Common use of Default by the Lessee Clause in Contracts

Default by the Lessee. If (a) the Lessee defaults in the payment of the Rent or any additional charge or cost to be paid by the Lessee as provided in this Lease and such default shall continue uncorrected for a period of five (5) days after written notice, or (b) the Lessee defaults in the performance and observance of any of the terms and conditions of this Lease to be performed or observed by the Lessee and such default shall continue uncorrected for a period of thirty (30) days after written notice, or (c) any execution, attachment, or other order of court shall be issued upon or against the interest of the Lessee in this Lease and shall continue for a period of thirty (30) days after written notice, then and in any such event, interest shall accrue on all monetary obligations owed under this Lease at the lesser of the prime rate of BancorpSouth Bank (or its successor) plus four percent (4%), or the maximum rate permissible by law, and in addition to any and all rights and remedies allowed by law and equity, the Lessor may terminate this Lease with written notice to the Lessee.