the payment of rent and of a type that cannot be remedied within thirty (30) days, the Tenant has in good faith commence an action to cure the Default and diligently prosecutes such action until completion, then Landlord, at its option, may pursue one or more of the following shall constitute an event of default (an "Event of Default") hereunderremedies in addition to all other rights and remedies provided for at law or in equity: (ia) If Tenant fails to pay within Send a five (5) day notice of termination of this Lease and, if the Default is not cured or remedied within said five (5) day period, this Lease shall Terminate, in which event Tenant shall immediately surrender possession of the Leased Premises to Landlord; or (b) Enter upon or take possession of the Leased Premises and its contents and expel or remove Tenant, any other occupant, and any contents therefrom using such force as may be reasonably necessary, through allowable legal proceedings duly noticed and commenced, with or without having terminated this Lease and without being liable for prosecution of any claims of damages therefore. 26.3 If Landlord shall exercise any one or more remedies hereunder granted or otherwise available, it shall not be deemed to be an acceptance or surrender of the Leased Premises by Tenant whether by agreement or by operation of law; it is understood that such surrender can be effected only by the written agreement of Landlord and Tenant. 26.4 Following any Act of Default, should Landlord elect to terminate this Lease as above provided, Landlord may, without further notice, repossess the Leased Premises through lawful proceedings and Tenant shall be liable as if the expiration of the term fixed in such notice were the end of the Term herein originally demised. In the event this Lease is terminated pursuant to the provisions of this subsection, Tenant shall remain liable to Landlord for damages in an amount equal to (a) the Rent, Electric Charge, Additional Rent and other sums which would have been owing by Tenant hereunder for the balance of the Term had this Lease not been terminated, less the net proceeds, if any, of any reletting of the Leased Premises by Landlord subsequent to such termination after deducting all of Landlord's reasonable expenses in connection with such reletting, including, but without limitation, the expenses enumerated in Section 26.5 below. Landlord shall be entitled to collect such damages from Tenant monthly on the days after written on which the Rent and other amounts would have been payable hereunder if this Lease had not been terminated, and Landlord shall be entitled to receive the same from Tenant on each such day. 26.5 Should Landlord elect not to terminate this Lease, Landlord may, without notice all amounts or demand, through lawful proceedings, enter upon the Leased Premises or any part thereof and take absolute possession of the same, and, at Landlord’s option, Landlord may relet the Leased Premises or any part thereof upon such terms and such rents as Landlord may reasonably elect (which may include concessions of free rent and alteration of the Leased Premises). Landlord shall use reasonable efforts to relet the Leased Premises, and nothing herein contained shall under any circumstances be construed so as to require Landlord to lease the Leased Premises below the then-current market rental rates being obtained for similar office buildings in a similar area or to lease the same to any Tenant not creditworthy or otherwise unacceptable and Landlord shall in no way be responsible or liable for any failure to collect any rent due hereunderupon such reletting. In the event Landlord shall elect to so relet, then any rent received by 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 payment of any reasonable cost of such reletting, including, without limitation, Basic all repossession costs, legal expenses, reasonable attorneys’ fees, concessions, moving and/or storage costs, alteration, remodeling and repair costs, leasing commissions, and other expenses of preparation for such reletting; and third, to the payment of Rent due and Additional Rent; or (ii) If unpaid hereunder, and Tenant fails shall satisfy and pay any deficiency between the rents so collected from the Rent reserved herein upon demand therefore from time to perform time. In no event shall Tenant be entitled to any of its other obligations hereunder within thirty (30) days after written notice excess of any such failure has been given rent obtained by Landlord; orreletting over and above the Rent herein reserved. (iii) If 26.6 Tenant abandons the Premises or without having given prior written notice further agrees that Landlord may file suit from time to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case time to recover any sums due under the Federal Bankruptcy Code (Title 11 terms of the United States Code), as this Article and that no recovery of any portion due Landlord hereunder shall be a defense to subsequent action brought for any amount not theretofore reduced to judgment in favor of Landlord. Each right and remedy provided for in this Lease shall be cumulative and shall be in addition to every other right or remedy provided for in this Lease or now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy existing at law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced in equity or by a petition under the Federal Bankruptcy Code (Title 11 statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance. The exercise or beginning of the United States Code), as exercise by Landlord of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in effectequity, or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and non-exclusive. All costs incurred by Landlord in connection with collecting any Rent, Electric Charge, Additional Rent or other amounts and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of this Lease, including reasonable attorney’s fees from the date such matter is turned over to an attorney, whether or not one or more actions are commenced by Landlord, shall also be recoverable by Landlord from Tenant. 26.7 If Tenant should fail to make any payment or cure any default hereunder within the time herein permitted, Landlord, without being under any similar law; or a petition or answer proposing obligation to do so and without thereby waiving such default, may make such payment and/or remedy such default for the adjudication account of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law (and enter the Leased Premises for such purpose), and thereupon, Tenant shall be filed obligated and hereby agrees to pay Landlord, upon demand, all reasonable costs, expenses, and disbursements incurred by Landlord in connection therewith. 26.8 Nothing contained in this Section shall limit or prejudice the right of Landlord to prove and obtain as liquidated damages in any court and shall not be dismissedbankruptcy, discharged or denied within sixty (60) days after the filing thereofinsolvency, receivership, reorganization, or if Tenant shall consent dissolution proceeding, an amount equal to the maximum allowed by any statute or acquiesce rule of law governing such a proceeding and in effect at the filing thereof; or (vi) If a custodiantime when such damages are to be proved, receiverwhether or not such amount be greater, trustee equal, or liquidator of Tenant less than the amounts recoverable, either as damages or of all or substantially all of Tenant's property or Rent, referred to in any of the Premises shall be appointed preceding provisions of this Article. Notwithstanding anything contained in any proceedings brought by Tenant; or if this Article to the contrary, any such custodianproceeding or action involving bankruptcy, receiverinsolvency, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an reorganization, arrangement, assignment for the benefit of creditors, or appointment of a receiver or trustee, as set forth above, shall admit in writing its inability be considered to pay its debtsbe an Act of Default only when such proceeding, generally as they become dueaction, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. 26.6 In the event Landlord has granted Tenant of any concessions in the making Act of this lease (including, Default or breach by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectivelyor threatened or anticipatory breach or default, "Concessions") all such Concessions Tenant shall also be due liable and payable shall pay to Landlord, in full addition to any sums provided to be paid above, brokers’ fees incurred by Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to connection with reletting the contrary. (ii) declare this Lease ended; (iii) lease all whole or any part of the Leased Premises; the costs of removing and storing Tenant’s or other occupant’s property; the costs of repairing, altering, remolding, or otherwise putting the Leased Premises into condition acceptable to a new tenant or tenants; and all reasonable expenses incurred by Landlord in enforcing or defending Landlord’s rights and/or remedies, including reasonable attorney’s fees, whether suit was actually filed or not. 26.7 Landlord is entitled to accept, receive, in check or money order, and deposit any payment made by Tenant for any reason or purpose or in any amount whatsoever, and apply them at Landlord’s option to any other person with obligation of Tenant, and such amounts which Landlord has applied them. No endorsement or statement on any check or letter of Tenant shall be deemed an accord and satisfaction or recognized for any purpose whatsoever. The acceptance of any such check or payment shall be without first altering the same; and (iv) regain possession through summary dispossess proceedings or through prejudice to Landlord’s rights to recover any and all amounts owed by Tenant hereunder and shall not be deemed to cure any other lawful mannerdefault (other than the Monetary Default to the extent paid) nor prejudice Landlord’s rights to pursue any other available remedy. (c) If a 26.8 In the event of any default by Landlord, Tenant’s exclusive remedy shall be an action for damages, Tenant not involving hereby waiving the payment benefit of money occurs any laws granting it a lien upon the property of Landlord and/or upon Rent due Landlord. Prior to any such action for damages, Tenant shall give Landlord written notice specifying such default with particularity, and is of such a nature that it cannot reasonably be cured within Landlord shall thereupon have thirty (30) days after written notice (plus such additional reasonable period as aforesaid, may be required in the exercise by Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with of due diligence) in which to cure any such default. Unless and until Landlord fails to cure any default after such notice, Tenant shall not have any remedy or cause of action by reason thereof. All obligations of Landlord hereunder shall be construed as covenants, not conditions. 26.9 In addition to and without limiting the foregoing, in good faith and with continuity to complete the curing event of such default, provided in all cases that any abandonment of the default is completely cured with ninety (90) days after such written noticeLeased Premises by Tenant, and if Landlord does not so cured within elect to declare this Lease terminated, then Tenant shall remain obligated, notwithstanding any such 90-day period then Landlord shall be fully empowered discontinuance or cessation of operations, to exercise any rightperform all covenants and agreements under this Lease, power or remedy hereunderincluding, without limitation, payment of all Base Rent and all Additional Rent and other sums provided for herein.

Appears in 1 contract

Sources: Lease Agreement (Fusion Telecommunications International Inc)

Default by Tenant. (a) A. Each one of the following shall constitute events is herein referred to as an event of default (an "Event of Default") hereunder: (i) If Any failure by Tenant fails to pay Rent or any other monetary sums required to be paid hereunder on the date such sums are due, unless the failure is cured within five (5) 10 business days after written notice all amounts due hereunderby Landlord; however, includingTenant is not entitled to more than three notices of delinquent payments of Rent during any Lease Year and, without limitationif thereafter during that Lease Year any Rent is not paid when due, Basic Rent and Additional Rent; oran Event of Default shall automatically occur; (ii) If Intentionally deleted; (iii) This Lease or the estate of Tenant fails hereunder shall be transferred to or shall pass to or devolve upon any other person or party except in the manner set forth in Section 13 above; (iv) This Lease or the Premises or any part thereof shall be taken upon execution or by other final process of law directed against Tenant or shall be lawfully taken upon or subject to any attachment at the instance of any creditor of or claimant against Tenant and said attachment shall not have been discharged or disposed of within 45 days after the levy thereof; (v) The filing of any petition or the commencement of any case or proceeding by Tenant under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy, or reorganization or the adjudication that Tenant is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code with respect to Tenant; (vi) The filing of any petition or the commencement of any case or proceeding described in Section 20.A.(v) above against Tenant, unless such petition and all proceedings initiated thereby are dismissed within 60 days from the date of such filing; the filing of an answer by Tenant admitting the allegations of any such petition; the appointment of or taking possession by a custodian, trustee or receiver for all or any assets of Tenant, unless such appointment is vacated or dismissed within 60 days from the date of such appointment; (vii) The insolvency of Tenant or the execution by Tenant of an assignment for the benefit of creditors; the convening by Tenant of a meeting of its creditors, or any 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; (viii) Intentionally deleted; (ix) Intentionally deleted; and (x) Tenant shall fail to perform any of its the other obligations hereunder within thirty (30) agreements, terms, covenants, or conditions hereof on Tenant’s part to be performed and such non-performance is not a result of a Force Majeure event and shall continue for a period of 30 days after written notice thereof by Landlord to Tenant or, if such performance cannot be reasonably had within such 30-day period, Tenant shall not in good faith have commenced such performance within such 30-day period and shall not diligently proceed therewith. B. If any one or more Event of Default shall happen and is not cured within any applicable cure period, then Landlord shall have the right, which right shall be exercised in accordance with Applicable Laws, at Landlord’s election, after expiration of any applicable cure period, or at any time thereafter, either: (i) After providing not less than five days written notice to Tenant, to reenter and take possession of the Premises or any part thereof and repossess the same as of Landlord’s former estate and expel Tenant and those claiming through or under Tenant and remove the effects of both or either, without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of rent or preceding breach of covenants or conditions. Should Landlord elect to reenter, as provided in this Section 20.B.(i), or should Landlord take possession pursuant to legal proceeding or pursuant to any notice provided for by Applicable Law, Landlord, may relet the Premises or any part thereof, either alone or in conjunction with other portions of the Building of which the Premises are a part, in Landlord’s or Tenant’s name but for the account of Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the term of this Lease) and on such conditions and upon such other terms (which may include concessions of free rent and alteration and repair of the Premises) as Landlord, in its absolute discretion, may determine and Landlord may collect and receive the rents therefor. Landlord shall in no way be responsible or liable for any failure has to relet the Premises, or any part thereof, or for any failure to collect any rent due upon such reletting, provided, however, Landlord shall use commercially reasonable efforts to relet the Premises. No such reentry or taking possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention be given to Tenant. No notice from Landlord hereunder or under a forcible entry and detainer statute or similar law shall constitute an election by Landlord to terminate this Lease unless such notice specifically so states. Landlord reserves the right following any such reentry and/or reletting to exercise its right to terminate this Lease by giving Tenant such written notice, in which event the Lease will terminate as specified in said notice. Notwithstanding the foregoing, upon Landlord taking possession of the Premises, regardless of whether Landlord relets the Premises, Tenant (being no longer in possession of the Premises) shall be relieved of all obligations under this Lease except the obligation to pay Rent and other amounts and/or damages owed in accordance with this Lease as a result of any Event of Default or otherwise obligated to pay in accordance with the provisions of this Section 20, it being the intent of the parties that Tenant shall not be responsible for on-going maintenance or repair obligations with respect to the Premises or the actions of any other party to which Landlord relets the Premises; If Landlord elects to take possession of the Premises as provided in this Section 20.B.(i), Tenant shall pay to Landlord (a) the rent and other sums as herein provided, which would be payable hereunder if such repossession had not occurred, less (b) the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord’s reasonable expenses incurred in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, expenses of employees, alterations, remodeling, and repair costs and expenses of preparation for such reletting. If, in connection with any reletting, the new lease term extends beyond the existing term or the premises covered thereby include other premises not part of the Premises, a fair apportionment of the rent received from such reletting and expenses incurred in connection therewith, as provided aforesaid, will be made in determining the net proceeds received from such reletting, any rent concessions will be apportioned over the term of the new lease. Tenant shall pay such amounts to Landlord monthly on the days on which the Rent and all other amounts owing hereunder would have been payable if possession had not been retaken and Landlord shall be entitled to receive the same from Tenant on each such day; (ii) Give Tenant written notice of Landlord’s intention to terminate this Lease on the date of such given notice or on any later date specified therein and, on the date specified in such notice, Tenant’s right to possession of the Premises shall cease and the Lease shall thereupon be terminated, except as to Tenant’s liability hereunder as hereinafter provided, as if the expiration of the term fixed in such notice were the end of the term herein originally demised. In the event this Lease is terminated pursuant to the provisions of this Section 20.B.(ii), Tenant shall remain liable to Landlord for all Rent due prior to the date of termination and damages in an amount equal to the rent and other sums which would have been owing by Tenant hereunder for the balance of the Term had this Lease not been terminated less the net proceeds, if any, of reletting of the Premises by Landlord subsequent to such termination, after deducting all of Landlord’s reasonable expenses in connection with such reletting, including, but without limitation, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees, expenses of employees, alterations, remodeling and repair costs and expenses of preparation for such reletting. Upon the occurrence of an uncured Event of Default, Landlord agrees to use commercially reasonable efforts to mitigate its damages. Landlord shall be entitled to collect such damages from Tenant monthly on the days on which rent and other amounts would have been payable hereunder if this Lease had not been terminated and Landlord shall be entitled to receive the same from Tenant on each such day. Alternatively, at the option of Landlord, in the event this Lease is terminated, Landlord shall be entitled to recover forthwith against Tenant any damages for loss of the bargain and not as a penalty an amount equal to the worth at the time of termination of the excess, if any, of the amount of rent reserved in this Lease for the balance of the Term hereof over the amount of rental which Landlord can reasonably obtain as rent for the remaining balance of the Term, discounted to present value at the rate of 5% per annum, plus all out-of-pocket amounts incurred by Landlord in order to obtain possession of the Premises and relet the same, including attorneys’ fees, reletting expenses, alterations and repair costs, brokerage commissions and all other like amounts; or (iii) If Tenant abandons shall fail to make any payment or cure any Event of Default hereunder within the time herein permitted, Landlord, without being under any obligation to do so and without thereby waiving such default, may make such payment and/or remedy such other default for the account of Tenant (and enter the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Codefor such purpose), and thereupon Tenant shall be obligated, and hereby agrees, to pay Landlord upon demand all costs, expenses and disbursements, including reasonable attorneys’ fees incurred by Landlord in taking such remedial action. C. Suit for the recovery of Rent and other amounts and damages set forth hereinabove may be brought by Landlord, at Landlord’s election, and nothing herein shall be deemed to require Landlord to await the date whereon this Lease or the term hereof would have expired had there been no such default by Tenant or no such termination, as the case may be. Each right and remedy provided for in this Lease shall be cumulative and shall be in additional to every other right or remedy provided for in this Lease or now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy existing at law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced in equity or by a petition under statute or otherwise, including, but not limited to, suits for injunctive relief and specific performance, except, however, that for the Federal Bankruptcy Code (Title 11 same Event of Default, Landlord shall bring all claims for such Event of Default at one time. The exercise or beginning of the United States Code), as exercise by Landlord of any one or more of the rights or remedies provided for in this Lease or now or hereafter existing at law or in effectequity or by statute or otherwise shall not preclude the simultaneous or later exercise by Landlord of any or all other rights or remedies provided for in this Lease or now or hereafter existing at law or in equity or by statute or otherwise with regard to a different Event of Default. Unless specifically stated otherwise in this Lease, each right and remedy of Landlord shall be considered cumulative and non-exclusive. All reasonable out-of-pocket costs incurred by Landlord in connection with collecting any rent or other amount and damages owing by Tenant pursuant to the provisions of this Lease, or to enforce any provision of this Lease, shall also be recoverable by Landlord from Tenant. D. No failure by either Landlord or Tenant to insist upon the strict performance of any agreement, term, covenant or condition hereof or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or of such agreement, term, covenant, or condition. No agreement, term, covenant or condition hereof to be performed or complied with by Landlord and Tenant and no breach thereof shall be waived, altered, or modified, except by written instrument executed by the other party. No waiver of any breach shall affect or alter either party’s rights or obligations under this Lease, including a subsequent breach thereof. Notwithstanding any similar law; or a petition or answer proposing termination of this Lease, the adjudication of Tenant same shall continue in full force and effect as a bankrupt or its reorganization pursuant to any state bankruptcy law provisions which require observance or any similar law performance by Landlord or Tenant subsequent to such termination. E. Nothing contained in this Section 20 shall be filed limit or prejudice the right of either party to prove and obtain as liquidated damages in any court and shall not be dismissedbankruptcy, discharged or denied within sixty (60) days after the filing thereofinsolvency, receivership, reorganization, or if Tenant shall consent dissolution proceeding an amount equal to the maximum allowed by any Applicable Law governing such a proceeding and in effect at the time when such damages are to be proven, whether or acquiesce not such amount be greater, equal to, or less than the amounts recoverable, either as damages or rent, referred to in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or any of the Premises shall be appointed preceding provisions of this Section. Notwithstanding anything contained in any proceedings brought by Tenant; or if this Section to the contrary, any such custodianproceeding or action involving bankruptcy, receiverinsolvency, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an reorganization, arrangement, assignment for the benefit of creditors, or appointment of a receiver or trustee, as set forth above, shall admit in writing its inability be considered to pay its debts, generally as they become due. (b) If Tenant commits be an Event of Default only when such proceeding, action, or remedy shall be taken or brought by or against the then holder of the leasehold estate under this Lease. F. Any Rent or other amounts owing hereunder which are not paid within five days after delivery of written notice to Tenant that such amounts are past due shall thereafter bear interest at the rate of eight percent (8%) per annum until paid. Further, in the event any Rent or other amounts owing hereunder are not paid within five days after due, Landlord and Tenant agree that Landlord will incur additional administrative expenses, the amount of which will be difficult if not impossible to determine. Accordingly, Tenant shall pay to Landlord an additional one-time late charge for any such late payment in the amount of $200.00. Any amounts paid by Landlord to cure any Event of Default by Tenant hereunder, then which Landlord will shall have the right but not the obligation to do once do, shall, if not repaid by Tenant within ten (10) days of demand by Landlord, thereafter bear interest at an annual rate of interest equal to eight percent (8%) per annum until paid. G. If any action is brought by either party in order to enforce or more often any one or more interpret the terms and provisions of this Lease, the following: (i) declare due and payable and ▇▇▇ prevailing party in such action shall be entitled to recover all unpaid Rent from the other party any and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted reasonable out-of-pocket attorneys’ fees incurred by law, together such prevailing party in connection with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contraryaction. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.

Appears in 1 contract

Sources: Office Building Lease (Ada-Es Inc)

Default by Tenant. A. If (a) Each Tenant defaults in fulfilling any of the following shall constitute an event covenants of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five (5) days after written notice all amounts due hereunderthis Lease, including, without limitation, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder within thirty (30) days after written notice of any such failure has been given by Landlord; or (iii) If Tenant abandons than the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment covenants for the benefit payment of creditorsFixed Rent or additional rent, or shall admit then, in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of such events, upon Landlord serving a five (5) Business Days' Notice upon Tenant specifying the following: nature of said default, and upon the expiration of said five (i5) declare due and payable and ▇▇▇ Business Days, if Tenant shall have failed to recover all unpaid Rent and all Rent for comply with or remedy such default, or if the unexpired Term said default or omission complained of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it the same cannot reasonably be completely cured or remedied within thirty said five (305) days after written notice as aforesaidBusiness Day period, Landlord will and if Tenant shall not exercise any righthave diligently commenced curing such default within such five (5) Business Day period, power or remedy hereunder so long as Tenant is proceeding and shall not thereafter with due diligence, reasonable diligence and in good faith proceed to remedy or cure such default or (b) Tenant shall default in the performance of any term or condition of this Lease (other than the payment of Fixed Rent or additional rent) more than three (3) times in any period of nine (9) months, or, with respect to the payment of any item of Fixed Rent or additional rent, more than two (2) times in any period of six (6) months, and with continuity to complete notwithstanding that such defaults shall have each been cured within the curing applicable period, as above provided, if any further similar default shall occur or (c) Tenant shall default in the payment of Fixed Rent or any item of additional rent hereunder for more than five (5) Business Days after Notice from Landlord of such default, provided then (in all cases that the default is completely cured with ninety event of (90a), (b) days after such written noticeor (c) above) Landlord may serve a three (3) days' Notice of cancellation of this Lease upon Tenant, and upon the expiration of said three (3) days, this Lease and the Term shall end and expire as fully and completely as if not so cured within the date of expiration of such 90-three (3) day period were the Expiration Date set forth herein and Tenant shall then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided. B. If the Notices provided for in Section 20.01A hereof shall have been given, and the Term shall expire as aforesaid; then Landlord may, without additional Notice, dispossess Tenant and the legal representative of Tenant and any other occupant of the Premises by self-help, summary proceedings or other legal actions or proceedings, and remove their effects and hold the Premises as if this Lease had not been made, but Tenant shall be fully empowered to exercise any right, power or remedy hereunderremain liable hereunder as hereinafter provided.

Appears in 1 contract

Sources: Lease Agreement (Progenics Pharmaceuticals Inc)

Default by Tenant. (a) Each SECTION 20.1 The occurrence of any of the following shall constitute an event of a default (an "Event of Default") hereunderby Tenant under this Lease: (ia) If Tenant fails to pay make any payment of fixed monthly rent, additional rent, or any other sum due under this Lease within five (5) business days of the due date; (b) if Tenant shall violate or fail to perform any other term, condition, covenant or agreement to be performed or observed by Tenant under this Lease; (c) if Tenant shall abandon the Premises; (d) if Tenant or any guarantor (i) is voluntarily adjudicated as bankrupt or insolvent, (ii) seeks or consents to the appointment of a receiver of trustee for itself or for all or a part of its property, (iii) files a petition seeking relief under the bankruptcy or similar laws of the United States or any state of any other jurisdiction, (iv) makes a general assignment for the benefit of creditors, or (v) admits in writing its inability to pay its debts as they mature; (e) if a petition shall be filed against Tenant or any guarantor seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state law or other statute, law, or regulation and shall remain undismissed or unstayed for thirty (30) days, or if any trustee, receiver or liquidator of Tenant or any guarantor, or of all or any substantial part of its properties, shall be appointed with the consent or acquiescence of Tenant or any guarantor, and such appointment shall remain unvacated or unstayed for thirty (30) days; or (f) If any attachment or execution of any type shall be issued against Tenant or any guarantor, or Tenant’s property located on the Premises, or Tenant’s rights or interest in the Lease, or guarantor’s or Tenant’s assets of any type or nature whatsoever, including but not limited to federal, state, or municipal tax liens, and such is not dismissed or released within ten (10) days thereafter. Notwithstanding the provisions of this Section 20.1, a default shall not be deemed to have occurred if Tenant shall fail to make any payment of fixed monthly rent, additional rent, or any other sum due under this Lease within five (5) business days of the due date if Tenant makes such payment within five (5) business days after written notice all amounts due hereunderof the late payment is given to Tenant by Landlord. Notwithstanding the provisions of this Section 20.1, includinga default shall not be deemed to have occurred if Tenant shall fail to comply with any term, without limitationprovision or covenant of this Lease, Basic Rent and Additional Rent; or (ii) If Tenant fails to perform any other than payment of its other obligations hereunder fixed monthly rent or additional rent, if such failure is cured or removed within thirty (30) days after written notice is given to Tenant by Landlord setting forth the nature of any such failure has been given by Landlord; or (iii) If Tenant abandons the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; or (iv) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effectdefault, or under any similar law, or files for a petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall default which cannot be dismissedcured with such period, discharged or denied within sixty (60) days after the filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term of this Lease and all costs and commissions provided or permitted by law, together with the unamortized cost of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith shall commence to remove or cure the same within such 30-day period and with continuity shall diligently and expeditiously proceed to complete the curing cure or removal thereof. SECTION 20.2 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 provision of this Article XX shall operate as a notice to quit, and any other notice to quit or notice of Landlord’s intention to re-enter the Premises is hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of the Commonwealth of Virginia, 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 the Landlord to be done and performed shall cease without prejudice, however, to the right of Landlord to recover from Tenant all rent and other sums accrued up to the time of termination or recovery of possession by Landlord, whichever is later. Whether or not this Lease is terminated by reason of Tenant’s default, the Premises may be relet by Landlord for such rent and upon such terms as Landlord deems reasonable under the circumstances and, if the full rental provided herein plus the costs, expenses and damages described below shall not be realized by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiency in all cases fixed and additional rent, reasonable attorney’s fees, brokerage fees, and the expenses of placing the Premises in first-class rentable condition. 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 relettings, or, at Landlord’s option, may be deferred until expiration of the Lease Term, in which event Tenant hereby agrees that the default is completely cured with ninety (90) days after such written notice, and if cause of action shall not so cured within such 90-day period then Landlord shall be fully empowered deemed to exercise any right, power or remedy hereunder.have accrued until the date of expiration of the Lease Term. The provisions contained in this Section

Appears in 1 contract

Sources: Lease Agreement (Global Secure Corp.)

Default by Tenant. The following occurrences are each an “Event of Default”: (a) Each of the following shall constitute an event of default (an "Event of Default") hereunder: (i) If Tenant fails to pay within five when due any installment of Base Rent or payment of Additional Rent to Landlord and such failure continues for ten (510) days Business Days after ▇▇▇▇▇▇’s receipt of written notice all amounts due hereunder, including, without limitation, Basic Rent and Additional Rent; oror demand from Landlord; (iib) If Tenant fails to perform pay when due any Additional Rent to a third party and such failure continues for ten (10) Business Days after ▇▇▇▇▇▇’s receipt of its other obligations hereunder within thirty (30) days after written notice of any or demand from such failure has been given by third party or Landlord; or; (iiic) If This Lease or ▇▇▇▇▇▇’s interest herein is taken upon execution or by other process of law directed against ▇▇▇▇▇▇, or is taken upon or subjected to any attachments by any creditor of Tenant abandons or claimant against Tenant and the Premises or without having given prior written notice to Landlord either vacates the Premises or removes therefrom all or substantially all of attachment is not discharged within ten (10) Business Days after its property; orlevy; (ivd) If Tenant files a petition commencing a voluntary case under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law, or files a petition in bankruptcy or insolvency or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition under the Federal Bankruptcy Code (Title 11 bankruptcy laws of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication insolvency act of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court and shall not be dismissed, discharged or denied within sixty (60) days after the filing thereofstate, or if Tenant shall consent is dissolved, or acquiesce in the filing thereof; or (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If Tenant shall make makes an assignment for the benefit of creditors; (e) Involuntary proceedings under any bankruptcy laws or insolvency act or for the dissolution of Tenant are instituted against Tenant or 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 forty-five (45) Days after institution or appointment; (f) Tenant fails to perform or comply with (or, in the event of a permitted sublease, to cause to be performed or complied with) any of the other agreements, terms, covenants, or shall admit in writing its inability to pay its debts, generally as they become due. (b) If Tenant commits an Event of Default hereunder, then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ to recover all unpaid Rent and all Rent for the unexpired Term conditions of this Lease and all costs and commissions such failure continues for a period of twenty (20) Business Days (or such other period as may be expressly provided or permitted by law, together with the unamortized cost under this Lease) after notice of the improvements to the Premises performed by Landlord or reimbursed by such failure from Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all or if such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and failure is of such a nature that it Tenant cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured same within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.twenty

Appears in 1 contract

Sources: Lease Agreement

Default by Tenant. (a) Each Any one or more of the following shall constitute be deemed to be an event of default (an "Event of Default"Default (herein so called) hereunderby Tenant under this Lease: (i) If A. Tenant fails shall fail to pay within five to Landlord as and when due any installment of rent or any other payment hereunder for a period of ten (510) days after written notice all amounts due hereunderto Tenant of such failure; B. Tenant shall fail to comply with any term, includingprovision, without limitationor covenant of this Lease, Basic Rent other than the payment of rent or other monetary payment required pursuant to this Lease, and Additional Rent; or (ii) If Tenant fails to perform any of its other obligations hereunder the failure is not cured within thirty (30) days after written notice of any such to Tenant or if the failure has been given by Landlord; or cannot be cured within thirty (iii30) If days and Tenant abandons fails to commence and diligently pursue curing the Premises or without having given prior written notice failure within the thirty (30) days to a conclusion reasonably satisfactory to Landlord either vacates the Premises or removes therefrom all or substantially all of its property; orwithin a reasonable time after Such notice; (iv) If C. Tenant files shall file in any court a petition commencing a voluntary case for relief under the Federal Bankruptcy Code (Title 11 of the United States Bankruptcy Code 11 U.S.C. Sections 101, et seq. (the "Code"), as now or hereafter in effect, or under any similar law, or files a ; D. An involuntary petition in bankruptcy or for reorganization or for an arrangement pursuant to any state bankruptcy law or any similar state law; or (v) If an involuntary case against Tenant as debtor is commenced by a petition relief under the Federal Bankruptcy Code (Title 11 of the United States Code), as now or hereafter in effect, or under any similar law; or a petition or answer proposing the adjudication of Tenant as a bankrupt or its reorganization pursuant to any state bankruptcy law or any similar law shall be filed in any court against Tenant, and such petition shall not be denied, dismissed, discharged or denied withdrawn within sixty one hundred twenty (60120) days after the date of filing thereof, or if Tenant shall consent or acquiesce in the filing thereof; or; (vi) If a custodian, receiver, trustee or liquidator of Tenant or of all or substantially all of Tenant's property or of the Premises shall be appointed in any proceedings brought by Tenant; or if any such custodian, receiver, trustee or liquidator shall be appointed in any proceedings brought against Tenant and shall not be discharged within sixty (60) days after such appointment; or if Tenant shall consent to or acquiesce in such appointment; or (vii) If E. Tenant shall make an assignment for the benefit of creditors; F. A receiver shall be appointed for any properly of Tenant by order of a court of competent jurisdiction in a judicial case or proceeding commenced by Tenant; G. A receiver shall be appointed for any property of Tenant by order of a court of competent jurisdiction in a judicial case or proceeding commenced against Tenant, and such receivership shall not be dismissed or withdrawn within one hundred twenty (120) days from the date of such appointment; H. A trustee, receiver, or shall admit in writing its inability to pay its debtsagent under applicable law or under a contract, generally as they become due. (b) If Tenant commits an Event or other "custodian" within the meaning of Default hereunderSection 101(11), then Landlord will have the right to do once or more often any one or more of the following: (i) declare due and payable and ▇▇▇ Code, is appointed by a court having lawful jurisdiction or authorized to recover all unpaid Rent and all Rent take charge of property of Tenant for the unexpired Term purpose of this Lease and all costs and commissions provided enforcing a lien against such property or permitted by law, together with for the unamortized cost purpose of general administration of such property for the benefit of Tenant's creditors; or I. Tenant or its trustee shall "reject" within the meaning of Section 365 of the improvements to the Premises performed by Landlord or reimbursed by Landlord to Tenant under the Work Letter. In the event Landlord has granted Tenant any concessions in the making of this lease (including, by way of illustration and not limitation, free Basic Rent, excess Tenant improvement allowances, moving allowances or other payments or credits to or on behalf of Tenant, collectively, "Concessions") all such Concessions shall be due and payable in full to Landlord and collectible as Rent, notwithstanding any other provision herein or in any Rider hereto to the contrary. (ii) declare this Lease ended; (iii) lease all or any part of the Premises to any other person with or without first altering the same; and (iv) regain possession through summary dispossess proceedings or through any other lawful manner. (c) If a default by Tenant not involving the payment of money occurs and is of such a nature that it cannot reasonably be cured within thirty (30) days after written notice as aforesaid, Landlord will not exercise any right, power or remedy hereunder so long as Tenant is proceeding with due diligence, in good faith and with continuity to complete the curing of such default, provided in all cases that the default is completely cured with ninety (90) days after such written notice, and if not so cured within such 90-day period then Landlord shall be fully empowered to exercise any right, power or remedy hereunder.Code:

Appears in 1 contract

Sources: Lease Agreement (E Z Serve Corporation)