Default. 16.1 Rights o(c)f the Landlord (a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned. (b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated. (c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord. (d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Industrial Lease (Above Food Ingredients Inc.), Industrial Lease (Above Food Ingredients Inc.)
Default. 16.1 Rights o(c)f the Landlord
(a) The Any failure by Tenant to observe and perform any provision of the Lease other than Paragraph 5, to be observed or performed by Tenant, where such failure continues for thirty (30) days after written notice thereof by Landlord will to Tenant shall be entitled deemed an Event of Default: provided, however, that if such failure is not reasonably susceptible of cure within said thirty (30) day period (financial inability of Tenant excepted) such failure shall not constitute an Event of Default as long as Tenant commences to re-enter cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion. Any Notice of Default hereunder shall specify the Leased default and the applicable Lease provisions, and shall demand that Tenant perform the provisions of the Lease or pay the Rent that is in arrears, as the case may be. within the applicable period of time. No such notice shall be deemed a forfeiture or termination of the Lease provided Tenant cures the default within the applicable period of time. Failure to specify default in any other Lease provision in said Notice of Default, shall not be deemed a waiver of any other default provision.
(b) In the event of the occurrence of an Event of Default (as defined in this Lease) by Tenant, then Landlord, in addition to any other rights and remedies of Landlord at law or in equity, shall have the right either to terminate Tenant's right to possession of the Premises and thereby terminate this Lease or to have this Lease continue in full force and effect with Tenant at all times having the right to possession of the Premises. Should Landlord elect to terminate Tenant's right to possession of the Premises and terminate this Lease, then Landlord shall have the immediate right to entry and may remove all persons and property from the Leased Premises and the Premises. Such property may be sold or disposed of by the Landlord as it considers advisable or so removed may be stored in a public warehouse or elsewhere at the cost and for the account of Tenant. Upon such termination, Landlord, in addition to any other rights and remedies available at law or in equity, shall have the right to recover from Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned's.
(bi) The Landlord may without notice re-enter and take possession worth at the time of award of all unpaid rent which had been earned at the time of termination;
(ii) The worth at the time of award of the Leased Premises as though amount by which all unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant or any occupant or occupants proves could have been reasonably avoided;
(iii) The worth at the time of award of the Leased Premises was or were holding over amount by which all unpaid rent for the balance of the term of this Lease after the expiration time of award exceeds the amount of such rental lose that Tenant proves could be reasonably avoided; and
(iv) All other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom. The "worth at the time of award" of the Term amounts referred to in clauses (i) and (ii) above shall be computed by allowing latest at the maximum annual interest rate allowed by law for business loans (not primarily for personal, family or household purposes) not exempt from the usury law at the time of termination or, if there is no such maximum annual interest rate, at the Prime Rate charged on such termination date plus four (4) percentage points. The "worth at the time of award" of the amount referred to in clause (iii) above shall be 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 (1%) per annum. For the purpose of determining unpaid rent under clauses (i), (ii) and (iii) above, such unpaid rent shall be the Monthly Rent and additional rent payable by Tenant in accordance with all of the provisions of this Lease, including, without any right whateverlimitation, provisions pertaining to the increase of such Monthly Rent and additional rent from time to time during the term of this Lease and the Term will be terminatedLease.
(c) If Should Landlord, following any breach or default of this Lease by Tenant, elect to keep this Lease in full force and effect, for so long as Landlord does not terminate Tenant's right to possession of the Premises (notwithstanding the fact Tenant may have abandoned the Premises), then Landlord, besides all other rights and remedies Landlord elects may have at law or in equity, shall have the right to re-enter enforce all of Landlord's rights and remedies under this Lease, including but not limited to the Leased right to recover the installments of rent as they become due under this Lease. Notwithstanding any such election to have this Lease remain in full force and effect, Landlord may at any time thereafter elect to terminate Tenant's right to possession of said Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either and thereby terminate this Lease for any previous breach or it may default which remains uncured, or for any subsequent breach or default. For the purposes of Landlord's right to continue this Lease in effect upon Tenant's breach or default, acts of maintenance or preservation or efforts of Landlord to relet the Premises, or the appointment of a receiver on the initiative of Landlord to protect its interest under this Lease does not constitute a termination of Tenant's right to possession.
(d) In the event Landlord elects, upon default of this Lease by Tenant, to keep this Lease in full force and effect, Landlord may, from time to time, without terminating this Lease, as agent of time sublet the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them thereof for the such term or terms (which may be for a term extending beyond the Term) and at a such rent and upon those such other terms, covenants and conditions which the terms as Landlord in its reasonable discretion considers advisablemay deem advisable with the right to make alterations and repairs to the Premises; provided, however, nothing herein shall diminish Landlord's rights pursuant to subparagraph 24(b). Upon each relettingsuch subletting (i) Tenant shall be immediately liable to pay to Landlord, the Rent received by the Landlord from the reletting, will be applied first in addition to the payment of any indebtedness other than Rent rent due under this Lease from hereunder, the Tenant to the Landlord; second to the payment coat of any costs such subletting and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the such alterations and repairs; third , incurred by Landlord, and the amount by which the rent hereunder for the period of such subletting (to the extent such period does not exceed the term hereof) exceeds the amount agreed to be paid as rent for the Premises for such period of such subletting; or (ii) at the option of Landlord, rents received from such subletting shall be applied; first, to payment of Rent indebtedness other than rent due hereunder from Tenant to Landlord; second, to payment of coats of such subletting and of such alterations and repairs: third, to payment of rent due and unpaid under this Lease; hereunder: and the residue, if any, will shall be held by the Landlord and applied as in payment of future Rent rent as it the same becomes due under this Leasehereunder. If the Rent Tenant has been credited with any rent to be received by such subletting under option (i), and such rent shall not be promptly paid to Landlord by such subtenant(s), or if such rent received from the reletting such subletting under option (ii) during any month is be less than that to be paid during that month by the Tenant under this Leasehereunder, the Tenant will shall pay the deficiency, which will any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly in advance on or before the first (1st) day of each monthmonthly. No re-entry or taking possession of the Leased Premises by the Landlord will Landlord, shall be construed as an election on its part to terminate this Lease unless a written notice of that such intention is be given to the Tenant. Despite Notwithstanding any reletting such subletting without termination, the Landlord may at any time afterwards thereafter elect to terminate this Lease for the such previous breach. If At Landlord's option and application, a receiver for Tenant shall be appointed to take possession or the Premises and to exercise Landlord at 'a right to sublet the Premises for Tenant and to apply any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover rent collected from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordas provided herein.
(de) The full amount As used in this Paragraph 24, the one half (1/2) of the current month’s instalment of Minimum Rent and Additional Rent together with the next three "excess rent" (3as defined in Paragraph 13(c)) months’ instalments of Minimum Rent and Additional Rentthat is payable to Landlord shall not be deemed, all of which in any way, to offset Landlord's damages herein. Landlord's damages, however, will be deemed offset, as provided in this Paragraph 24, to be accruing on a daythe extent that Landlord collects (so provided in Paragraph 13(c)) the one-to-day basis, will immediately become due and half (1/2) of "excess rent" that is otherwise payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsto Tenant under Paragraph 13(c).
Appears in 2 contracts
Sources: Lease (Montgomery Realty Group Inc), Lease (Montgomery Realty Group Inc)
Default. 16.1 Rights o(c)f In the event Tenant shall be in default in the payment of rent for more than three days (after notice of such default in writing, in accordance with Florida Statutes) or if Tenant shall continue in default in the observance or performance of any of the terms, covenants and conditions hereof after 15 days notice of such default in writing (via certified mail), Landlord, with legal process, may:
(a) The Landlord will be entitled to re-enter a. Treat this Lease as terminated and resume possession of the Leased Demised Premises and remove all persons and property from the Leased Premises Demised Premises, and the store such property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost of and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.; or
(b) The Landlord may without notice re-enter and take b. Retake possession of the Leased Demised Premises as though for the account of Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises Demised Premises, or any part of them thereof, for the such term or terms (which may be for a term extending beyond the Term) and at a rent such rental and upon those such other terms, covenants terms and conditions which as the Landlord may deem advisable, in its discretion considers advisable. Upon each reletting, which event the Rent rents received by the Landlord from the reletting, will reletting shall be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant such expense as Landlord may be put to the Landlord; second in reentering, and then to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes to become due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the balance, if any shall be paid over to Tenant, who shall remain liable for any deficiency; or
c. Stand by and do nothing and shall have the right to ▇▇▇ Tenant will pay as each installment of rent matures, or accelerate the deficiency, which will be calculated balance of installments due and paid monthly in advance ▇▇▇ on or before the first (1st) day of each monthsame. No re-entry such reentry or taking possession of the Leased Demised Premises by the Landlord will shall be construed as an election on its part to terminate this Lease Lease, unless a written notice of that such intention is be given to Tenant, or unless the Tenanttermination thereof be decreed by a court of competent jurisdiction. Despite Notwithstanding any such reletting without terminationtermination Landlord may, the Landlord may at any time afterwards thereafter, elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, and in addition to any other remedies it may have, it may recover from the Tenant all damages that it incurs may incur by reason of the such breach including the costs cost of recovering the Leased Demised Premises. Any remedy that Landlord may pursue, solicitors’ fees (on a substantial indemnity basis) as described in Subsections a, b, and including c above, shall be subject to and taken in accordance with the worth at the time applicable requirements and provisions of Chapter 83 of the termination, Florida Statutes. In the event Tenant defaults or breaches any of the excessterms, if anyconditions or promises of Tenant herein contained, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant Landlord is put to the Landlordnecessity of employing an attorney in order to collect any sum or sums of money which may be due by reason of such default, or otherwise take such steps or legal action as may be necessary to enforce such terms, conditions or promises, then Tenant agrees to pay a reasonable attorney's fee, paralegal, legal assistant and similar fees and court costs and expenses in connection therewith whether for negotiation, trial, appeal or bankruptcy representation.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Default. 16.1 Rights o(c)f In the Landlord
(a) The event that Tenant defaults on any of the covenants or ------- provisions contained in this Lease, Landlord will shall give Tenant written notice of such default and 10 days' opportunity to cure in the case of a monetary default or 30 days opportunity to cure in the case of a non-monetary default, provided that if such default cannot reasonably be entitled cured within a 30 day period and if Tenant has commenced and is diligently proceeding to cure such default, Tenant shall be given a reasonable period of time to cure such default. If any such default remains uncured after the aforesaid time period, then Landlord at its election may terminate this Lease or terminate Tenant's right to possession only, without terminating the Lease. Upon termination of this Lease or Tenant's right of possession, Landlord may re-enter the Leased Premises without process of law and remove all persons, fixtures, and property from therefrom, and Landlord shall not be liable for any damages resulting therefrom. Upon the termination of the Lease, or upon termination of Tenant's right of possession without termination of the Lease, the Tenant shall surrender possession and vacate the Leased Premises immediately, and deliver possession thereof to the Landlord, and hereby grants to Landlord the full and free right to enter upon the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of repossess the Leased Premises as though Landlord's former estate and to expel or remove the Tenant and any others who may be occupying or any occupant or occupants of within the Leased Premises was without relinquishing the Landlord's rights to rent or were holding over after any other right given to Landlord hereunder or by operation of law. In the expiration event that Tenant breaches any of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, provisions or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating covenants of this Lease, Landlord shall be entitled to recover as agent of the Tenantdamages, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a all rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately sums due and payable by Tenant as well as the Tenant to the Landlord.
(d) The full amount cost of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed performing any covenants to be accruing on performed by Tenant. Furthermore, Landlord shall be entitled to recover any court costs or attorney's fees incurred as a day-to-day basis, will immediately become due result of Tenant's breach. The rights and payable as accelerated Rent, and remedies of Landlord under this Lease are cumulative. The exercise or use of any one or more thereof shall not bar the Landlord may immediately distrain for that accelerated Rent together with from exercise or use of any arrearsother right or remedy provided herein or otherwise provided by law, nor shall the exercise nor the use of any right or remedy by Landlord waive any other right or remedy.
Appears in 2 contracts
Sources: Building Lease (Privatebancorp Inc), Building Lease (Privatebancorp Inc)
Default. 16.1 Rights o(c)f The following shall constitute a default under the Landlordterms hereof:
(a) The In case Tenant fails to pay the rents herein reserved within ten days of due date, Landlord will may ▇▇▇ for the same or recover possession by summary proceedings, or otherwise, and if possession be entitled to recaptured for non-payment of rent, whether by summary proceedings or not, Tenant shall be liable for the difference between the rents herein reserved for the remainder of the term, plus the expense of re-enter the Leased Premises and remove all property from the Leased Premises rental and the property may be sold or disposed expense of procuring possession, less the rents actually received by the Landlord as it considers advisable or during the remainder of the term, herein provided, and suit may be stored in a public warehouse or elsewhere at the cost and brought for the account of the Tenant, all without service of notice rent or resort to legal process and without damages for each month if the Landlord being guilty of trespass so desires. The Tenant expressly waives any right or being liable for redemption that the Tenant might have under any loss or damage which may be occasionedapplicable law.
(b) The In the event that the Tenant shall vacate or abandon the said Demised Premises during the term hereof, the whole sum to be paid as rental throughout the entire term of this lease shall immediately become due and payable, and the Landlord may without notice also at its option re-enter upon the said Demised Premises and take possession re-let the same, and it is expressly agreed that the Tenant shall not be entitled to credit for the rents so received until the whole sum due from the Tenant to Landlord, including damages, expenses, attorney's fees, cost of alterations and repairs as herein provided shall have been fully paid, and nothing in this paragraph shall be deemed to have waived any other right or remedy of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminatedLandlord.
(c) If In order to more effectively secure to the Landlord elects to re-enter the Leased Premises rent and other terms herein provided, it is agreed as provided a further condition of this lease that the filing of any petition in this Articlebankruptcy, or if it takes possession pursuant assignment for the benefit of creditors by or against the Tenant shall be deemed to legal proceedings or pursuant to any notice provided for by Lawconstitute a breach of this lease, it may either terminate this Lease or it may from time to time, and thereupon ipso facto and without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises entry or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received action by the Landlord from the relettingthis lease shall become and be terminated, will be applied first to the payment and notwithstanding any other provisions of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by lease the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that shall forthwith upon such termination be entitled to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly recover damages for such breach in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part amount equal to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under the rent reserved in this Lease lease for the remainder residue of the stated Term over term hereof, less the then reasonable fair rental value of the Leased Demised Premises for the remainder residue of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordsaid term.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three Except for defaults provided above in "(3) months’ instalments of Minimum Rent and Additional Renta)", all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent"(b)", and the Landlord may immediately distrain for that accelerated Rent together with any arrears."
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold Any act or disposed of omission by the Landlord as it considers advisable Subtenant that would constitute a breach or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month default by the Tenant under the Lease shall constitute a default on the part of Subtenant hereunder. In addition, Sublandlord shall have the right to declare a default under this Sublease in the event Subtenant fails to perform or violates any covenant or condition set forth herein. In the event of any breach or default by Subtenant hereunder or under the Lease, the Tenant will pay the deficiency, which will be calculated Sublandlord shall have each and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession all of the Leased rights and remedies afforded Landlord under the Lease. In addition to the rights or remedies afforded Landlord under the Lease, Sublandlord shall have the right, but not the obligation, (i) to cure any such breach or default by Subtenant (and enter upon the Premises in connection therewith if necessary), without being liable for damages, and Subtenant shall thereupon be obligated to reimburse Sublandlord immediately upon demand for all costs (including costs of settlements, defense, court costs and attorneys’ fees) that Sublandlord may incur in effecting the cure of such breach or default, plus interest thereon at the rate of ten percent (10%) per annum; (ii) terminate this Sublease and Subtenant’s interest in the Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a giving Subtenant written notice thereof, in which event Subtenant shall pay to Sublandlord the sum of that intention is given (a) all Rent accrued hereunder through the date of termination, and (b) an amount equal to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of total Rent and charges equivalent to Rent that Subtenant would have been required to be paid under this Lease pay for the remainder of the stated Term over Term; (iii) terminate Subtenant’s right to possess the then reasonable rental value Premises without terminating this Sublease by giving written notice thereof to Subtenant, in which event Subtenant shall pay to Sublandlord (1) all Rent and other amounts accrued hereunder to the date of the Leased Premises for termination of possession, (2) all amounts due from time to time under this Sublease, and (3) all Rent and other net sums required hereunder to be paid by Subtenant during the remainder of the stated Term. All of , diminished by any net sums thereafter received by Sublandlord through reletting the mentioned amounts will be immediately due Premises during such period, after deducting all costs incurred by Sublandlord in reletting the Premises and payable by the Tenant (iv) to the Landlordhave any and all rights and remedies now or hereafter afforded a landlord under applicable law.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Default. 16.1 Rights o(c)f the Landlord
(a) The In the event Tenant fails to pay any rental due hereunder or fails to keep and perform any of the other material terms or conditions hereof, or otherwise breaches this Lease or defaults hereunder, time being of the essence, or in the event of the taking by execution or judgment or other process of law of all or any part of the Tenant's interest in this Lease, then ten (10) days after receipt of written notice of default from Landlord, Landlord will be entitled may, if such default has not been corrected, resort to re-any and all legal remedies or combination of remedies which Landlord may desire to assert including, but not limited to one or more of the following: (1) lock the doors of the Leased Premises and exclude Tenant therefrom; (3) enter the Leased Premises and remove all persons and property from therefrom; (4) declare this Lease at an end and terminated; (5) sue ▇▇▇ the rent due and to become due under this Lease; (6) sue ▇▇▇ any damages sustained by Landlord; and (7) continue this Lease in effect and relet the Leased Premises on such terms and the property conditions as Landlord may be sold or disposed of by the Landlord as it considers deem advisable or may be stored in a public warehouse or elsewhere at the cost and with Tenant remaining liable for the account Base Monthly Rent and other sums due hereunder plus the reasonable cost of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take obtaining possession of the Leased Premises as though the Tenant or and of any occupant or occupants of repairs and alterations necessary to prepare the Leased Premises was or were holding over after the expiration of the Term without any right whateverfor reletting, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent cost of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession action of the Leased Premises by the Landlord will shall be construed as an election on its part to terminate this Lease unless a written notice of that such intention is be given to the Tenant. Despite any reletting without termination, No payment by Tenant or receipt by Landlord of a lesser amount than the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Monthly Base Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately other sums due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will hereunder shall be deemed to be accruing other than on a day-to-day basisaccount of the earliest rent or other sums due, will immediately become due nor shall any endorsement or statement on any check or accompanying any check or payment be deemed an accord and payable as accelerated Rent, satisfaction; and the Landlord may immediately distrain for that accelerated Rent together with accept such check or payment without prejudice to Landlord's right to recover the balance of such rent or other sum or pursue any arrears.other remedy provided in this Lease. Notwithstanding the foregoing to the contrary, the abandonment of the Leased
Appears in 2 contracts
Sources: Lease (Integrated Information Systems Inc), Lease (Integrated Information Systems Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The If Tenant shall fail to pay rent or any other sum payable to Landlord will hereunder when due, or if Tenant shall fail to perform or observe any of the other covenants, terms or conditions contained in this Lease, or if any of the events specified in Section 15 occur, or if Tenant vacates or abandons the Demised Premises during the Term hereof or removes or manifests an intention to remove any of Tenant’s goods or property therefrom other than in the ordinary and usual course of Tenant’s business, then and in any of said cases (notwithstanding any former breach of covenant or waiver thereof in a former instance). Tenant shall have committed a default under the Lease (“Default”). In such event, Landlord, in addition to all other rights and remedies available to Landlord by law or equity or by any other provisions hereof, may at any time thereafter:
(i) declare to be entitled immediately due and payable, a sum equal to re-enter the Leased Premises Accelerated Rent Component (as hereinafter defined), and remove all property from Tenant shall remain liable to Landlord as hereinafter provided; and/or
(ii) whether or not Landlord has elected to recover the Leased Premises Accelerated Rent Component, terminate this Lease on at least five (5) days written notice to Tenant and, on the date specified in said notice, this Lease and the property may be sold or disposed Term hereby demised and all rights of by Tenant hereunder shall expire and terminate and Tenant shall thereupon quit and surrender possession of the Demised Premises to Landlord in the condition elsewhere herein required and Tenant shall remain liable to Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedhereinafter provided.
(b) The Landlord may without notice re-enter and take possession of For purposes herein, the Leased Premises as though “Accelerated Rent Component” shall mean the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.aggregate of:
(ci) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a all rent and upon those other termscharges, covenants and conditions which the Landlord in its discretion considers advisable. Upon each relettingpayments, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third due from Tenant to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth arrears at the time of the termination, election of Landlord to recover the Accelerated Rent Component:
(ii) the Annual Base Rent reserved for the then entire unexpired balance of the excess, if any, Term of this Lease (taken without regard to any early termination of the amount Term by virtue of Rent any Default), plus all other charges, payments, costs and charges equivalent to Rent required expenses herein agreed to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant up to the end of said Term which shall be capable of precise determination at the time of Landlord.
(d) The full amount of ’s election to recover the current month’s instalment of Minimum Accelerated Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.Component; and
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f In the event Tenant shall default in the prompt payment of rent when same is due, or fail to perform any of the provisions of this lease, or in the event Tenant shall abandon the premises, or leave them vacant, Landlord
(a) The Landlord will be entitled to , without further notice, may re-enter the Leased Premises premises by summary proceedings, or by force, without being liable for prosecution therefore. Landlord may also take possession of said premises, and remove all persons or property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverthere from, and may elect to either cancel this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Articlelease, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for premises and receive the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisabletherefore. Upon each reletting, the Rent received by the Landlord from the reletting, will Such rent shall be applied first to the expenses incurred by Landlord in entering and reletting, and then to the payment of any indebtedness other than Rent due under this Lease lease. Tenant shall remain liable for any deficiency in the total amount due under said lease. Tenant’s absence from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease premises for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments consecutive days while all or any portion of Minimum Rent rent is delinquent, shall be deemed an abandonment of the premises. If Tenant otherwise violates the terms of this lease, Landlord may terminate Tenant’s right of occupancy by giving three (3) day’s notice in writing. Landlord shall specifically have the right to institute and Additional Rentmaintain the statutory suit of Forcible Entry and Detainer in the proper Court, and obtain a writ for possession thereby. In addition to all other remedies provided herein, ▇▇▇▇▇▇ agrees to compensate Landlord for all reasonable expenses necessary to enforce this lease and to collect the rental or damages for breach of this lease, including, but not limited to, all of which will be deemed court costs and reasonable attorney’s fees incurred in connection therewith. Landlord shall have the right to be accruing on a day-to-day basis, will immediately become due enter the premises at all reasonable hours to examine same or to make repairs and payable as accelerated Rentto show the premises to prospective tenants or purchasers. Landlord and Realtor hereby disclaim any Warranty or Habitability covering the premises, and Tenant hereby knowingly, voluntarily, and for consideration, waives any such warranty of habitability, it being expressly agreed and understood that Tenant has inspected the premises and has accepted it “As is,” in its present condition as habitable, fit for living and suitable for Tenant’s purposes. Tenant expressly further agrees that Landlord shall have no duty or obligation whatsoever, unless otherwise specified herein, to make any subsequent repairs to the premises, or any part thereof, during the term of this lease that affect or may immediately distrain for affect the habitability of the premises or the physical health or safety of Tenant, whether or not the premises later become in a state of disrepair by reason of ordinary wear and tear or otherwise. Tenant expressly acknowledges and understands that accelerated Rent together with any arrearsthe rental negotiated by the parties hereto takes into account that the premises are being rented in “As is” present condition.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will Unless an Event of Default shall have occurred and be entitled continuing, the Collateral Agent shall not be obligated to re-enter take any action under this Agreement or any of the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and Security Documents, except for the account performance of the Tenant, all without service of notice such duties as are specifically set forth herein or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedtherein.
(b) The Landlord If any Event of Default shall have occurred and be continuing with respect to CL&P or WMECO, the Collateral Agent shall, at the request of, or may without notice re-enter and take possession with the consent of, the Lenders entitled to make such request, exercise in respect of the Leased Premises as though Collateral FMBs of such Borrower, in addition to other rights and remedies provided for herein or otherwise available to it, all the Tenant rights and remedies available to the Collateral Agent under the applicable Security Documents and under the other Loan Documents or any occupant or occupants of otherwise available to the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminatedCollateral Agent.
(c) If Subject to paragraph (e) below, the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent rights and remedies of the Tenant, make those alterations Collateral Agent with respect to CL&P and repairs which are necessary in order to relet WMECO shall include (without limitation of the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) other rights and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first remedies available to the payment of any indebtedness other than Rent due Collateral Agent under this Lease from the Tenant Loan Documents or otherwise available to it), (i) the Landlord; second right to the payment of any costs and expenses cause all or a portion of the reletting Collateral FMBs (including brokerage fees and solicitors’ fees and the costs without limitation all accrued interest thereon) of the alterations and repairs; third such Borrower to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be become immediately due and payable, (ii) the right to collect all amounts payable by such Borrower under the Tenant Collateral FMBs for the benefit of the Lenders, and (iii) the right to exercise all rights and remedies of a "holder" of a Collateral FMB under the Landlordapplicable First Mortgage Indenture of such Borrower.
(d) The full amount Notwithstanding any written instructions received by the Collateral Agent pursuant to paragraph (b) above, and except as expressly provided in the Credit Agreement, the Collateral Agent shall not release any Collateral or portion thereof or lien thereon without the consent of the current month’s instalment Lenders.
(e) It is understood that the actual indebtedness of Minimum Rent and Additional Rent together with any Borrower evidenced by the next three (3) months’ instalments Collateral FMBs of Minimum Rent and Additional Rent, all of which will such Borrower shall be deemed to be accruing on a day-limited to-day basis, will immediately become due and payable as accelerated Rent, and in no event exceed, the Landlord may immediately distrain for Secured Obligations of such Borrower from time to time outstanding; that accelerated Rent together with at no time shall any arrearsclaim be made on the Collateral FMBs of such Borrower in excess of the aggregate unpaid Secured Obligations of such Borrower outstanding at such time and that, to the extent the actual indebtedness of such Borrower evidenced by the Collateral FMBs of such Borrower exceed the Secured Obligations of such Borrower, neither the Collateral Agent nor any Lender shall have any right under, or right to exercise any right granted to the holders of such excess Collateral FMBs of such Borrower under, the applicable First Mortgage Indenture.
Appears in 2 contracts
Sources: Credit Agreement (Northeast Utilities System), Collateral Agency Agreement (Northeast Utilities System)
Default. 16.1 Rights o(c)f Upon the Landlord
occurrence and during the continuation of any of the following events (“Event of Default”): (a) The Landlord will be entitled the Mortgagor shall fail to re-enter perform or observe any agreement or other obligation to the Leased Premises Mortgagee hereunder and remove all property from such failure is not cured within fifteen (15) days after the Leased Premises and Mortgagee sends written notice to the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
Mortgagor (“Cure Period”) ; (b) The Landlord may without notice re-enter and take possession any of the Leased Premises as though Mortgaged Property shall be sold, mortgaged, transferred, leased or otherwise disposed of without the Tenant or any occupant or occupants of Mortgagee’s prior written consent and such circumstances are not cured within the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
Cure Period; (c) If the Landlord elects Mortgaged Property or any portion thereof shall be damaged, confiscated or appropriated for public use or its value shall be substantially diminished and such circumstances are not cured within the Cure Period; (d) there shall occur an Event of Default under and as defined in the Loan Documents or the Mortgagge shall otherwise become entitled to re-enter realize upon the Leased Premises as provided in this Article, Mortgagged Property under the Loan Documents or if it takes possession pursuant to legal proceedings any other agreement between the Mortagee and the Mortgagor or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to timethe Debtor and the Mortgagee; the Mortgagee may, without terminating this Leaseregard to whether the Indebtedness is then due, as agent immediately foreclose the mortgage created hereunder in accordance with applicable laws and regulations and/or, to the greatest extent permitted by applicable laws, dispose of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises whole or any part of them the Mortgaged Property either at public auction or by private sale. At any such sale the Mortgagee may bid for or purchase the whole or part of the Mortgaged Property so sold without liability to account to the Mortgagor or the Debtor with respect to any subsequent income earned therefrom or the disposal thereof. The Mortgagor hereby expressly agrees and consents that, to the greatest extent permitted by applicable laws, after the occurrence of any Event of Default, the Mortgagee may dispose of the Mortgaged Property by private sale at the then current market value thereof, as determined in good faith by the Mortgagee. The Mortgagor hereby undertakes that it shall (i) cooperate with the Mortgagee and the party or parties which purchase the Mortgaged Property through public auction or by private sale (“the Purchaser”) by executing all documents and filing all applications necessary for the term registration of such Purchaser as owner of the Mortgaged Property and (ii) fulfill any and all obligations arising from or terms (which may be for a term extending beyond in connection with the Term) and at a rent and upon those other terms, covenants and conditions which transfer of the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first Mortgaged Property to the payment Purchaser. The proceeds from any sale of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment Mortgaged Property shall, after deduction of any all costs and expenses incurred by the Mortgagee in making such sale, be applied to the repayment of the reletting including brokerage fees Indebtedness and solicitors’ fees all other obligations, costs and the costs of the alterations and repairs; third expenses owing to the payment of Rent due and unpaid Mortgagee hereunder, under this Lease; and the residueLoan Documents or otherwise, if anywhether or not then due, will and/or may be held in whole or in part by the Landlord and applied as payment Mortgagee pending the expiry of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month contingent liability undertaken by the Tenant Mortgagee for the Mortgagor's or the Debtor's account (“Contingent Obligations”). In the event that such sales proceeds are insufficient to cover all sums due or to become due to the Mortgagee, plus the Mortgagee's potential liability under this Leasethe Contingent Obligations, the Tenant will Mortgagor or the Debtor shall immediately pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, Mortgagee the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordbalance thereof.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Loan Agreement (SemiLEDs Corp), Loan Agreement (SemiLEDs Corp)
Default. 16.1 Rights o(c)f Tenant covenants that if the Landlord
(a) The Landlord will rent reserved by this Lease or any part thereof shall be entitled unpaid when due, or if the premises shall become vacant or actually unoccupied during the term, or if Tenant shall fail to re-enter perform any of the Leased Premises conditions, covenants, provisions and remove all property from the Leased Premises and agreements contained herein, or if a petition in bankruptcy shall be filed by Tenant, or if Tenant shall be adjudged bankrupt or insolvent by any court, or if a receiver or trustee in bankruptcy or a receiver of the property may of Tenant shall be sold appointed in any suit, action or disposed of by the Landlord as it considers advisable proceeding, or may be stored in a public warehouse or elsewhere at the cost and if Tenant shall make an assignment for the account benefit of creditors, or if an execution shall be issued against Tenant, or if Tenant's leasehold interest herein shall be levied upon, or if Tenant's leasehold interest herein shall by operation of law pass to any person other than Tenant, then, in such events, Landlord may, subject to the applicable provisions of the Tenantlaws of the State of North Carolina, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may at its option, without notice re-enter to Tenant or to any assignee, transferee, trustee, receiver or other person or persons, with force or otherwise retake and take recover possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, said premises and terminate this Lease and the Term will be terminated.
(c) If the term herein and hereby granted and demised; or, in each and every such case, Landlord elects at its option without notice to re-enter the Leased Premises as provided in this ArticleTenant, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawassignee, transferee, trustee, receiver or other person or persons, with force or otherwise, may enter said premises and relet the same as it may either terminate see fit, without avoiding or terminating this Lease and for the purpose of such reletting Landlord may make such repairs in or it to said premises as Landlord may deem necessary for the purpose of such reletting, and if a sufficient sum shall not be realized from time such reletting after paying the costs, expenses and charges of such reletting and of the repairs in and to timesaid premises to equal the rent hereinbefore covenanted to be paid by Tenant, without terminating this Leasethen Tenant shall pay any deficiency thereby upon demand therefor and such deficiency shall be considered, construed and taken to be a debt provable in bankruptcy or receivership. On default, as agent herein defined, Landlord shall have the further right to take possession of any furniture or other property on said premises, and to sell the Tenantsame at public or private sale without notice, make those alterations and repairs which are necessary in order to relet apply the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first same to the payment of any indebtedness other than Rent the rent due under this Lease from by these presents, holding the Tenant to liable for the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuedeficiency, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Lease Agreement (Quaker Fabric Corp /De/), Lease Agreement (Quaker Fabric Corp /De/)
Default. 16.1 Rights o(c)f 19.1 If there shall be an Event of Default (even if prior to the LandlordLease Commencement Date), then the provisions of Section 19.2 shall apply.
(a) The 19.2 Landlord will be entitled shall have the right, at its sole option, to terminate this Lease. Landlord may proceed to recover possession of the Premises under applicable Laws, or by such other proceedings, including re-enter the Leased Premises entry and remove all property from the Leased Premises and the property possession, as may be sold applicable. Whether or disposed not this Lease and/or Tenant’s right of by possession is terminated, Landlord shall have the right, at its sole option, to terminate any renewal or expansion right contained in this Lease and to grant or withhold any consent or approval pursuant to this Lease in its sole and absolute discretion. If Tenant is in default under this Lease and has vacated the Premises, and if Landlord has terminated this Lease as it considers advisable a result of such default, then Landlord shall thereafter use reasonable efforts to relet the Premises. Tenant hereby expressly waives, for itself and all persons claiming by, through or may be stored in a public warehouse under it, any right of redemption, re-entry or elsewhere at the cost and for the account restoration of the operation of this Lease under any present or future Law, including any such right which Tenant would otherwise have in case Tenant shall be dispossessed for any cause, or in case Landlord shall obtain possession of the Premises as herein provided. Landlord shall use commercially reasonable efforts to relet the Premises or any part thereof, alone or together with other premises, for such term(s) (which may extend beyond the date on which the Lease Term would have expired but for Tenant’s default) and on such terms and conditions (which may include any concessions or allowances granted by Landlord) as Landlord, in its reasonable discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet all without service or any portion of notice the Premises or resort to legal process and without the Landlord being guilty collect any rent due upon such reletting. Whether or not this Lease and/or Tenant’s right of trespass possession is terminated or being any suit is instituted, Tenant shall be liable for any loss Base Rent, additional rent, damages or damage other sum which may be occasioned.
due or sustained prior to such default, and for all costs, fees and expenses (bincluding reasonable attorneys’ fees and actual, out-of-pocket costs, brokerage fees, expenses incurred in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) The incurred by Landlord may without notice re-enter and take in pursuit of its remedies hereunder and/or in recovering possession of the Leased Premises as though and renting the Premises to others from time to time. Tenant also shall be liable for additional damages in an amount equal to the Base Rent and additional rent due or any occupant or occupants which would have become due from the date of Tenant’s default through the remainder of the Leased Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises was may be rented (other than any additional rent received by Landlord as a result of any failure of such other person to perform any of its obligations to Landlord), which amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default, it being understood that separate suits may be brought from time to time to collect Table of Contents any such damages for any month(s) (and any such separate suit shall not in any manner prejudice the right of Landlord to collect any damages for any subsequent month(s)), or were holding over Landlord may defer initiating any such suit until after the expiration of the Lease Term without any right whatever, (in which event such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and this Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term) and the Term will be terminated.
(c) If the it being further understood that if Landlord elects to re-enter bring suits from time to time prior to reletting the Leased Premises Premises, Landlord shall be entitled to its full damages through the date of the award of damages without regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises. Tenant shall pay all expenses (including attorneys’ fees) incurred by Landlord in connection with or as provided a result of any Event of Default whether or not a suit is instituted. The provisions contained in this ArticleSection 19.2 shall be in addition to, and shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease (including, the right of injunction and the right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings and other remedies were not provided for herein). Nothing herein shall be construed to affect or prejudice Landlord’s right to prove, and claim in full, unpaid rent accrued prior to termination of this Lease. If Landlord is entitled, or if it takes possession pursuant to legal proceedings or Tenant is required, pursuant to any notice provided for by Lawprovision hereof to take any action upon the termination of the Lease Term, it may either terminate then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant’s right of possession.
19.3 All rights and remedies of Landlord set forth in this Lease are cumulative and in addition to all other rights and remedies available to Landlord at law or in equity, including those available as a result of any anticipatory breach of this Lease. The exercise by Landlord of any such right or remedy shall not prevent the concurrent or subsequent exercise of any other right or remedy. No delay or failure by Landlord or Tenant to exercise or enforce any of its respective rights or remedies or the other party’s obligations (except to the extent a time period is specified in this Lease therefor) shall constitute a waiver of any such or subsequent rights, remedies or obligations. Neither party shall be deemed to have waived any default by the other party unless such waiver expressly is set forth in a written instrument signed by the party against whom such waiver is asserted. If Landlord waives in writing any default by Tenant, such waiver shall not be construed as a waiver of any covenant, condition or agreement set forth in this Lease except as to the specific circumstances described in such written waiver.
19.4 Neither the payment by Tenant of a lesser amount than the monthly installment of Base Rent, additional rent or of any sums due hereunder nor any endorsement or statement on any check or letter accompanying a check for payment of rent or other sums payable hereunder shall be deemed an accord and satisfaction. Landlord may accept the same without prejudice to Landlord’s right to recover the balance of such rent or other sums or to pursue any other remedy. Notwithstanding any request or designation by Tenant, Landlord may apply any payment received from Tenant to any payment then due. No re-entry by Landlord, and no acceptance by Landlord of keys from Tenant, shall be considered an acceptance of a surrender of this Lease.
19.5 If Tenant fails to make any payment to any third party or to do any act herein required to be made or done by Tenant, then Landlord may, after written notice to Tenant, but shall not be required to, make such payment or do such act. The taking of such action by Landlord shall not be considered a cure of such default by Tenant or prevent Landlord from pursuing any remedy it may is otherwise entitled to in connection with such default. If Landlord elects to make such payment or do such act, then all expenses incurred by Landlord, plus interest thereon at the Default Rate from the date incurred by Landlord to the date of payment thereof by Tenant, shall constitute additional rent due hereunder.
19.6 If Tenant fails to make any payment of Base Rent, additional rent or any other sum on or before the date such payment is due and payable (without regard to any grace period), then Landlord shall have the right to impose upon Tenant in writing a late charge of five percent (5%) of the amount of such payment. In addition, such payment and such late fee shall bear interest at the Default Rate from the date such payment or late fee, respectively, became due to the date of payment thereof by Tenant. Such late charge and interest shall constitute additional rent due hereunder without any notice or demand; provided, that on one occasion in any 12 month period, no late charge or interest shall accrue provided that Tenant pays the delinquent sum within five (5) business days after Landlord’s written demand.
19.7 As security for the performance of Tenant’s obligations, Tenant grants to Landlord a lien upon and a security interest in Tenant’s existing or hereafter acquired personal property, inventory, furniture, furnishings, fixtures, equipment, licenses, permits and all other tangible and intangible property, assets and accounts, and all additions, modifications, products and proceeds thereof. Such lien shall be in addition to all rights of distraint available under applicable law. Within fifteen (15) days after request from time to time, without terminating this LeaseTenant shall execute, as agent of the Tenant, make those alterations acknowledge and repairs which are necessary in order deliver to relet the Leased Premises Landlord a financing statement and any other document evidencing or any part of them for the term or terms (establishing such lien and security interest which may be requested by Landlord. During the pendency of an Event of Default, Tenant appoints Landlord as Tenant’s attorney-in-fact to execute any such document for Tenant. In addition, Landlord shall have the right, at Landlord’s sole option, to file in any jurisdiction a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment copy of any indebtedness other than Rent due under this Lease from the (as executed by Tenant) as a financing Table of Contents statement. During any period that Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant in default under this Lease, Tenant shall not sell, transfer or remove from the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession Premises any of the Leased Premises by aforementioned tangible property without Landlord’s prior written consent, unless the Landlord will same shall be construed as an election on its part to terminate this Lease unless a written notice promptly replaced with similar items of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordcomparable value.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Dendreon Corp)
Default. 16.1 Rights o(c)f In the Landlord
event Lessee shall fail (a) The Landlord will be entitled to make any rental or other payment due hereunder within five (5) days after the same shall become due, or (b) abandon the Premises during the term hereof, or (c) if Tenant vacates the Premises or ceases to do business in the Premises or is not open for business, or (d) breach or fail to perform any of the agreement herein other than the agreement to pay rent, and shall fail to cure such agreements within ten (10) days after written notice from Lessor, the Lessor, in any such event(s), shall have the option to:
a. ▇▇▇ for rents as they may become due;
b. Terminate this Lease, resume possession of the Premises for its own account and recover immediately from Lessee the difference between the rent for which provision is made in this Lease term, together with any other damage occasioned by or resulting from the abandonment or a breach or default other than a default in the payment of rent; or
c. Resume possession and re-enter lease and re-rent the Leased Premises and remove all property from for the Leased Premises and remainder of the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and Lease term for the account of Lessee and recover from Lessee, at the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession end of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond at the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon time each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it rent becomes due under this Lease. If , as the Rent Lessor may elect, the difference between the rent for which provision are made in this Lease and the rent received on the re-leasing or re-renting, together with all cost and expenses of Lessor in connection with such re-leasing or re-renting and the collection of rent and the cost of all repairs or renovations reasonably necessary in connection with the re-leasing or re-renting, and if this option is exercised, Lessor shall, in addition, be entitled to recover from Lessee immediately any other damages occasioned by or resulting from the reletting during abandonment or a breach or default other than a default in the payment of rent. Landlord’s Remedies. Upon the happening of any month is less than that one or more of the aforementioned defaults, Landlord may elect to be paid during that month by declare the Tenant under this entire rent for the balance of the term of the Lease, or any part thereof, due and payable forthwith without regard to whether or not possession shall have been surrendered to or taken by Landlord, and to bring an action for the Tenant will pay recovery thereof. In the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession event of the Leased Premises by occurrence of one or more of the aforementioned defaults, Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to shall also have the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachright, in addition to any other remedies it may haverights and remedies, it may recover from to terminate this Lease by giving Tenant notice to end the term of this Lease at the expiration of five (5) days after the date of such notice, and this Lease shall cease and expire. Tenant shall surrender Demised Premises to Landlord, notwithstanding such termination, Tenant’s liability and obligation under all damages it incurs by reason provisions of the breach this Lease including the costs obligation to pay Minimum rent, Percentage Rent, its share of recovering Common Area Expenses, contributions to the Leased Premises, solicitors’ fees (on a substantial indemnity basis) Fund and including the worth at the time of the termination, of the excess, if any, of the amount of Rent any and charges equivalent to Rent required to be paid all other amounts due hereunder shall survive and continue. Any and all sums due under this Lease for from Lessee to Lessor and not paid on the remainder of due date shall bear interest from the stated Term over due date at the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable maximum rate allowed by the Tenant to the Landlordlaw until fully paid.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Lease Agreement (Summit Financial Services Group Inc), Lease Agreement (Summit Financial Services Group Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account For Use In All States Except Louisiana. Time is of the Tenantessence hereof and if Borrower defaults in any one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, all without service of notice or resort to legal process any other contract or agreement between Borrower and without Lender or its affiliates or if the Landlord being guilty of trespass Goods are levied upon, or being liable for Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any loss or damage which such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest immediately due and payable and may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Tenant Borrower to assemble the Goods and make it available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any occupant such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or occupants holding Borrower liable for any deficiency; and in consideration of the Leased Premises was or were holding over after the expiration use of the Term Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by law. Lender may accept partial payments of any sum due without any right whatever, and waiving or otherwise modifying the terms of this Lease Agreement and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for waiver by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent Lender of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment breach of any indebtedness other than Rent due under condition of this Lease from the Tenant to the Landlord; second to the payment Agreement shall not constitute a waiver of any costs and expenses subsequent breach whether or not of a like character. In the reletting including brokerage fees and solicitors’ fees and the costs event of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on bankruptcy or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachother insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable income produced by the Tenant Goods prior to the Landlord.
its release to Lender. ADDITIONAL PROVISIONS -- (d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.Continued)
Appears in 2 contracts
Sources: Commercial Loan and Security Agreement (Boyd Bros Transportation Inc), Commercial Loan and Security Agreement (Boyd Bros Transportation Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Purchaser shall default in the performance of Purchaser’s obligations under this Agreement (a “Purchaser Default”), Seller’s sole and exclusive remedy shall be, and Seller shall be entitled entitled, to re-enter retain the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord Deposit as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account full and complete liquidated and agreed damages for Purchaser’s default, and Purchaser shall be released from any further liability to Seller hereunder, except that such provisions contained herein as otherwise expressly survive termination of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedthis Agreement shall survive. SELLER AND PURCHASER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES WHICH SELLER MAY SUFFER UPON A PURCHASER DEFAULT AND THAT THE DEPOSIT REPRESENTS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT THAT SELLER WOULD SUFFER UPON A PURCHASER DEFAULT. SUCH LIQUIDATED AND AGREED DAMAGES ARE NOT INTENDED AS FORFEITURE OR A PENALTY WITHIN THE MEANING OF APPLICABLE LAW.
(b) The Landlord may without If Seller breaches this Agreement and is in default and Seller fails to cure such default within ten (10) days after receipt of written notice re-enter of such default, then then Purchaser shall be entitled, as Purchaser’s sole and take possession exclusive remedies on account of Seller’s default, to either (i) terminate this Agreement and receive a refund of the Leased Premises Deposit, in which event no party shall have any further right or obligations under this Agreement except such rights and obligations as though the Tenant shall expressly survive termination under this Agreement or any occupant or occupants (ii) pursue an action for specific performance of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and Seller’s obligations under this Lease and the Term will be terminatedAgreement.
(c) If In no event shall Seller or Purchaser be liable for consequential damages or extraordinary damages, whether foreseeable or unknown, proximate or remote, whatever the Landlord elects to re-enter the Leased Premises as provided in this Articlenature of a breach by such party of its obligations, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawrepresentations, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other termswarranties, covenants and conditions which indemnifications (irrespective of how the Landlord same may be denominated) under, in its discretion considers advisable. Upon connection with or arising out of this Agreement, and each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease party hereby waives all claims for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordsuch damages.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, This Section 15 shall survive Closing and the Landlord may immediately distrain for that accelerated Rent together with any arrearstermination of this Agreement.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Old National Bancorp /In/), Purchase and Sale Agreement (Old National Bancorp /In/)
Default. 16.1 Rights o(c)f A. Upon the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed occurrence of a material breach by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment Customer of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiencyprovision hereunder, which will be calculated and paid monthly in advance on or before the first is not remedied within thirty (1st30) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a days after SAVVIS provides Customer written notice of that intention is given to thereof, SAVVIS reserves the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachright, in addition to any other remedies it which may havebe available to it, it may recover from to terminate this Agreement and the Tenant all damages it incurs services provided to Customer hereunder. In addition, upon the occurrence of any uncured material breach hereunder by reason Customer, the remaining unpaid balance of the breach including amortized installation charges specified in Exhibit A and thirty-five percent (35%) of the costs cumulative total of recovering the Leased Premises, solicitors’ fees balance of all monthly payments (on a substantial indemnity basis) and including at the worth levels existing at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under Customer’s uncured breach) remaining on this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will Agreement shall immediately become due and payable as accelerated Rentpayable. Notice of monetary default may be sent in any written form allowed pursuant to Section XII. Collection of the amounts specified in this section shall constitute SAVVIS’ sole and exclusive remedy for Customer’s uncured breach of this Agreement, and SAVVIS agrees that it will not seek any additional damages arising from Customer’s uncured breach of this Agreement. Payment of the Landlord above amounts by Customer shall be contingent upon SAVVIS simultaneously executing a release of further liability in a form acceptable to Customer. Subject to the remedies provided for under the SLA which shall be Customer’s sole remedy for SAVVIS’ breach of the SLA, upon the occurrence of a material breach by SAVVIS of any provision hereunder, which is not remedied within thirty (30) days after Customer provides SAVVIS written notice thereof, Customer reserves the right, in addition to any other remedies which may be available to it, to terminate this Agreement upon written notice to SAVVIS with no further liability to SAVVIS other than payment of all amounts due and owing to SAVVIS through the date of such termination inclusive of any credits that apply to Customer.
B. At any time during the term of this Agreement, SAVVIS may, at SAVVIS’ sole option, immediately distrain terminate this Agreement if Customer is not then maintaining the Equipment solely for that accelerated Rent together with any arrearsthe purpose of originating and/or terminating telecommunications transmissions carried over the SAVVIS backbone, hosting area network, or other network providers or as otherwise set forth in Section I of this Agreement.
Appears in 2 contracts
Sources: Co Location Services Agreement (Looksmart LTD), Co Location Services Agreement (Looksmart LTD)
Default. 16.1 Rights o(c)f If and whenever the Rent hereby reserved, or any part thereof, will not be paid on the day appointed for payment thereof, whether demanded or not, or in the case of breach or non-observance or non-performance of any of the covenants, agreements, provisos, conditions, or rules and regulations on the part of the Tenant to be kept, observed, or performed, or in case the Premises will be vacated or remain unoccupied for 5 days, or if, without the written consent of the Landlord
(a) The Landlord , the Premises will be used by any person other than the Tenant, or for any purpose other than that for which the same was let, or in case the Term will be taken in execution or attachment for any cause whatever, then and in every such case it will be lawful for the Landlord at any time thereafter to enter into and upon the Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. Whenever the Landlord is entitled to re-enter the Leased Premises it may, at its option and remove all property from without limiting its other remedies, terminate the Leased Premises and Lease. If this Lease is so terminated, the property Landlord, to the extent permitted by law, may be sold immediately repossess the Premises, sell or disposed dispose of by such Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein as the Landlord as it considers advisable appropriate, or may be stored store any of the Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to notice, without legal process proceedings, and without the Landlord being guilty of trespass or being liable liability for any loss or damage which may be occasioned.
(b) The Landlord may and wholly without notice re-enter and take possession prejudice to the rights of the Leased Premises as though Landlord to recover arrears of Rent or damages for any default by the Tenant of its obligations or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate agreements under this Lease or it may from time to time, without terminating of any term or condition of this Lease, as agent and wholly without prejudice to the rights of the Tenant, make those alterations and repairs which are necessary in order Landlord to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs for loss of Rent suffered by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Renthaving been prematurely terminated, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rentincluding prospective damages, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsreserves a right to claim all costs (including legal fees on a full indemnity basis), losses, damages, and expenses arising from the Tenant’s breach.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f If Lessor considers that Lessee has not complied with any of the Landlord
(a) covenants, conditions or obligations hereunder, whether express or implied, Lessor shall notify Lessee, in writing, by certified mail, setting out specifically in what respects it is claimed that Lessee has breached this Lease. The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises receipt of such notice by Lessee and the property may lapse of thirty (30) days thereafter, without Lessee’s curing or commencing and diligently pursuing such action which is necessary to cure the alleged breaches shall be sold a default hereunder. Upon such default, Lessor may, at its option, terminate this Lease. Whether or disposed not Lessor so terminates this Lease, Lessor has all of by its rights and remedies under the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, law and this Lease and with respect to such default. Notwithstanding any contrary provision in the Term will be terminated.
foregoing paragraph, if Lessee fails to make any of the payments due under Articles 3, 4, 6 or 10 herein within thirty (c30) If the Landlord elects to re-enter the Leased Premises as provided in this Articledays after receipt of notice of such failure from Lessor, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may shall terminate absolutely; provided, however, that any termination for whatever reason shall not excuse Lessee from time performing all obligations incurred under the terms of this Lease prior to timesuch termination. In the event that Lessee, without terminating in good faith, contests the default by court action within thirty (30) days after receipt of such notice by Lessee, and Lessee continues to pay the payments required and perform the other obligations of this Lease, this Lease shall not be terminated until a final decision has been reached that a default exists; Lessee shall have thirty (30) days within which to cure or commence and diligently pursue such actions necessary to cure the default or such other reasonable time as agent the parties shall mutually agree or the court shall determine. In the event of termination under this Article 15, Lessee shall have the Tenantright to remove, make those alterations pursuant to Article 17, its property and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord equipment from the relettingNorth Battle Mountain Mineral Prospect, will be applied first to the payment as hereinafter provided, but only after Lessee has performed all of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due its accrued obligations under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month Until such performance by the Tenant under this LeaseLessee, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless Lessor shall have a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, lien upon all of which will be deemed to be accruing Lessee’s property and improvements located on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsNorth Battle Mountain Mineral Prospect.
Appears in 2 contracts
Sources: Mineral Lease (Sagebrush Gold Ltd.), Mineral Lease (Sagebrush Gold Ltd.)
Default. 16.1 Rights o(c)f If Tenant shall continue in default in payment of any rental or other sum of money becoming due hereunder for a period of ten days after the Landlord
(a) The due date therefor; or, if Tenant shall default in the performance of any other covenant of this Lease and does not remedy such default within thirty days after written notice thereof or does not within such thirty day period commence such act or acts as shall be necessary to remedy such default, and complete such act or acts promptly; or, if Tenant shall become insolvent or be adjudicated bankrupt, or file in any court a petition in bankruptcy or other debtor proceedings, or file or have filed against it a petition for the appointment of a receiver or trustee for all or substantially all of the assets of Tenant; or, if Tenant makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement for the benefit of creditors; or, if Tenant shall vacate or abandon the demised premises or any substantial part thereof, or suffer the lease to be taken or encumbered under any legal process and such taking or encumbrance is not dissolved within twenty days; then, in any such event, Landlord will be entitled shall have the right and option to terminate this Lease and shall have the immediate right of re-enter the Leased Premises and entry to remove all persons and property from the Leased Premises demised premises and the dispose of or store such property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenantsees fit, all without service of notice or resort to legal process and without the Landlord being deemed guilty of trespass trespass. Landlord may relet the premise or being liable a portion of the premises for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverreasonable use, and this Lease and Landlord shall be entitled to recover from Tenant an amount equal to the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating amount of all rents reserved under this Lease, as agent of less the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuenet rent, if any, will be held collected by the Landlord and applied as payment of future Rent as it becomes due under this Leaseon reletting the demised premises. If Net rent collected on reletting by the Rent received Landlord shall be computed by deducting from the gross rent collected all expenses incurred by the Landlord in connection with the reletting during any month is less than that of the premises, including broker's commissions and the cost of repairing, renovating or remodeling said premises. In the event of termination upon ▇▇▇▇▇▇'s default, the monthly rent to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first shall (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates purposes of this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basissection) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and sum equal to the Landlord may immediately distrain average total rent for that accelerated Rent together with any arrearsthe immediate preceding six months.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will Subject to the rights of CoBank under the CoBank Security Documents, upon the occurrence of a Default, National Beef may redeem from Pledgor or sell so much of the Collateral as necessary to satisfy the Obligations (including, without limitation, any amounts necessary to satisfy Pledgor’s obligations under the CoBank Loan Documents), providing any such redemption or sale shall be entitled after an appraisal of Fair Value of the Collateral as determined pursuant to re-enter the Leased Premises and remove all property from the Leased Premises Exhibit I hereto and the property may redemption or sale shall not be sold at a price less than the Fair Value. No rights and remedies of National Beef expressed hereunder are intended to be exclusive of any other right or disposed remedy under the Cattle Agreement, but every such right or remedy shall be cumulative and shall be in addition to all other rights and remedies herein conferred, or conferred upon National Beef under the Cattle Agreement or now or hereafter existing at law or in equity or by statute. No delay on the part of National Beef in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by National Beef of any right or remedy shall preclude other or further exercise thereof or the Landlord as it considers advisable exercise of any other right or may be stored remedy. No action of National Beef permitted hereunder shall impair or affect the rights of National Beef in a public warehouse or elsewhere at and to the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedCollateral.
(bi) The Landlord may without notice re-enter and take possession Pledgor agrees that, in any sale of any of the Leased Premises Collateral when a Default shall have occurred and be continuing, subject to the rights of CoBank under the CoBank Security Documents, National Beef is authorized to comply with any limitation or restriction in connection with such sale as though is necessary in order to avoid any violation of applicable law or the Tenant Operating Agreements (including, without limitation, compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications, and restrict such prospective bidders and purchasers to persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the sale or of the purchaser by any governmental regulatory authority or official, and Pledgor further agrees that such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall National Beef be liable nor accountable to Pledgor for any reasonable discount allowed by the reason of the fact that such Collateral is sold in compliance with any such limitation or restriction, providing the sale price is at least Fair Value.
(ii) Pledgor further agrees, after a Default shall have occurred and be continuing, and upon written request from National Beef, to (A) deliver to National Beef such information concerning Pledgor or the Collateral as National Beef shall reasonably request in connection with the sale of all or any occupant or occupants portion of the Leased Premises was Collateral, which information shall not contain any untrue statement of a material fact or were holding omit to state a material fact required to be stated or necessary to make such information not misleading, and (B) do or cause to be done all such other acts and things as may be necessary to make such sale of all or any portion of such Collateral valid and binding and in compliance with any and all applicable laws, regulations, orders, writs, injunctions, decrees or awards of any and all courts, arbitrators or governmental agencies or instrumentalities, domestic or foreign, having jurisdiction over after any such sale. Without limiting the expiration foregoing paragraph, if National Beef decides to exercise its right to sell all or any of the Term without Collateral, upon written request, Pledgor shall furnish or cause to be furnished to National Beef all such information as National Beef may request in order to qualify the Collateral as exempt securities, or the sale of such Collateral as exempt transactions, under federal and state securities laws. Nothing herein shall be construed to be Pledgor’s consent to, or any right whateverobligation to undertake, and this Lease and the Term will be terminateda public offering of any pledged securities.
(c) If For the Landlord elects to re-enter purpose of carrying out the Leased Premises as provided in terms of this ArticleAgreement, Pledgor appoints National Beef, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it other person whom National Beef may either terminate this Lease or it may from time to time, without terminating this Leasedesignate, as agent of the Tenantattorney in fact, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord effective from the relettingoccurrence and during the continuance of any Default hereunder, with power to take any and all actions and to execute any and all documents and instruments that may, in the judgment of National Beef, be necessary or desirable to accomplish the purposes of this Agreement, including but not limited to (i) the power to pay off all obligations of Pledgor under the CoBank Loan Documents and terminate the CoBank Loan Documents, and (ii) do any and all things necessary to carry out the purposes of this Agreement. Pledgor ratifies and approves all acts of such attorney. Neither National Beef nor any other person or entity designated by it as attorney hereunder will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease liable for any breachact or omission nor for any error of judgment or mistake of facts or law. This power, in addition to any other remedies it may havebeing coupled with an interest, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under is irrevocable until this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordAgreement is terminated as herein provided.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Pledge Agreement (U. S. Premium Beef, LLC), Membership Interest Purchase Agreement (Leucadia National Corp)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises said rent or any part thereof shall at any time be in arrears and unpaid for ten (10) days after written notice from Landlord or if said Tenant or its successors shall fail to keep and perform any of them for the term covenants, agreements, or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a be performed, and the breach is not cured within thirty (30) days after written notice from Landlord, or if said Tenant shall abandon or vacate said premises during the term thereof, or shall make an assignment for the benefit of that intention is given to creditors, or if a receiver for the Tenant hereunder be appointed in any action or proceeding by or against the Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy File Act or Acts amendatory thereof or supplemental thereto shall be filed by or against the Tenant. Despite any reletting without termination, or if the Tenant should be adjudicated bankrupt, or if the interest of the Tenant in said premises shall be sold under execution or other legal process, the Landlord may at any time afterwards elect to terminate enter in and upon said premises and again have and repossess and enjoy the same as if this Lease for had not been made and, thereupon this Lease and everything contained herein on the previous breach. If part of said Landlord to be kept and performed shall cease and determine and be utterly void, without prejudice, however, to the right of the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the said Tenant or its successors all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at rent due up to the time of such entry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by the terminationTenant, shall be equivalent in every respect to actual entry by the Landlord. In case of the excessany such default by said Tenant and entry by said Landlord, if any, of the amount of Rent said Landlord may relet said premises at Tenant's cost (including but not limited to brokers and charges equivalent to Rent required to be paid under this Lease attorneys fees) for the remainder of the stated Term over the then reasonable rental value of the Leased Premises said term for the remainder of highest rent obtainable, and may recover from said Tenant any deficiency between the stated Term. All of amount so obtained and the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of rent hereinbefore reserved. In the current month’s instalment event of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentlitigation regarding said default, all of which will Tenant shall be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain responsible for that accelerated Rent together with any arrearsLandlord's reasonable attorney's fees.
Appears in 2 contracts
Sources: Lease Agreement (Retail Ventures Inc), Lease Agreement (Retail Ventures Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will In the event of (i) Mortgagor’s default of prompt and punctual payment when due in the payment of any amounts due under the Guarantee, or (ii) any other “event of default” under the Note, the Guarantee or any other document setting forth payment terms, or (iii) any other “event of default” under and as defined in the Note, Guarantee and Transaction Documents shall have occurred and be continuing, then in every such case the entire unpaid amount due under the Note may be declared immediately due and payable at the Mortgagee’s option without prior notice. If such sums are not payable forthwith, the Mortgagee, at its sole discretion and option, may foreclose or enforce this mortgage lien by suit in rem in admiralty and the Mortgagee shall be entitled to re-enter the Leased Premises and remove all property from appointment of a receiver or receivers of the Leased Premises Vessel and the mortgaged property may be sold or disposed of and the revenues thereof. The Mortgagor shall execute any documents requested by the Landlord as it considers advisable Mortgagee to expedite the foreclosure proceedings. The Mortgagee shall shave the right to bid or may be stored purchase the Vessel in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedforeclosure proceedings.
(b) The Landlord may without notice re-enter and take possession of In case the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without Mortgagee shall have proceeded to enforce any right whateverunder this Mortgage by foreclosure and such proceedings have been discontinued or abandoned for any reason, and this Lease or shall have been determined adversely to the Mortgagee, then the Mortgagor and the Term will Mortgagee shall be terminatedrestored to their former positions.
(c) If No delay or omission of the Landlord elects to re-enter Mortgagee in the Leased Premises as provided in this Articleexercise of any right or power accruing upon any default shall impair any such right or power, or if it takes possession pursuant to legal proceedings shall be construed as a waiver of any such default or pursuant to any notice provided for by Law, it acquisition herein; and every power and remedy given herein may either terminate this Lease or it may be exercised from time to time, without terminating this Lease, time and as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which often as may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlorddeemed expedient.
(d) The full amount remedies in favor of the current month’s instalment Mortgagee provided for herein shall not be construed to preclude the Mortgagee in the event of Minimum Rent and Additional Rent together with default hereunder from enforcing any other appropriate remedies against the next three (3) months’ instalments Mortgagor or the Vessel, or from proceeding by suit as the Mortgagee may consider advisable to enforce the payment or performance of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsobligation secured hereby.
Appears in 2 contracts
Sources: Preferred Mortgage (Goldpoint Resources, Inc.), Preferred Mortgage (Goldpoint Resources, Inc.)
Default. 16.1 Rights o(c)f the LandlordAll rights and remedies of Landlord herein enumerated shall be cumulative and nothing herein shall exclude any other right or remedy allowed hereunder, at law or otherwise.
(aA) The If any voluntary or involuntary petition or similar proceeding 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 insolvent or unable to pay Tenant's debts, then and in any such event Landlord will may, if Landlord elects, but not otherwise, and with or without notice of election, forthwith terminate this Lease, and, notwithstanding any other provision of this Lease, Landlord, in addition to any and all other legal remedies and rights the Landlord may have, declare the entire balance of the Total Base Rent and Additional Rent as adjusted, and any other rent or charges due hereunder for the remainder of the term to be entitled due and payable and may collect same by distress or otherwise.
(B) If Tenant defaults in the payment of any rent or other charges or in the prompt and full performance of any term, condition, requirement or provision of this Lease, or if the leasehold interest of Tenant be levied upon, under execution or be attached by process of law, or if Tenant makes an assignment for the benefit of creditors, or if a receiver be appointed for any property of Tenant, or if Tenant abandons or vacates the Premises, then in any such event Landlord may, if Landlord so elects, but not otherwise, upon three (3) days written notice of such election, either forthwith terminate this Lease and Tenant's right to possession of the Premises, or without terminating this Lease, forthwith terminate Tenant's right to possession of the Premises, but in either event, Tenant shall remain liable for damages as permitted by law, and as provided herein and Landlord shall have the right, in Landlord's sole discretion, to accelerate and declare the entire unpaid portion of Total Base Rent and Additional Rent as adjusted, and any other rent or other charges all of which would become due through the entire term of this Lease, to be immediately due and payable.
(C) Upon any termination of this Lease, whether by lapse of time or otherwise, or upon any termination of Tenant's right to possession without termination of this Lease, Tenant shall surrender possession and vacate the Premises immediately, and deliver possession thereof to Landlord and, without prejudice to any other remedy which Landlord may have, Tenant does hereby grant to Landlord in such event, full and free license to entry into and upon the Premises, by picking locks and changing locks if deemed necessary by Landlord, with or without process of law to repossess the Premises, and to expel or remove Tenant and any others who may be occupying or within the Premises and to remove any and all property therefrom, using such force as may be necessary, without being deemed in any manner guilty of trespass, eviction, forced entry or detainer, without relinquishing Landlord's rights to rent or any other right given to Landlord hereunder, or by operation of law. Except for the three (3) day notice as set forth above, Tenant expressly waives the service of any other demand for the payment of rent or for possession and the service of any notice of Landlord's election to terminate this Lease or to re-enter the Leased Premises Premises, including any and remove all property from every form of demand and notice prescribed by any statute or other law, and agrees that the Leased Premises and simple breach of any covenant or provision of this Lease by Tenant shall, of itself, without the property may be sold service of any notice or disposed demand whatsoever, permit the exercise by Landlord of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account any of the Tenant, all without service of notice or resort remedies provided to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedhereunder.
(bD) The If Tenant vacates or abandons the Premises, or otherwise entitles Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverto so elect, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes terminate Tenant's right to possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to timeonly, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate Landlord's option, enter into the Premises and take and hold possession thereof as provided above, without such entry and possession terminating this Lease or releasing Tenant in whole or in part from Tenant's obligation to pay rent or other charges hereunder for the previous breach. If full term, and in any such case Tenant shall pay forthwith to Landlord a sum equal to the Landlord at any time terminates this Lease for any breachentire unpaid portion of Total Base Rent and Additional Rent as adjusted, in addition to and any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and rent or other charges equivalent to Rent required to be paid under this Lease due hereunder for the remainder of the stated Term over term of this Lease, less any rentals received by Landlord on any reletting. Upon and after entry into possession without termination of this Lease, Landlord will attempt to relet the then reasonable rental value Premises or any part thereof, for the account of Tenant or otherwise in Landlord's sole discretion, to any person, firm or corporation other than Tenant for such rent, for such time, and upon such terms as Landlord, in Landlord's sole discretion, shall determine, and Landlord shall not be required to accept any proposed new tenant offered by Tenant. In any such case, the new tenant may make repairs, alterations and additions in or to the Premises, and redecorate the same to the extent deemed by Landlord necessary or desirable, and Tenant shall, upon demand, pay the cost thereof, together with Landlord's expenses of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordreletting.
(dE) The full amount If Tenant shall default in the performance of any covenant herein contained, Landlord may immediately, or at any time thereafter, without notice, perform the same for the account of Tenant. If Landlord at any time is compelled or elects to pay any sum of money, or to do any act by reason of the current month’s instalment failure of Minimum Rent Tenant to comply with any provision hereof, or if Landlord be compelled to incur any expense, including reasonable attorney's fees, if instituted by reason of any default of the Tenant hereunder, the sum or sums so paid by Landlord, with all interest, costs and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentdamages, all of which will shall be deemed to be accruing additional rent hereunder and shall be due from Tenant to Landlord on a daythe first day of the month following the incurring of such respective expense.
(F) Tenant hereby irrevocably appoints Landlord as agent and attorney-toin-day basisfact of Tenant, will immediately become due and payable as accelerated Rentto enter upon the Premises, in the event of eviction of Tenant by court order or termination of this Lease, and to remove any and all furniture and personal property whatsoever situated upon the Premises. Any property of Tenant not removed from the Premises after the end of the term, or upon termination by any other reason whatsoever, and any and all property which may be removed from the Premises by Landlord pursuant to the authority of this Lease or of law, and to which Tenant is or may immediately distrain be entitled, may be handled, removed or stored by Landlord at the risk, cost and expense of Tenant, and Landlord shall in no event be responsible for the value, preservation or safekeeping thereof. Tenant shall pay to Landlord, upon demand, all expenses incurred in such removal and all storage charges against such property so long as same shall be in Landlord's possession or under Landlord's control.
(G) If the term of any lease, other than this Lease, made by Tenant for any other space in the Building shall be terminated or terminable after the making of this Lease because of any default by Tenant under such other lease, such default shall, ipso facto constitute a default hereunder and empower Landlord, at Landlord's sole discretion, to terminate this Lease as herein provided in the event of default.
(H) Any right herein granted to Landlord to terminate this Lease shall apply to any extension or renewal hereof.
(I) No receipt of money by Landlord from Tenant after the termination of this Lease or after the service of any notice or after the commencement of any suit, or after final judgment for possession of the Premises shall reinstate, continue or extend the terms of this Lease or affect any such notice, demand or suit or imply consent for any action for which Landlord's consent is required.
(J) No waiver of any default of Tenant hereunder shall be implied from any omission by Landlord to take any action on account of such default if such default persists or be repeated, and no express waiver shall affect any default other than the default specified in the express waiver and then only for the time and to the extent therein stated. Landlord shall not be deemed in default of any of the terms, conditions, requirements and provisions of this Lease until the expiration of thirty (30) days after the receipt of written notice specifying any alleged default, but only if Landlord shall have failed to cure or remedy said default during said period. If the specified default by Landlord shall be of a nature that accelerated Rent together with any arrearscannot be completely cured within said thirty (30) day period then, if Landlord shall have diligently commenced curing same within said thirty (30) day period then no default shall be deemed to have occurred.
Appears in 2 contracts
Sources: Office Lease Agreement (Claires Stores Inc), Office Lease Agreement (BMS Distributing Corp.)
Default. 16.1 Rights o(c)f the Landlord
12.1 The failure by ▇▇▇▇▇▇ to make, when due, any payment of rent or other sum required to be made by Tenant hereunder, where such failure shall continue for a period of fifteen (a15) The days after written notice from Landlord will be entitled of Tenant's failure to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed make such payments shall constitute a default ("Event of Default") hereunder by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned▇▇▇▇▇▇.
(b) The 12.2 Upon the occurrence of an Event of Default under Section 12.1, Landlord may without terminate this lease upon written notice re-enter and take possession to Tenant. Should Landlord exercise its rights hereunder, Tenant shall be given sixty (60) days in which to remove its personal property. Landlord may dispose of any such property remaining in the Leased Demised Premises as though thereafter in the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminatedmanner provided by law.
(c) If 12.3 In the event Landlord elects to re-enter terminates the Leased Premises lease as provided in Section 12.2, Tenant shall remain liable for the Minimum Rent and all other payments reserved herein plus the reasonable cost of obtaining possession of and re-letting the Demised Premises, including, without limitation, any reasonable repairs and alterations necessary to prepare the Demised Premises for re-letting, less the rents received from such re-letting. Any amounts so owing by Tenant shall be paid monthly on the date herein provided for the payment of Minimum Rent.
12.4 After any assignment of ▇▇▇▇▇▇'s interest in this Articlelease, Landlord shall not exercise any rights or remedies under this Article XII on account of any default in payment of any rent or other sum of money unless Landlord shall give notice to the Tenant named herein, as well as the tenant in possession, of such default and the opportunity to cure each such default within the period of time after such notice provided in Section 12.1 of this lease. After such notice, if it takes possession the Lease Term shall be terminated pursuant to legal proceedings or pursuant to any notice provided the provisions of this Article XII, then the tenant named herein shall not be liable for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent rent or for the performance or observance of any agreements or conditions to be performed or observed which become due under this Lease from or arise after the Tenant date of such termination or with respect to periods following such termination unless at or about the time of such termination Landlord shall have offered to the Landlord; second to tenant named herein a lease for the payment of any costs and expenses balance of the reletting including brokerage fees and solicitors’ fees and Lease Term upon the costs provisions of the alterations and repairs; third this lease contained to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held thereafter performed by the Landlord and applied as payment parties hereunder; the tenant named herein shall have a period of future Rent as it becomes due under this Leasethirty (30) days after receipt of such offer to accept such offer. If the Rent received tenant named herein shall accept ▇▇▇▇▇▇▇▇'s offer for such a lease within said thirty (30) days, then such lease shall be deemed to mitigate Landlord's damages and Landlord waives all its claims under Section 12.2(b) and (c) hereinabove with respect to the aforesaid termination.
12.5 Landlord shall not have any lien, for the performance of any obligations of Tenant, upon any fixtures, machinery, equipment, or goods, wares or merchandise or other personal property, and Landlord hereby expressly waives the provisions of any law giving to Landlord such a lien.
12.6 If any person to whom Tenant shall not then be paying rent under this lease shall demand payment of rent from Tenant, or any other amount payable to Tenant under this lease, alleging his or its right to receive such rent or other amount as a result of a transfer of Landlord's interest in this lease or otherwise, Tenant shall not be obligated to honor such demand unless Tenant shall receive written instructions to do so from the reletting during person to whom Tenant shall then be paying rent or shall otherwise receive evidence satisfactory to Tenant of the right of the person making the demand. The withholding of rent, or any month is less than that to be paid during that month other amount payable by the Tenant under this Lease, by Tenant pending the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession determination of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason right of the breach including party making the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will demand shall not be deemed to be accruing a default on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearspart of Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Basic Us Reit Inc), Lease (Basic Us Reit Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter If (i) Tenant defaults in the Leased Premises payment of any installment of Rent when due and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored thereafter remains in a public warehouse or elsewhere at the cost and default for the account more than ten (10) days after receiving written notice of the same; (ii) the Premises become abandoned, provided that failure to occupy, if Tenant is otherwise performing all of its other obligations under this Lease, shall not be a default under this Lease; or (iii) Tenant defaults in fulfilling any other covenant of this Lease and Tenant fails to remedy such default within thirty (30) days after written notice by Landlord to Tenant specifying the nature of such default (or if the said default cannot be completely cured or remedied within said thirty (30) day period and Tenant shall not have diligently commenced curing such default within such thirty (30) day period and shall not thereafter in good faith diligently proceed to remedy or cure such default), then Landlord may, by notice to Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatevercancel this Lease, and this Lease and the Term will hereunder shall end and expire as fully and completely as if the date of cancellation were the day herein definitely fixed for the end and expiration of this Lease and the Term hereof. Tenant shall then quit and surrender the Premises to Landlord, but Tenant shall remain liable as hereinafter provided.
(b) If (i) the notice provided for in paragraph (a) above shall have been given and the Term shall expire as aforesaid, or (ii) any execution shall be terminatedissued against Tenant or any of Tenant’s property, whereupon the Premises shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant, then and in any of such events; if and to the extent permitted by applicable law, Landlord may, without notice, re-enter the Premises, and dispossess Tenant and the legal representative of Tenant or other occupant of the Premises, by summary proceedings or otherwise, and remove their effects and hold the Premises as if this Lease had not been made. If and to the extent permitted by applicable law, Tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end, but Tenant shall remain liable as hereinafter provided.
(c) If In the event Landlord elects to re-enter shall be in or otherwise breach any of its covenants or obligations hereunder and shall remain in default for a period of thirty (30) days after Landlord’s receipt of written notice from Tenant of such default, unless the Leased Premises default is of such a nature that it cannot be remedied within such thirty (30) day period, in which case no Landlord’s default shall occur so long as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent Landlord shall have promptly commenced the remedying of the default within such thirty (30) day period and shall diligently and continuously proceed with remedying same, Tenant shall have the right cure said breach at Landlord’s expense and offset from Rent an amount equal to Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any ’s out-of-pocket costs and expenses (including attorneys’ fees) in connection with curing the default. Tenant shall document the cost of the reletting including brokerage fees said cure and solicitors’ fees and the costs of the alterations and repairs; third supply said documentation to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Lease (Surgiquest Inc), Lease (Surgiquest Inc)
Default. 16.1 Rights o(c)f Section 1. Subject to the Landlord
provisions of this Article XIV, this Lease is made upon the express condition that Tenant shall faithfully and punctually perform and observe all the agreements, covenants and conditions herein set forth to be performed by Tenant, and that if at any time any Rent, taxes, assessments, charges, insurance premiums, utilities charges or any other monies required to be paid by Tenant hereunder, or any part thereof, shall be in arrears and unpaid for a period of five (a5) The days after notice in writing thereof shall have been given by Landlord will to Tenant, or if defaults shall be entitled made or suffered in the performance or observance of any of the other covenants or conditions of this Lease, and if Tenant fails to re-commence action to eliminate such default within thirty (30) days after notice in writing thereof shall have been given by Landlord to Tenant, Landlord shall have the right, at its election, to terminate this Lease or to enter upon the Leased Premises and remove all property take immediate possession thereof. If Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant: (a) the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere worth at the cost and for time of award of any unpaid Rent which had been earned at the account time of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
such termination; plus (b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (c) the worth at the time of award of the amount by which the unpaid Rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus (d) 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, in the ordinary course of things, would be likely to result therefrom, and charges equivalent this Lease and the Building and all improvements upon the Leased Premises shall be forfeited to Landlord without compensation therefor to Tenant, or any other person, firm or corporation whomsoever; provided, however, that Tenant may at any time before the expiration of such periods, pay and/or perform the engagements of this Lease for which Tenant shall be in default, and thereby prevent such entry and forfeiture. As used herein, the “worth at the time of award” is computed by allowing interest at the rate of ten percent (10%) per annum. As used in (c) above, the “worth at the time of award” is 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 (1%). Such right to ▇▇▇ and the right to forfeit and reenter are cumulative and not exclusive of each other or of any other lawful right or remedy that Landlord may have, and the fact that Landlord may have brought suit and recovered judgment for Rent required or other sums in default hereunder shall not impair its right to cause forfeiture of this Lease and reenter, upon the terms set forth herein, in case the default upon which any such suit was based shall continue unsatisfied for the period of time hereinabove stipulated for such forfeiture and entry.
Section 2. Should any of the events of default hereinabove specified occur, in case Landlord does not elect to exercise the right to terminate this Lease conferred by the provisions of Section 1 of this Article XIV, Landlord shall nevertheless have, and is hereby expressly given, the right at its sole election to reenter the Leased Premises with or without legal process, and to remove and store for Tenant, Tenant’s signs and all property and effects of Tenant or other occupants of said premises, and to relet the premises or any part thereof at or near market rents and upon such terms and to such person or persons and for such period or periods as may seem fit to Landlord; and in case of such reletting, Tenant shall be liable to Landlord for the difference between the rents and payments herein reserved and agreed upon for the residue of the Term (except as hereinafter otherwise provided) and the rent realized by Landlord by such reletting, such net rents and payments to be determined by deducting from the entire rents and payments received by Landlord from such reletting, the expenses of recovering possession, reletting, repairing said premises, storing Tenant’s property, and collecting rents; and Tenant hereby agrees to pay to Landlord such deficiency each month, as the same may accrue. Tenant shall pay to Landlord within ten (10) days after the expiration of each month during such residue of the Term the difference between the reserved rents and payments for said month, and the net amount realized by Landlord from the premises during said month from such reletting. Landlord shall have the right at any time after such reentry and reletting, in its sole discretion, to terminate this Lease and thence forward there shall be no liability on the part of Tenant for any future accruing Rent or payments reserved under this Lease.
Section 3. If, after the commencement of the Term, (a) Tenant shall be adjudicated as bankrupt or adjudged to be insolvent; (b) a receiver or trustee shall be appointed for Tenant’s property and affairs; (c) Tenant shall make an assignment for the benefit of creditors or shall file a petition in bankruptcy or insolvency or for reorganization or debtor’s arrangement or shall make application for the appointment of a receiver, or (d) any execution or attachment shall be issued against Tenant or any of Tenant’s property, whereby the Leased Premises or any building or buildings or any improvements thereon shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant, except as may be herein permitted, and such adjudication, appointment, assignment, petition, application, execution or attachment shall not be set aside, vacated, discharged or bonded within thirty (30) days after the issuance of the same, then an event of default hereunder shall become effective, and Landlord shall have the rights and remedies provided for herein. Notwithstanding the foregoing, however, so long as the Rent shall continue to be paid hereunder, and Tenant shall perform all of the terms, covenants and conditions on its part to be performed, Landlord shall not have the right to declare a default in this Lease.
Section 4. This Lease is also made upon the express condition that Landlord shall faithfully and punctually perform and observe all the agreements, covenants and conditions set forth herein to be performed by Landlord. If any default shall be made or suffered in the performance or observance of any of the covenants or conditions of this Lease to be performed by Landlord, and if Landlord fails to commence action to eliminate such default within thirty (30) days after notice in writing thereof shall have been given by Tenant to Landlord, Tenant shall have the right, at its election, to (i) terminate this Lease and thence forward this Lease shall become void for all intents and purposes whatsoever subject, however, to the right of Tenant to ▇▇▇ on such Lease for damages sustained by reason of Landlord’s default; or (ii) cure said default and offset the next succeeding months’ Base Rent by the cost of curing the same. Provided, however, that Landlord may at any time before the expiration of such period of thirty (30) days, perform its obligations under this Lease for which Landlord shall be in default, and thereby prevent such termination of this Lease. Any rights of Tenant hereunder in the remainder event of default by Landlord are cumulative and not exclusive of each other or any other lawful right or remedy that Tenant may have, and the stated Term over the then reasonable rental value fact that Tenant may have brought suit and recovered judgment against Landlord shall not impair its right to cause termination of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordthis Lease.
(d) The full amount of the current month’s instalment of Minimum Section 5. If Landlord does not receive Rent and Additional Rent together with the next or any other payment within three (3) months’ instalments business days of Minimum when due from Tenant on the due date, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such past due Rent or other payment; provided, however, Landlord agrees not to impose a late charge for the first late payment in any calendar year of the Term provided Tenant pays such late payment within five (5) business days of written invoice. Tenant agrees that this late charge represents a fair and reasonable estimate of the cost Landlord will incur by reason of Tenant’s late payment. Accepting any late charge shall not constitute a waiver by Landlord of Tenant’s default with respect to any overdue amount nor prevent Landlord from exercising any other rights or remedies available to Landlord. If any installment of Monthly Base Rent or Additional Rent, all or any other amount payable by Tenant hereunder is not received by Landlord within thirty (30) days after written invoice by Landlord, it shall bear interest at the rate of which will be deemed to be accruing on a day-to-day basis, will immediately become ten percent (10%) per annum from the due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsdate until paid.
Appears in 2 contracts
Default. 16.1 Rights o(c)f If Tenant shall default in the payment of any Rent when due and shall fail to cure such default within ten (10) days of due date, or if Tenant shall default in the performance of any other covenant or condition of this Lease and shall fail to cure such default within thirty (30) days after Landlord gives Tenant written notice thereof (unless such default cannot reasonably be cured within thirty (30) days and in such case, Tenant shall have commenced to cure said default within said thirty (30) days and thereafter continue diligently to pursue to completion the curing of same), Landlord shall, at its election, have the right to accelerate the total rental due under this Lease as a reasonable estimate of monetary damages. As an additional option, Landlord may terminate this Lease and with or without terminating this Lease have immediate possession of the Leased Premises without waiving or relinquishing any claim for Rent or damages then due or to become due thereafter, and Tenant shall remain liable as hereinafter provided. In such event Landlord
(a) The Landlord will be entitled , without prejudice to any other right or remedy which it may have hereunder or at law, may re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold Premises, or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the dispossess Tenant, all without service any legal representative of notice Tenant or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession other occupant of the Leased Premises as though if this Lease had not been made. Notwithstanding that Landlord may elect to terminate this Lease, and during the full period which would otherwise have constituted the balance of the Lease Term, Tenant or any occupant or occupants shall continue to be liable for the performance of all the covenants of Tenant under this Lease, including Tenant’s covenant to pay the full amount of Rent reserved hereunder and Landlord at its option may rent the Leased Premises was for a term, or were holding over after terms, which may be shorter or longer than the expiration balance of the Term without term hereof, in which event or events Landlord shall apply any right whatever, moneys collected first to the expense of resuming or obtaining possession of and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter letting the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; to become due to Landlord hereunder, and the residue, if any, will Tenant shall be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease remain liable for any breach, in addition deficiency. Should Landlord fail to exercise any other remedies remedy it may havehave for default of Tenant, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will such failure shall not be deemed to be accruing on a day-to-day basiswaiver of Landlord’s rights to exercise such remedy it may have for default at a later time or for subsequent defaults, will immediately become due or other wise to insist upon strict compliance with the terms hereof. In the event of default, Tenant shall be further liable for Landlord’s costs, fees and payable as accelerated Rentexpenses, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsincluding reasonable attorneys’ fees.
Appears in 2 contracts
Sources: Lease Agreement (CURO Group Holdings Corp.), Lease Agreement (CURO Group Holdings Corp.)
Default. 16.1 Rights o(c)f the Landlord
(a) The In addition to the rights and remedies set forth in Articles 17 and 18 hereof, Landlord will be entitled shall have the right to re-enter cancel this lease in the Leased Premises manner provided in the event that Tenant shall have failed to pay any installment of Rent within five (5) days after written notice and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and demand for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedpayment thereof.
(b) In any case in which the Rent is, not paid within ten (10) days of the day when same is due, Tenant shall pay a late charge equal to interest on such amount from the due date of such amount until the payment date of such amount at the rate of fifteen (15%) percent per annum, provided, however, the rate charged shall in no event be higher than the highest rate permitted by law. Tenant further agrees that the late charge imposed is fair and reasonable, complies with all laws, regulations and statutes, bud constitutes an agreement between Landlord and Tenant as to the estimated compensation for costs and administrative expenses incurred by Landlord due to the late payment of Rent by Tenant. Tenant further agrees that the late charge does not create a borrower/lender or borrower/creditor relationship between Landlord and Tenant. The demand and collection of the aforesaid late charges shall in no way be deemed a waiver of any and all remedies that Landlord may without notice re-enter and take have under the terms of this lease by summary proceedings or otherwise in the event of a default in payment of Rent. In the event that Landlord shall bring any proceeding against Tenant for recovery of money damages, or for possession of the Leased Premises as though the by reason of nonpayment of Rent, or for nonperformance by Tenant or any occupant or occupants of the Leased Premises was terms and conditions of this lease, or were holding over after the expiration for breach of the Term without any right whateverlease, and this Lease Landlord shall incur costs and expenses by reason thereof or by reason of such default, such charges, including legal fees and disbursements, shall be due and payable from Tenant as additional rent and shall become immediately due and payable upon the Term will be terminatedincurrence of same.
(c) If At any time after the Term shall have expired and come to an end or Landlord elects to shall have re-enter entered upon the Leased Premises Premises, as provided the case may be, whether or not Landlord shall have collected any monthly deficiencies pursuant to Article l8 of the preprinted portion of this lease, Landlord shall he entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages, a sum equal to the amount by which the Rent reserved in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided lease for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent the period which otherwise would have constituted the unexpired portion of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over exceeds the then fair and reasonable rental value of the Leased Premises for the remainder same period, both discounted to present worth at the rate of four (4%) per cent per annum. lf, before presentation of proof of such liquidated damages to any court, commission, or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the stated Demised Term. All , or any part thereof, the amount of Rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the mentioned amounts will be immediately due and payable by Premises so react during the Tenant to term of the Landlordreletting.
(d) The full amount Tenant agrees to give Landlord written notice of any proposed change in the ownership of the current month’s instalment majority of Minimum Rent and Additional Rent together with the next three (3) months’ instalments outstanding capital stock of Minimum Rent and Additional Rent, all Tenant or any change in the ownership of which will the majority of the assets of Tenant. Failure of Tenant to give the notice provided for in the preceding sentence shall be deemed a non-curable default by Tenant pursuant to be accruing on this lease (that is, a day-to-day basisdefault which has already extended beyond the applicable grace period, will immediately become due if any, following notice from Landlord), giving Landlord the right, at its option, to cancel and payable terminate this tease or to exercise any and all other remedies available to Landlord hereunder or as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsshall exist at law or in equity.
Appears in 2 contracts
Sources: Sub Lease Agreement (Loxo Oncology, Inc.), Lease Agreement (Loxo Oncology, Inc.)
Default. 16.1 Rights o(c)f 19.1 If there shall be an Event of Default (even if prior to the Lease Commencement Date), then the provisions of Section 19.2 shall apply.
19.2 Landlord shall have the right, at its sole option, to terminate this Lease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant’s right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord
(a) The Landlord will be entitled ’s intention to re-enter the Leased Premises or terminate this Lease. Landlord may proceed to recover possession of the Premises under applicable Laws, or by such other proceedings, including re-entry and remove all property from the Leased Premises and the property possession, as may be sold applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant’s right of possession, everything contained in this Lease on the part of Landlord to be done and performed after the effective date of termination shall cease without prejudice, however, to Tenant’s liability for all Base Rent, additional rent and other sums specified herein. Whether or disposed not this Lease and/or Tenant’s right of by possession is terminated, Landlord shall have the right, at its sole option, to terminate any renewal or expansion right contained in this Lease and to grant or withhold any consent or approval pursuant to this Lease in its sole and absolute discretion. If Tenant is in default under this Lease and has vacated the Premises, and if Landlord has terminated this Lease as it considers advisable a result of such default, then Landlord shall thereafter use reasonable efforts to relet the Premises; provided, however, that Tenant understands and agrees that Landlord’s shall have no duty to relet the Premises before leasing other space in the Building. Tenant hereby expressly waives, for itself and all persons claiming by, through or may be stored in a public warehouse under it, any right of redemption, re-entry or elsewhere at the cost and for the account restoration of the operation of this Lease under any present or future Law, including any such right which Tenant would otherwise have in case Tenant shall be dispossessed for any cause, or in case Landlord shall obtain possession of the Premises as herein provided. Landlord may relet the Premises or any part thereof, alone or together with other premises, for such term(s) (which may extend beyond the date on which the Lease Term would have expired but for Tenant’s default) and on such terms and conditions (which may include any concessions or allowances granted by Landlord) as Landlord, in its sole but reasonable discretion, may determine, but Landlord shall not be liable for, nor shall Tenant’s obligations hereunder be diminished by reason of, any failure by Landlord to relet all without service or any portion of notice the Premises or resort to legal process and without the Landlord being guilty collect any rent due upon such reletting. Whether or not this Lease and/or Tenant’s right of trespass possession is terminated or being any suit is instituted, Tenant shall be liable for any loss Base Rent, additional rent, damages or damage other sum which may be occasioned.
due or sustained prior to such default, and for all costs, fees and expenses (bincluding attorneys’ fees and costs, brokerage fees, expenses incurred in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) The incurred by Landlord may without notice re-enter and take in pursuit of its remedies hereunder and/or in recovering possession of the Leased Premises as though and renting the Premises to others from time to time. Tenant also shall be liable for additional damages which at Landlord’s election shall be either: (a) an amount equal to the Base Rent and additional rent due or any occupant or occupants which would have become due from the date of Tenant’s default through the remainder of the Leased Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises was may be rented (other than any additional rent received by Landlord as a result of any failure of such other person to perform any of its obligations to Landlord), which amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following Tenant’s default and continuing until the date on which the Lease Term would have expired but for Tenant’s default, it being understood that separate suits may be brought from time to time to collect any such damages for any month(s) (and any such separate suit shall not in any manner prejudice the right of Landlord to collect any damages for any subsequent month(s)), or were holding over Landlord may defer initiating any such suit until after the expiration of the Lease Term without any right whatever, (in which event such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and this Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term) and the Term will be terminated.
(c) If the it being further understood that if Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may bring suits from time to timetime prior to reletting the Premises, Landlord shall be entitled to its full damages through the date of the award of damages without terminating regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or (b) an amount equal to the difference between (i) all Base Rent, additional rent and other sums due or which would be due and payable under this LeaseLease as of the date of Tenant’s default through the end of the scheduled Lease Term, and (ii) the fair market value rental of the Premises over the same period (net of all expenses (including attorneys’ fees) and all vacancy periods reasonably projected by Landlord to be incurred in connection with the reletting of the Premises), as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the determined by Landlord in its discretion considers advisable. Upon each relettingsole and absolute discretion, which difference shall be discounted at a rate equal to one (1) whole percentage point above the Rent received by discount rate in effect on the date of payment at the Federal Reserve Bank nearest the Building, and which resulting amount shall be payable to Landlord from the relettingin a lump sum on demand, will be applied first to the it being understood that upon payment of any indebtedness other than Rent due such liquidated and agreed final damages, Tenant shall be released from further liability under this Lease from the Tenant with respect to the Landlord; second period after the date of such payment, and that Landlord may bring suit to the payment collect any such damages at any time after an Event of Default shall have occurred. Tenant shall pay all expenses (including attorneys’ fees) incurred by Landlord in connection with or as a result of any costs Event of Default whether or not a suit is instituted. The provisions contained in this Section shall be in addition to, and expenses shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease (including, the reletting including brokerage fees and solicitors’ fees right of injunction and the costs right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings and other remedies were not provided for herein). Nothing herein shall be construed to affect or prejudice Landlord’s right to prove, and claim in full, unpaid rent accrued prior to termination of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the Rent termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant’s right of possession.
19.3 All rights and remedies of Landlord set forth in this Lease are cumulative and in addition to all other rights and remedies available to Landlord at law or in equity, including those available as a result of any anticipatory breach of this Lease. The exercise by Landlord of any such right or remedy shall not prevent the concurrent or subsequent exercise of any other right or remedy. No delay or failure by Landlord or Tenant to exercise or enforce any of its respective rights or remedies or the other party’s obligations (except to the extent a time period is specified in this Lease therefor) shall constitute a waiver of any such or subsequent rights, remedies or obligations. Neither party shall be deemed to have waived any default by the other party unless such waiver expressly is set forth in a written instrument signed by the party against whom such waiver is asserted. If Landlord waives in writing any default by Tenant, such waiver shall not be construed as a waiver of any covenant, condition or agreement set forth in this Lease except as to the specific circumstances described in such written waiver.
19.4 If Landlord shall institute proceedings against Tenant and a compromise or settlement thereof shall be made, then the same shall not constitute a waiver of the same or of any other covenant, condition or agreement set forth herein, nor of any of Landlord’s rights hereunder. Neither the payment by Tenant of a lesser amount than the monthly installment of Base Rent, additional rent or of any sums due hereunder nor any endorsement or statement on any check or letter accompanying a check for payment of rent or other sums payable hereunder shall be deemed an accord and satisfaction. Landlord may accept the same without prejudice to Landlord’s right to recover the balance of such rent or other sums or to pursue any other remedy. Notwithstanding any request or designation by Tenant, Landlord may apply any payment received from the reletting during Tenant to any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each monthpayment then due. No re-entry by Landlord, and no acceptance by Landlord of keys from Tenant, shall be considered an acceptance of a surrender of this Lease.
19.5 If Tenant fails to make any payment to any third party or taking possession of the Leased Premises to do any act herein required to be made or done by the Tenant, then Landlord will be construed as an election on its part to terminate this Lease unless a may, after written notice to Tenant, but shall not be required to, make such payment or do such act. The taking of that intention such action by Landlord shall not be considered a cure of such default by Tenant or prevent Landlord from pursuing any remedy it is given otherwise entitled to in connection with such default. If Landlord elects to make such payment or do such act, then all expenses incurred by Landlord, plus interest thereon at the Default Rate from the date incurred by Landlord to the date of payment thereof by Tenant. Despite , shall constitute additional rent due hereunder.
19.6 If Tenant fails to make any reletting payment of Base Rent, additional rent or any other sum on or before the date such payment is due and payable (without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition regard to any other remedies it may havegrace period), it may recover from then Landlord shall have the right to impose upon Tenant all damages it incurs by reason in writing a late charge of the breach including the costs of recovering the Leased Premises, solicitors’ fees five percent (on a substantial indemnity basis5%) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent such payment. In addition, such payment and charges equivalent such late fee shall bear interest at the Default Rate from the date such payment or late fee, respectively, became due to Rent required the date of payment thereof by Tenant. Such late charge and interest shall constitute additional rent due hereunder without any notice or demand.
19.7 Intentionally deleted.
19.8 If more than one natural person or entity shall constitute Tenant, then the liability of each such person or entity shall be joint and several. If Tenant is a general partnership or other entity the partners or members of which are subject to personal liability, then the liability of each such partner or member shall be paid under this Lease for the remainder joint and several. No waiver, release or modification of the stated Term over obligations of any such person or entity shall affect the then reasonable rental value obligations of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordany other such person or entity.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Office Lease Agreement (Wells Real Estate Fund Xi L P), Office Lease Agreement (Wells Real Estate Fund Xi L P)
Default. 16.1 Rights o(c)f In the Landlord
event TENANT shall default in the payment of rent or any other sums payable by TENANT herein and such default shall continue for a period of three (a3) The Landlord will be entitled to re-enter days, or if the Leased Premises TENANT shall abandon the premises and remove or attempt to remove therefrom the major portion of its furniture or fixtures, or if the TENANT shall default in the performance of any other covenants or agreements of this Lease and such default shall continue for thirty (30) days or for fifteen (15) days after written notice thereof, or if TENANT should become bankrupt or insolvent or any debtor proceedings be taken by or against the TENANT, then and in addition to any and all property from other legal remedies and rights, the Leased Premises and LANDLORD may declare the property may be sold or disposed entire balance of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and rent for the account remainder of the Tenantterm to be due and payable and may collect the same by distress or otherwise and LANDLORD shall have a lien on the personal property of the TENANT which is located in the leased premises and in order to protect its security interest in the said property LANDLORD may, all without service of notice first obtaining a distress warrant, lock up the leased premises in order to protect said interest in the secured property, or resort to legal process the LANDLORD may terminate this Lease and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take retake possession of the Leased Premises as though leased premises, or enter the Tenant leased premises and relet the same without termination, in which latter event the TENANT covenants and agrees to pay any deficiency after TENANT is credited with the rent thereby obtained less all repairs and expenses (including the expenses of obtaining possession), or the LANDLORD may resort to any occupant two or occupants more of such remedies or rights, and adoption of one or more such remedies or rights shall not necessarily prevent the enforcement of others concurrently or thereafter. Any monies received from the TENANT at any point during the period of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first at LANDLORD'S discretion towards TENANT'S earliest obligation. TENANT also covenants and agrees to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any pay reasonable attorney's fees and costs and expenses of the reletting LANDLORD, including brokerage fees and solicitors’ fees court costs, if the LANDLORD employs an attorney to collect rent or enforce other rights of the LANDLORD herein in event of any breach as aforesaid and the costs same shall be payable regardless of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held whether collection or enforcement is effected by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on suit or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordotherwise.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Sublease Agreement (Eventures Group Inc), Lease Agreement (Total Tel Usa Communications Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Lessee should be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold in breach or disposed default of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account violate any of the Tenant, all without service terms and conditions of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this ArticleLease, or if it takes possession pursuant to legal proceedings the Lessee should assign or pursuant to any notice provided for by Law, it may either terminate hypothecate this Lease or it may from time to time, without terminating sublet the Demised Premises in a manner not provided by this Lease, as agent Lease or otherwise dispose of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises whole or any part of them the Demised Premises or make any structural alterations therein without the prior written approval of the Lessor, or shall commit waste or suffer the same to be committed on said Demised Premises or injure or misuse the same, or shall cease to exist as an IRS qualified or Connecticut corporation, or shall be adjudicated bankrupt, or shall make a voluntary or involuntary assignment of its estate or effects for the term benefit of creditors, or terms (which if a receiver of Lessee’s property shall be appointed, or if this Lease shall by operation of law, devolve upon or pass to anyone other than the Lessee, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and the Lessor may, at any time thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry, may be for a term extending beyond recover possession thereof in the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received manner prescribed by the Landlord from the reletting, will be applied first statutes relating to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlordsummary process; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than being understood that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on no demand for rent or before the first (1st) day of each month. No re-entry for condition broken, as at common law, shall be necessary to enable the Lessor to recover such possession pursuant to said statutes relating to summary process, that any or taking possession all right to any such demand or any such re-entry is hereby expressly waived by Lessee. In the event the Lessee should be in breach or default of or violate any of the Leased Premises by Lessee’s obligations set forth in the Landlord will be construed as an election on its part Lease and fail to terminate this Lease unless a cure such breach, default or violation within thirty (30) days written notice of that intention is given to such breach from the Tenant. Despite any reletting without terminationLessor, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the Landlord may sole option of the Lessor, and the Lessor may, at any time afterwards elect thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry may recover possession thereof in the manner prescribed by the statutes relating to terminate this Lease summary process; it being understood that no demand for the previous breach. If the Landlord rent or re-entry for condition broken, as at common law, shall be necessary to enable Lessor to recover such possession pursuant to said statutes relating to summary process, that any time terminates this Lease for any breach, in addition or all right to any other remedies it may have, it may recover from the Tenant all damages it incurs such demand or such re-entry is hereby expressly waived by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordLessee.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled Failure on the part of Lessee to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold pay any sum due under ------- this lease,or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord failure to remedy any default with respect to any of the other provisions, covenants or conditions of this lease to be kept or performed by Lessee within 30 days after written notice, or (c) abandonment of the Premises or breach of any obligation under this lease which cannot be cured, shall at the option of the Lessor cause the forfeiture of this lease and the Lessor shall have the following remedy: Ten days after notice, Lessee will quit and deliver up possession of said Premises, and all additions, alterations and improvements thereof to Lessor. Should Lessee not surrender said Premises, Lessor may without notice re-enter and take possession of said Premises and all additions, alterations and improvements thereon, with or without due process of law, and eject all parties in possession thereof therefrom using such force for that purpose as may be necessary without being liable to any prosecution for said re-entry or the Leased use of such force. It is hereby understood, and Lessee hereby covenants with the Lessor, that such or any forfeiture, annulment or voidance shall not relieve the Lessee from the obligation of the Lessee to make the monthly payments of rent hereinbefore reserved, at the times and in the manner aforesaid; and in case of any such default of the Lessee, the Lessor may re-let the said Premises as though the Tenant or any occupant or occupants agent for and in the name of the Leased Premises was or were holding over after Lessee at any rental readily obtainable, applying the expiration of the Term without any right whateverproceeds and avails thereof, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from such expense as the Tenant Lessor may be put to the Landlord; second in re-entering and re-letting and then to the payment of any costs said rent as the same may from time to time become due, and expenses toward the fulfillment of the reletting including brokerage fees other covenants and solicitors’ fees agreements of the Lessee herein contained, and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuebalance, if any, shall be paid to the Lessee; and the Lessee hereby covenants and agrees that if the Lessor shall recover or take possession of said Premises as aforesaid, and be unable to re-let and rent the same so as to realize a sum equal to the rent hereby reserved, the Lessee shall and will be held pay to the Lessor any and all loss of difference of rent for the residue of the term hereof. Any amounts due Lessor by Lessee that are not paid by Lessee within 30 days of the Landlord and applied as payment of future Rent as it becomes date due under this Lease. If the Rent received shall bear interest from the reletting during due date at the rate of twelve percent (12%) per annum from the due date until the date said amount is paid. Should Lessor or Lessee be required to take action to collect any month is less than that amounts due hereunder, or to be paid during that month by enforce any covenant of this lease or for the Tenant under this Leasebreach of any covenant herein, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.prevailing party shall be
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in following shall constitute a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid default under this Lease; and the residue, if any, will be held :
(i) Failure by the Landlord and applied as payment Tenant to pay any installment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month rent or other sums required by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for within ten (10) days after written notice from Landlord;
(ii) Failure by Tenant or Landlord to perform any nonmonetary covenant under this Lease within thirty (30) days after written notice from the remainder non- defaulting party stating the nature of the stated Term over default, provided that if the then reasonable rental value nature of such default, other than for nonpayment of rent or other sums, is such that the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will same cannot reasonably be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentcured within such thirty-day period, all of which will such shall not be deemed to be accruing on a day-to-day basisdefault if, will immediately become due within such period, a cure of such default is commenced and payable as accelerated Rentthereafter diligently prosecuted to completion. If default shall be made by Tenant in the payment of rent or in the performance of any of the conditions of this Lease, Landlord shall have the right to reenter said Premises and remove Tenant and all other persons therefrom, and shall have the option of terminating this Lease; provided, however, that such rights of reentry and termination may be exercised by Landlord in accordance with law, and only in the event that the breach or other default of Tenant shall have continued for thirty (30) days after written notice thereof and Landlord's intention to terminate has been furnished to Tenant in writing at the foregoing address, by registered or certified mail. If default be made by Tenant and if Landlord exercises its option to terminate as herein provided, then Landlord shall proceed to rerent the Premises at the highest and best offer received by it for the unexpired portion of this Lease and if the amount of rental herein agreed to be paid by Tenant is more than the amount received, then Tenant shall thereupon pay said difference to Landlord, in cash as the same becomes due on the first day of each month, as Landlord's liquidated damages for such breach. . If default shall be made by Landlord in the performance of the conditions of this Lease, and shall have continued for thirty (30) days after written notice thereof has been furnished to Landlord in writing by registered mail, then Tenant, in addition to all other remedies now or hereafter afforded or provided by law, may immediately distrain for that accelerated Rent cancel this Lease or may at its election perform such condition on behalf of Landlord, or make good any such default, and any amount Tenant shall advance pursuant thereto shall be repaid by Landlord to Tenant on demand together with interest at the rate of 12% per annum and if Landlord shall not repay any arrearssuch amount, Tenant may deduct the same from the next installment or installments of rent to accrue under this Lease.
Appears in 1 contract
Sources: Lease Agreement (Cost U Less Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will In the event that Seller is ready, willing and able to close in accordance with the terms and provisions hereof, and Buyer defaults in any of its obligations undertaken in this Agreement, Seller shall be entitled to, as its sole and exclusive remedy to either: (i) if Buyer is willing to proceed to Closing, waive such default and proceed to Closing in accordance with the terms and provisions hereof; or (ii) declare this Agreement to be terminated, and Seller shall be entitled to re-enter immediately receive all of the Leased Premises E▇▇▇▇▇▇ Money as liquidated damages as and remove for Seller’s sole remedy. Upon such termination, neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly provided herein. Seller and Buyer agree that (a) actual damages due to Buyer’s default hereunder would be difficult and inconvenient to ascertain and that such amount is not a penalty and is fair and reasonable in light of all property relevant circumstances, (b) the amount specified as liquidated damages is not disproportionate to the damages that would be suffered and the costs that would be incurred by Seller as a result of having withdrawn the Property from the Leased Premises market, and (c) Buyer desires to limit its liability under this Agreement to the amount of the E▇▇▇▇▇▇ Money paid in the event Buyer fails to complete Closing. Seller hereby waives any right to recover the balance of the Purchase Price, or any part thereof, and the property may right to pursue any other remedy permitted at law or in equity against Buyer. In no event under this Section or otherwise shall Buyer be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort liable to legal process and without the Landlord being guilty of trespass or being liable Seller for any loss punitive, speculative or damage which may be occasionedconsequential damages.
(b) The Landlord may without notice re-enter and take possession In the event of a default in the obligations herein taken by Seller, or in the event of the Leased Premises as though the Tenant failure of a condition precedent set forth in Section 13 of this Agreement, with respect to any or any occupant or occupants all of the Leased Premises was or were holding over after Properties, Buyer may, as its sole and exclusive remedy, either: (i) waive any unsatisfied conditions and/or such Seller default, as applicable, and proceed to Closing in accordance with the expiration terms and provisions hereof; (ii) terminate this Agreement by delivering written notice thereof to Seller no later than Closing, upon which termination the E▇▇▇▇▇▇ Money shall be refunded to Buyer, Seller shall pay to Buyer all of the Term without out-of-pocket costs and expenses incurred by Buyer in connection with this Agreement in an amount not to exceed $15,000.00 per Property, which return and payment shall operate to terminate this Agreement and release Seller and Buyer from any right whateverand all liability hereunder, except those which are specifically stated herein to survive any termination hereof; (iii) to enforce specific performance of Seller’s obligations hereunder; or (iv) by notice to Seller given on or before the Closing Date, extend the Closing Date for a period of up to thirty (30) days (the “Closing Extension Period”) to permit Seller to remedy any such default, and the “Closing Date” shall be moved to the last day of the Closing Extension Period. If Buyer so extends the Closing Date, then Seller may, but shall not be obligated to, cause said conditions to be satisfied during the Closing Extension Period. If Seller does not cause said conditions to be satisfied during the Closing Extension Period, then Buyer shall have the remedies set forth in Section 9(b)(i) through (iii) above except that the term “Closing” shall be revised to reflect the Buyer’s election of remedies under this Lease and the Term will be terminatedSection 9(b).
(c) If In the Landlord elects to re-enter event that Improvements are not Substantially Complete in accordance with the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent terms of the Tenant, make those alterations Lease and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a Tenant has not commenced paying rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first date that is sixty (1st60) day of each month. No re-entry or taking possession of days after the Leased Premises by proposed Rent Commencement Date, then Buyer shall have the Landlord will be construed as an election on its part absolute right to terminate this Lease unless a written notice of that intention is given Purchase and Sale Agreement, at which time the Escrow Agent shall return the entire Deposit to the Tenant. Despite any reletting without terminationBuyer, the Landlord may at any time afterwards elect Seller shall pay to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant Buyer all damages it incurs by reason of the breach including the out-of-pocket costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the expenses incurred by Buyer in connection with this Agreement in an amount of Rent and charges equivalent not to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordexceed $15,000.00 per Property.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Purchase and Sale Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)
Default. 16.1 Rights o(c)f In the Landlord
(a) The Landlord will be entitled event of any default hereunder by lessee, lessor, in addition to re-enter the Leased Premises and remove all property from other rights or remedies it may have, shall have the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort right to legal process and without the Landlord being guilty of trespass or being liable for commence any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawlaw, it may either terminate this Lease lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to lease relet the Leased Premises premises or any part of them thereof for the such term or terms (which may be for a term extending beyond the Termterm of this lease) and at a rent such rental or rentals and upon those on such other terms, covenants terms and conditions as lessor in its sole discretion may deem advisable with a right to make alterations and repairs to the premises; on each such reletting (a) lessee shall be immediately liable to pay to lessor, in addition to any indebtedness other than rent due hereunder, the expense of such reletting and for such alterations and repairs incurred by lessor, and the amount, if any, by which the Landlord rent specified in its discretion considers advisable. Upon each this lease for the period of such reletting (up to but not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such reletting; or (b) at the option of lessor, the Rent rents received by the Landlord lessor from the relettingsuch reletting shall be applied, will be applied first first, to the payment of any indebtedness indebtedness, other than Rent rent due under this Lease hereunder from the Tenant lessee to the Landlordlessor; second second, to the payment of any costs and expenses of the such reletting including brokerage fees and solicitors’ fees and the costs of the alterations such alteration and repairs; third third, to the payment of Rent rent due and unpaid under this Lease; hereunder and the residue, if any, will shall be held by the Landlord lessor and applied as in payment of future Rent rent as it becomes the same may become due under this Leaseand payable hereunder. If lessee has been credited with any rent to be received by such reletting under option (a) hereof, and such rent shall not be promptly paid to lessor by the Rent new tenant, or if such rentals received from the such reletting under option (b) hereof during any month is are less than that to be paid during that month by the Tenant under this Leaselessee hereunder, the Tenant will lessee shall pay the deficiency, which will any such deficiency to lessor. Such deficiency shall be calculated and paid monthly in advance on or before the first (1st) day of each monthmonthly. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.possession
Appears in 1 contract
Sources: Lease (Merchants & Manufacturers Bancorporation Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove For use in all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account states except Louisiana. Time is of the Tenantessence hereof and if Borrower defaults in any one of the payments on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Agreement, all without service of notice or resort to legal process any other contract or agreement between Borrower and without Lender or its Affiliates or if the Landlord being guilty of trespass Goods are levied upon, or being liable for Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its sole option and discretion in any loss or damage which such event declare the total amount unpaid hereunder, including accrued delinquency charges, and excluding unearned interest, immediately due and payable and may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though Goods in a lawful manner wherever found without notice, demand or legal process, or may require the Tenant Borrower to assemble the Goods and make them available to the Lender at a place to be designated by the Lender, and where not prohibited by law, may sell the same at public or private sale, with or without notice, at which sale Lender may become the purchaser, may deduct from the proceeds of any occupant such sale all taxes and charges due on the Goods and all expenses of taking, removing, holding, repairing and selling the Goods, and may apply the net proceeds to any indebtedness of Borrower, returning to Borrower any surplus or occupants holding Borrower liable for any deficiency; and in consideration of the Leased Premises was or were holding over after the expiration use of the Term Goods and for diminution in saleable value thereof, Lender may retain all payments made; or Lender may pursue any other remedy provided by law. Lender may accept partial payments of any sum due without any right whatever, and waiving or otherwise modifying the terms of this Lease Agreement and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for waiver by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent Lender of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment breach of any indebtedness other than Rent due under condition of this Lease from the Tenant to the Landlord; second to the payment Agreement shall not constitute a waiver of any costs and expenses subsequent breach whether or not of a like character. In the reletting including brokerage fees and solicitors’ fees and the costs event of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on bankruptcy or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachother insolvency proceedings, in addition to the above remedies, the Lender shall be entitled to any rental or other remedies it may haveincome produced by the Goods prior to their release to Lender. -------------------------------------------------------------------------------- Page 2 of 3 COMMERCIAL LOAN AND SECURITY AGREEMENT FOR: Boyd Brothers Transportation, it may recover from the Tenant all damages it incurs by reason Inc 00147900000000427 ADDITIONAL PROVISIONS - (Continued) -------------------------------------------------------------------------------- DEFAULT: For Use In Louisiana Only. Borrower does hereby confess judgment in favor of the breach including the costs Lender or any subsequent holder of recovering the Leased Premisesthis agreement for principal, solicitors’ fees (on a substantial indemnity basis) interest, attorney's fees, and including the worth at the time costs; and does hereby declare that if anyone of the termination, of payments on the excessloan or other payment provided for herein is not fully paid when due, if anydefault be made in compliance with any condition or covenant herein, or proceedings in bankruptcy, insolvency or receivership be instituted by or against the Borrower, or if any action is taken looking toward the appointment of a receiver, syndic or curata of Borrower or if the amount property be used in violation of Rent and charges equivalent to Rent required to be paid under any state or Federal law, such violation shall constitute a breach of this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will Agreement which shall ipso facto be immediately due and payable by eligible in its entirety and the Tenant Lender may cause all and singular the Goods herein described to be seized and sold under executory or other legal process in any court, without appraisement, to the Landlord.
(d) The full amount of highest bidder, payable in cash. Borrower hereby specifically waives the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments day notice of Minimum Rent demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Additional RentNotice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure end all pleas of division and discussion and the benefit of appraisement or the said Lender may and is hereby authorized to take immediate possession of the Goods wherever found without process of law and hold same until the amount due and either at public or private sale without demand for performance of without notice to the Borrower, with or without having the Goods at the place of sale. The Lender, or future holder of this Agreement, shall have the right to bid at any public sale. From the proceeds of such sale, the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a reasonable attorney's fee. Pursuant to the authority of which will be deemed Louisiana Revised Statutes 9:5136 et Seq., Borrower hereby appoints Lender, or its designee, to be accruing on a daykeeper or receiver of the collateral herein described who, at its option, may take possession thereof and administer same immediately upon any seizure incident to any legal action brought by Lender. -------------------------------------------------------------------------------- CO-toBORROWER: The obligation of any co-day basis, will immediately borrower hereunder shall be primary and the co-borrower shall be jointly and severally liable with the Borrower for payment in full of all amounts due or to become due pursuant to the terms and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsconditions of this Agreement.
Appears in 1 contract
Sources: Commercial Loan and Security Agreement (Boyd Bros Transportation Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The If at any time prior to or during the Term of this Lease any one or more of the following events shall occur each such event shall constitute an event of default: any failure of Tenant to pay any rental, or other charges due at the time due, or any failure to perform any other of the terms, conditions, or covenants of this Lease to be observed or performed by Tenant for more than thirty (30) days after written notice of such default shall have been given to Tenant; if Tenant or an agent of Tenant shall falsify any report required to be furnished to Landlord will pursuant to the terms of this Lease; if Tenant or any guarantor of this Lease shall become bankrupt or insolvent, or file any debtor proceedings or take or have taken against Tenant or any guarantor of this Lease in any court pursuant to any statute either of the United States or of any State a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenant's or any such guarantor's property; if Tenant or any such guarantor makes an assignment for the benefit of creditors, or petitions for or enters into an arrangement, or if Tenant shall cease operation of business in, vacate or abandon said Premises, or suffer this Lease to be entitled taken under any writ of execution or if Tenant transfers or attempts to transfer this Lease or Tenant's interest herein in violation of this lease then Landlord besides other rights or remedies it may have, shall have the immediate right for re-enter the Leased Premises entry and may remove all persons and property from the Leased Premises and the such property may be sold or disposed of by the Landlord as it considers advisable or may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being deemed guilty of trespass trespass, or being becoming liable for any loss or damage damages which may be occasionedoccasioned thereby.
(b) The Landlord may without notice re-enter This Lease and take possession the term are expressly subject to the conditional limitation that upon the happening of any one or more of the Leased Premises as though aforementioned events of default, Landlord, in addition to the Tenant or any occupant or occupants other rights and remedies it may have, shall have the right to immediately declare this Lease terminated and the Term ended, in which event all of the Leased right, title and interest of Tenant hereunder shall wholly cease and expire upon receipt by Tenant of a Notice of Termination. Tenant shall then quit and surrender the Premises was or were holding over after to Landlord in the manner and under the conditions as provided for under this Lease, but Tenant shall remain liable as hereinafter provided. Any right on the part of Landlord to terminate this Lease shall, when exercised, require no further act to the end that at the expiration of the Term without any right whateverapplicable time period, and if any, contained in the particular termination provision, this Lease and the Term will be terminatedhereunder shall end and expire as fully and completely as if the termination date was the date herein definitely fixed for the end and expiration of this Lease and the Term hereof, and upon such date Tenant shall quit and surrender the Premises to Landlord.
(c) If the Landlord elects to this Lease be terminated as aforesaid, Tenant nevertheless covenants and agrees notwithstanding any entry or re-enter entry by Landlord whether by summary proceedings, termination or otherwise, to pay and be liable for on the Leased Premises as provided in this Articledays originally fixed herein for the payment thereof, or if it takes possession pursuant amounts equal to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating the several installments of Rent under the terms of this Lease, become due if this Lease had not been terminated or if Landlord had not entered or re-entered as agent aforesaid, and whether the Premises be relet or remain vacant in whole or in part or for a period less than the remainder of the TenantTerm, make those alterations and repairs which are necessary for the whole thereof. In the event the Premises be relet by Landlord, Tenant shall be entitled to a credit (but not in order to relet excess of the Leased rent reserved under the terms of this Lease) in the net amount of rent received by Landlord in reletting the Premises after deduction of all expenses and costs incurred or paid as aforesaid in reletting the Premises and in collecting the rent in connection therewith. At any time after the termination of the Lease, in lieu of collecting any monthly deficiencies, or any part of them for the term or terms (which may further monthly deficiencies, as aforesaid, Landlord shall, at Landlord's option, be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord entitled to recover from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may haverelief, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on such a substantial indemnity basis) and including the worth sum as at the time of the termination, of the excess, if any, of such termination represents the amount of the then present value of the total Rent and charges equivalent other benefits which would have accrued to Rent required to be paid Landlord under this Lease for the remainder of the stated Term over Lease Term, as if the then reasonable rental value Lease had been fully complied with by Tenant, less any monthly deficiencies for such period previously paid to Landlord by Tenant. Suit or suits for the recovery of the Leased Premises deficiency or damages referred to in this subsection or for the remainder any installment or installments of the stated Term. All of the mentioned amounts will Rent hereunder, or for a sum equal to any such installment or installments, may be immediately due brought by Landlord at once or from time to time at Landlord's election, and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will nothing in this Lease shall be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and require Landlord to await the Landlord may immediately distrain for that accelerated Rent together with any arrearsdate whereon this Lease or the term hereof would have naturally expired had there been no such default by tenant or no such termination.
Appears in 1 contract
Sources: Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
(a) The If Tenant shall make default in fulfilling any of the ------- covenants of this Lease other than the covenants for the payment of rent or additional rent and such default shall continue to exist for 10 days after notice thereof by Landlord will be entitled to re-enter Tenant, or if the Leased Premises premises become vacant or deserted, Landlord may give Tenant 5 days notice of intention to end the term of this Lease and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere thereupon, at the cost expiration of said 5 days the term under this Lease shall expire as fully and completely as if that day were the day herein definitely fixed for the account expiration of the Tenantterm, all without service of notice or resort and Tenant will then quit and surrender the premises to legal process and without the Landlord being guilty of trespass or being but Tenant shall remain liable for any loss or damage which may be occasionedas hereinafter provided.
(b) The If the second notice provided for in (a) hereof shall have been given and the term shall expire as aforesaid: or (1) if Tenant shall make default in the payment of the rent reserved herein or any item of additional rent as and when such rent or additional rent becomes due and payable or any part of either or in making any other payment herein provided: or (2) if any execution or attachment shall be issued against Tenant or any of Tenant's property whereupon the premises shall be taken or occupied or attempted to be taken or occupied by someone other than Tenant: or (3) if Tenant shall be in default with respect to any other lease between Landlord may without notice re-enter and Tenant: or (4) if Tenant shall fail to move into or take possession of the Leased Premises as though premises within fifteen (15) days after the commencement of the term of this Lease, then, and in any of such events Landlord may without notice, re-enter the premises either by force or otherwise, and dispossess Tenant or any the legal representatives of Tenant or other occupant or occupants of the Leased Premises was premises, by summary proceeding or were holding over after the expiration of the Term without any right whateverotherwise, and remove their effects and hold the premises as if this Lease had not been made and the Term will be terminated.
(c) If the Landlord elects Tenant hereby waives any notice of intention to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to institute legal proceedings to that end. If Tenant shall be in default hereunder prior to the date fixed as the commencement of any renewal or pursuant to any notice provided for by Law, it may either terminate extension of this Lease then any renewal, extension or it may from time to timeother lease shall, without terminating this Leaseat Landlord's sole option, as agent of the Tenant, make those alterations be cancelled and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordterminated.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (Norton McNaughton Inc)
Default. 16.1 Rights o(c)f 22.1 Upon the Landlordoccurrence of an "Event of Default" (as defined in this Lease), Landlord shall have the following remedies in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively or in the alternative:
(a) The Landlord can continue this Lease in full force and effect, and this Lease will be entitled continue in effect as long as Landlord does not terminate Tenant's right to re-possession, and Landlord shall have the right to collect Rent when due. During the period in which Tenant is in default, Landlord can enter the Leased Premises and remove relet them, or any part of them, to third parties for Tenant's account. Tenant shall be liable immediately to Landlord for all property from costs that Landlord incurs in reletting the Leased Premises, including, without limitation, broker's commissions, expenses of remodeling the Premises and the property may be sold or disposed of required by the Landlord as it considers advisable reletting and all other similar costs. Reletting can be for a period shorter or may be stored in a public warehouse or elsewhere at longer than the cost and for the account remaining period of the TenantTerm. Tenant shall pay to Landlord the Rent and other sums due under this Lease on the dates on which the rent and such other sums are due, all without service of notice or resort less the rent and other sums Landlord receives from any reletting. No act by Landlord allowed by this Section 22 shall terminate this Lease unless Landlord notifies Tenant in writing that Landlord elects to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedterminate this Lease.
(b) The Landlord may without notice re-enter and take can terminate Tenant's right to possession of the Leased Premises as though the at any time. No act by Landlord other than giving written notice to Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either shall terminate this Lease or it may from time to timeLease. Acts of maintenance, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order efforts to relet the Leased Premises or any part the appointment of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first receiver on Landlord's initiative to the payment of any indebtedness other than Rent due protect Landlord's interest under this Lease from shall not constitute a termination of Tenant's right to possession. On termination, Landlord has the right to remove all personal property of Tenant to the Landlord; second to the payment of any and store such property at Tenant's costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees as damages:
(on a substantial indemnity basis1) and including the The worth at the time of award of unpaid Rent and other sums due and payable that had been earned at the time of termination, ; plus
(2) The worth at the time of the excess, if any, award of the amount of by which the unpaid Rent and charges equivalent other sums due and payable that would have been payable after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(3) The worth at the time of award of the amount by which the unpaid Rent and other sums due and payable for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(4) Any other amount necessary to Rent required compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which in the ordinary course of things would be paid likely to result therefrom, including, without limitation, (a) all costs or expenses incurred by Landlord (i) in retaking possession of the Premises, including reasonable attorney's fees therefor, (ii) in maintaining or preserving the Premises after such default and (iii) in preparing the Premises for reletting to a new tenant; (b) leasing commissions; and (c) all other costs necessary or appropriate to relet the Premises. The "worth at the time of award" of the amounts referred to in Subsections 22.1(b)(1) and 22.1(b)(2) of this Section is computed by allowing interest at the rate of TEN PERCENT (10%) per annum on the unpaid rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Subsection 22.1(b)(3) of this Section is 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 (1%).
22.2 At the option of Landlord, a breach of this Lease shall exist if any of the following events (severally, an "Event of Default," and collectively, "Events of Default") (or any other Event of Default referenced elsewhere in this Lease) occurs:
(a) Tenant has failed to pay any monetary obligation or charge imposed under this Lease within TEN (10) days of when due, unless said failure is the first failure within a period of one (1) year, in which event Landlord shall give Tenant written notice of the failure and an Event of Default shall occur only if Tenant does not cure within five (5) days of receipt of the notice;
(b) Tenant has failed to perform any term, covenant or condition of this Lease except those requiring the payment of money, and Tenant has failed to cure such breach within THIRTY (30) days after written notice from Landlord where such breach could reasonably be cured within such THIRTY (30) day period; provided, however, that where such failure could not reasonably be cured within such THIRTY (30) day period Tenant shall not be in default unless Tenant has failed promptly to commence and thereafter continue to make diligent and reasonable efforts to cure such failure as soon as practicable; or
(c) Tenant has assigned Tenant's assets for the remainder benefit of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.Tenant's creditors; or
(d) The full amount A court has made or entered any decree or order other than under the bankruptcy laws of the current month’s instalment United States:
(1) appointing a receiver, trustee or assignee of Minimum Rent Tenant in bankruptcy or insolvency or for Tenant's property; or
(2) directing the winding up or liquidation of Tenant; and Additional Rent together with the next three such decree or order has continued for a period of THIRTY (330) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsdays.
Appears in 1 contract
Default. 16.1 Rights o(c)f In the Landlord
event the City fails to pay any rental due hereunder or fails to keep and perform any of the other terms or conditions hereof, time being of the essence, then thirty (a30) The Landlord will be entitled days after written notice of default from Kinport, Kinport may, if such default has not been corrected, resort to re-enter any and all legal remedies or combination of remedies which Kinport may desire to assert, including but not limited to, one or more of the following: (1) declare the Lease at an end and terminated; (2) ▇▇▇ for the rent due and to become due under the Lease or for any damages sustained by Kinport; and/or (3) continue the Lease in effect and relet the Leased Premises on such terms and remove all property from conditions as Kinport may deem advisable with the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and City remaining liable for the account monthly rent plus the reasonable cost of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take obtaining possession of the Leased Premises as though the Tenant or and of any occupant or occupants of repairs and alterations necessary to prepare the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, less the Rent rentals received by the Landlord from the such reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises action by the Landlord will Kinport shall be construed as an election on its part to terminate this Lease unless a written notice of that such intention is be given to the TenantCity. Despite any reletting without terminationThe remedies of Kinport set forth in this paragraph shall not be exclusive, but shall be cumulative and in addition to all rights and remedies now or hereafter provided or allowed by law or equity, including, but not limited to, the Landlord may at right of Kinport to seek and obtain an injunction and the right of Kinport to damages in addition to those specified herein. In case Kinport, after written notice from the City indicating Kinport has failed to comply with any time afterwards elect to terminate requirements of this Lease for in regard to a specified condition, shall fail, refuse or neglect to comply therewith, within thirty (30) days of written notice thereof from the previous breach. If City to Kinport, or in the Landlord event of an emergency constituting a hazard to the health or safety of the City’s employees, property, or invitees, the City may perform such maintenance or make such repair at any time terminates this Lease for any breachits own cost and, in addition to any other remedies it remedy the City may have, it may recover deduct the amount thereof from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to rent that may then be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately or thereafter become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearshereunder.
Appears in 1 contract
Sources: Lease for Police Substation
Default. 16.1 Rights o(c)f If any of the rent specified above, including any charges or fees imposed upon Tenant pursuant to this Lease, shall be in arrears, or if Tenant shall fail to fulfill any obligation imposed by the Lease, Landlord at its sole option may declare the Lease term ended and enter into the leased premises or any part thereof, either with or without process of law and expel, remove and put out Tenant or any person or persons occupying the premises, at prosecution or damage therefore and to repossess and enjoy the leased premises. If, at any time, the Lease term shall be ended, the Tenant hereby agrees to immediately surrender and delivers up the premises peacefully to Landlord and to be liable for any damages or injury to Landlord caused by ▇▇▇▇▇▇’s failure to surrender the premises. It is specifically understood that ▇▇▇▇▇▇▇▇’s right to reenter and re-take the premises shall be in addition to, and shall not in any way limit, Landlord
(a) The ’s other remedies provided by law or elsewhere herein. Should Landlord will be entitled elect to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold as provided herein, or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and should he take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for or by Lawlaw or otherwise, it may either terminate this Lease or it may from time to timehe may, without terminating this Lease, expel Tenant from the premises and re-let or re-lease the same or any parts thereof, at such rental and upon such terms and conditions as agent Landlord, at his sole discretion, may deem advisable. No such re-letting or re- leasing of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received leased premises by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will shall be construed as an election on its Landlord’s part to terminate or cancel the Lease, unless ▇▇▇▇▇▇▇▇ has expressly so stated its intent in writing delivered to Tenant, or shall any such re-letting relieve Tenant from liability to Landlord for rent, or for any damages, or whatsoever type or nature, which Landlord may suffer or incur as a result of Tenant’s breach of the terms of this Lease unless a written notice of that intention is given Lease. In addition to the foregoing remedies, if Tenant should fail to satisfy any of its obligations hereunder, Landlord may, at its sole discretion, close Tenant’s business and prohibit the same from operating until such default is cured. Despite Tenant’s obligation to pay rent shall not be affected by any reletting without terminationsuch closure. In the event Tenant fails to pay rent or other charges as provided herein, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the give Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent day notice (demand for possession or compliance) without in any way terminating this Lease or releasing Tenant from its continued obligation to pay rent and Additional Rentcharges as provided herein. After giving such notice, all of which will be deemed Tenant shall continue to be accruing obligated to pay all rent and other charges until the expiration of the Lease as stated on a dayits face or until the premises are re-to-day basislet by Landlord, will immediately become due whichever occurs first. It is the specific intention of the parties by agreeing to this provision that Landlord shall not in any way be disadvantaged by virtue of Tenant’s failure to pay rent and payable charges as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearswhen due.
Appears in 1 contract
Sources: Commercial Lease
Default. 16.1 Rights o(c)f Should Tenant fail to pay the Landlord
(a) The rent or any part thereof as the same becomes due under this lease, or if Tenant shall frequently fail to pay the rent when due, or if Tenant shall violate any other term or condition of this lease, Landlord will be entitled shall then have the right, at its option, to re-enter the Leased Premises and remove all property and/or terminate this lease; provided, however, that any such re- entry or termination shall not bar Landlord's right of recovery of rent or damages for breach of this lease, nor shall the receipt of rent after breach of this lease be deemed a waiver nor estop Landlord from terminating this lease and/or recovering damages. If Landlord accepts any partial payment of rent, such payment is accepted with reservation. If Landlord accepts rent with knowledge of a Tenant default, such rent is accepted with reservation. If any monies are paid after legal proceedings have been instigated, these monies are accepted by Landlord with reservation. Tenant hereby waives notice of demand for possession of the Leased Premises and It is agreed that if the property may Leased Premises shall be sold abandoned or disposed become vacant during the term of by this lease, Landlord shall have the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere right, at the cost and for the account of the Tenantits option, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though Premises, and let or relet the same, and apply the proceeds received from such letting toward the payment of the rent due under this lease; and such re-entry and reletting shall not discharge Tenant or from liability for rent, nor from any occupant or occupants other obligations of Tenant under the terms hereof. Tenant shall be deemed to have abandoned the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may Tenant is absent from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for thirty (30) days or more without payment of rent. At the remainder option of Landlord and upon the stated Term. All default of Tenant, the mentioned amounts will be immediately due and payable by rent for the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately entire term shall at once become due and payable as accelerated Rentpayable, and the Landlord may immediately distrain proceed to the collection of rent for that accelerated Rent together with the entire term as if by the terms of this lease the rent for the entire term should be made payable in advance. Coldwell Banker ▇▇▇▇▇ Realty Property Management If Tenant shall at any arrearstime be in default hereunder, and if Landlord shall deem it necessary to engage attorneys to enforce Landlord's rights hereunder, Tenant shall reimburse Landlord for the reasonable expenses incurred thereby, including but not limited to court costs and reasonable attorney's fees.
Appears in 1 contract
Sources: Residential Lease
Default. 16.1 Rights o(c)f Tenant shall be in default hereunder if Tenant shall (i) fail to pay rent or any other sums of money required to be paid by Tenant and such failure shall continue for five (5) days after Landlords gives Tenant written notice thereof; or (ii) fail to perform or comply with any other covenant, condition, term or provision of this Lease and such failure shall continue for ten (10) days after Landlord gives Tenant written notice thereof. In the Landlord
(a) The event of any such default, in addition to all other remedies given to Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold in law or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenantequity, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may by written notice to Tenant terminate this Lease or without terminating this Lease and without notice re-enter the Premises by summary proceedings or otherwise and take in any event may dispossess Tenant. Tenant, notwithstanding such termination, shall be and remain liable for all rent and other charges and sums due hereunder for the remainder of the term, which liability shall survive the termination of this Lease, the re-entry by Landlord and the commencement of any action to secure possession of the Leased Premises Premises. Landlord shall have the right to maintain successive actions against Tenant for recovery of all damages, including, without limitation, amounts equal to the rents and other charges and sums payable hereunder as though and when said rents and other charges and sums are payable hereunder and Landlord shall not be required to wait to begin such actions or legal proceedings until the date this Lease would have expired. In the event of such re-entry, Landlord may enter as agent for Tenant or in its own name, without being obligated to do so, and re-let the whole or any occupant portion of said Premises (with or occupants without any improvements made by Tenant thereon), or the whole or any portion thereof with additional space, for any period equal to, greater or less than the remainder of the Leased Premises was or were holding over after the expiration term of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent for any sum (including any rental concessions and rent-free occupancy) which it may deem reasonable, to any tenant which it may deem suitable and satisfactory, and for any use and purpose which it may deem appropriate. Landlord's damages shall include, without limitation, attorney's fees incurred by reason of Tenant's default, commissions and the cost of repair or alteration of the TenantPremises ("Cost of Re-letting") and, make those alterations and repairs which are necessary in order to relet the Leased Premises or event of any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, Landlord may apply the Rent received by the Landlord from the reletting, will be applied rent therefrom first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second 's expenses, including Cost of Re-letting, and then to the payment of rent and all other sums due from Tenant hereunder, Tenant remaining liable for any costs deficiency. All remedies available to Landlord in this Lease, in law or equity are declared to be cumulative and expenses concurrent. No termination of this Lease nor any taking or recovering of possession of the reletting including brokerage fees Premises shall deprive Landlord of any of its rights, remedies or actions against Tenant including, without limitation, the right to receive all past due rents and solicitors’ fees damages equal to future rents and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant other charges accruing under this Lease, which rights shall survive the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day termination of each month. No re-entry this Lease or taking of possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate Premises. If this Lease unless be terminated for any reason whatsoever or if Landlord should re-enter the Premises as a written notice result of that intention is given any breach of Tenant hereunder without terminated the Lease, Tenant covenants any other covenant herein to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate contrary notwithstanding (except where this Lease is terminating following eminent domain proceedings) that the Premises shall then be in the condition prescribed for delivery at the previous breachexpiration of the term of this Lease. If In the Landlord at event Tenant violates any time terminates of the provisions, covenants, conditions or promises set forth in this Lease for any breachAgreement, and further in the event Landlord determines in its exercise of its sole discretion that such default is susceptible of a cure by Landlord, then in addition to any and all other remedies provided for in this Lease, Landlord shall have the right (but shall not be obligated) to cure such default and implement such corrective measures as Landlord deems reasonably necessary to correct such default. In the event Landlord exercises the right of "self help" as set forth in the preceding sentence, then Tenant covenants and agrees that it may haveshall within five (5) days after notice from Landlord pay to Landlord one hundred twenty five percent (125%) of the cost incurred by Landlord in connection with implementation of such corrective measures, it being the intent to permit Landlord to recover a reasonable administrative fee in addition to the actual cost incurred. Further, in the event Tenant is not conducting a going business within the Premises or vacates or abandons the Premises (the cessation of operation of a business within the Premises for a period in excess of seven (7) days to be conclusive evidence of Tenant's intent to abandon or vacate the Premises) then Landlord shall have the right (but shall not be obligated) to enter the Premises after providing notice to Tenant for the purpose of inspection and implementation of such repairs, maintenance or other improvements to the Premises which may recover from be required, in Landlord's opinion, to preserve the Tenant all damages it incurs by reason overall appearance of the breach including Premises or to mitigate the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time adverse impact of the terminationappearance of the Premises upon the Property. Landlord shall additionally have the right to change the exterior locks, then Tenant shall, upon request, be provided with a key to the Premises. In no event shall any of the foregoing actions by Landlord be considered an eviction, constructive or otherwise, of Tenant, it being the excess, if any, intent of the amount parties to permit Landlord a reasonable right of Rent and charges equivalent access to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder purposes set forth herein and to minimize any adverse impact resulting from an abandonment of the stated TermPremises or cessation of operation by Tenant. All Entry by Landlord pursuant to this paragraph shall in no event be construed, interpreted or otherwise determined to be an eviction of Tenant or a termination of this Lease absent notification to the contrary by Landlord. Landlord and Tenant shall and do hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the mentioned amounts will be immediately due parties hereto against the other on any matters not relating to personal injury or property damage but otherwise arising out of or in any way connected with this Lease, the relationship of Landlord and payable Tenant, Tenant's use or occupancy of the Premises and any emergency statutory or any other statutory remedy. In the event an attorney is employed by either party in order to initiate litigation to secure compliance by other party with the provisions of this Lease, non-prevailing party shall pay to the prevailing party the reasonable attorneys' fees and cost of collection of enforcement of the provisions of this Lease incurred by the Tenant to the Landlordprevailing party, including filing fees and court costs.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f BANKRUPTCY In the Landlord
event that: (a) The Tenant shall default in the payment of any installment of rent or other sum herein specified; or (b) Tenant shall vacate or abandon all or any part of the Premises or fail to continuously occupy the Premises; or (c) Tenant shall default in the observance or performance of any other of Tenant’s covenants, agreements or obligations hereunder, such default not having been cured within 10 days of receiving written notice of such default; or (d) Tenant shall suffer a material adverse change in it’s business, as determined by Landlord; or (e) Tenant shall be declared bankrupt or insolvent according to law, or, if any assignment shall be made of Tenant’s property for the benefit of creditors, provided, then Landlord will be entitled shall have the right to re-enter the Leased Premises and proceed with summary process to remove all property Tenant from the Leased Premises Premises. In the event of default by Tenant, Tenant shall pay to Landlord all costs and expenses incurred in enforcing the property may be sold terms of this Lease, including reasonable attorneys’ fees, whether or disposed of by not legal proceedings are instituted. Tenant shall indemnify the Landlord as it considers advisable against all loss of rent and other payments, which the Landlord may incur by reason of such termination during the balance of the Term of this Lease. If Tenant shall default in the observance or performance of any conditions or covenants on Tenant’s part to be observed or performed hereunder or by virtue of any of the provisions in any article of this Lease other than Tenant’s rental payment obligations, Landlord, without being under any obligation to do so and without thereby waiving such default, may be stored in a public warehouse or elsewhere at the cost and remedy such default for the account and at the expense of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) . If the Landlord elects makes any expenditures or incurs any obligations for the payment of money in connection therewith, including but not limited to, all attorney’s fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of two (2%) percent per month and costs, shall be paid to re-enter the Leased Premises Landlord by the Tenant as provided additional rent upon notice from Landlord to Tenant of such costs and expenses. Notwithstanding anything contained in this ArticleLease to the contrary, Landlord shall not be in default in the performance of any of Landlord's obligations under this Lease unless and until Landlord shall have failed to perform such obligations within thirty (30) days, or if it takes possession pursuant such additional time as is required to legal proceedings correct any such default, after receipt of written notice from Tenant to Landlord specifying Landlord's failure to perform any such obligation. If Tenant claims or pursuant asserts that Landlord is in default in the performance of Landlord's obligations under this Lease, Tenant shall not be relieved of Tenant's obligations under this Lease. Tenant's sole remedy shall be an action for specific performance, declaratory judgment or injunction. In no event shall Tenant claim or assert any claim for monetary damages in any action or by way of setoff, defense or counterclaim. Tenant hereby waives the right to any notice provided for by Lawmonetary damages, it may either to terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth available at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordlaw or in equity.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Commercial Lease (Lightspace Corp)
Default. 16.1 Rights o(c)f If the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant said rent or any occupant or occupants part thereof shall at any time be in arrears and remain unpaid for a period of the Leased Premises was or were holding over ten (10) days after the expiration Sublessor shall have given notice of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects same to re-enter the Leased Premises as provided in this ArticleSubtenant, or if it takes possession pursuant to legal proceedings or pursuant to Subtenant shall default in performance of any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants or conditions of this Sublease and conditions such default shall continue for a period of twenty (20) days after Sublessor shall have given notice thereof to Subtenant, during which period Subtenant shall not have proceeded forthwith to remedy such default and prosecuted such effort diligently until such default shall have been remedied, or if Subtenant shall make an assignment for the Landlord benefit of creditors, be adjudged a bankrupt, suffer a receiver or trustee to be appointed in its discretion considers advisableany action or proceeding by or against Subtenant and fail to secure the discharge of such receiver or trustee within forty-five (45) days following such appointment, or if Subtenant shall make an application for an arrangement or reorganization under the bankruptcy laws of the United States, or if Subtenant shall abandon or vacate the Premises, then and in any such cases, it shall be lawful for Sublessor to enter into the Premises and again have, repossess and enjoy the same as if this Sublease had not been made, and thereupon this Sublease and everything contained herein on the part of Sublessor to be done and performed shall cease, terminate and be utterly void, without prejudice however to the rights of Sublessor and obligations of Subtenant (including Sublessor's right to recover from Subtenant all rent reserved hereunder which will thereupon accelerate and become immediately due and payable). Upon each relettingSublessor shall be responsible for any damages to the personal property of Subtenant that both occurs during any such re-entry and results from the negligent, reckless or intentional act or omission of Sublessor's employees or agents while they are acting with the scope of their employment. In the event of acceleration, the Rent received by the Landlord from the reletting, will be applied first to the payment total of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that all remaining rents to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which Subtenant will be calculated discounted to present value using the ten-existing rate for one-year Treasury Bills. The commencement of a proceeding or suit in forcible entry and paid monthly detainer or in advance on ejectment or before the first (1st) day otherwise after any default by Subtenant shall be equivalent in every respect to actual entry by Sublessor, and in case of each month. No such default by Subtenant and entry by Sublessor, Sublessor may, but shall not be obligated to, re-entry let the Premises. It shall be a default under and breach of this Sublease by Sublessor if Sublessor shall fail to perform or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite observe any reletting without terminationterm, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachcondition, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent covenant or obligation required to be paid performed or observed by it under this Lease Sublease for a period of thirty (30) days after notice thereof from Subtenant; provided, however, that if the remainder term, condition, covenant or obligation to be performed is of such nature that the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will same cannot reasonably be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentperformed within such 30-day period, all of which will such default shall be deemed to be accruing on a day-tohave been cured if Sublessor commences such performance within said 30-day basisperiod and thereafter diligently undertakes to complete the same. Upon the occurrence any such default by Sublessor, will Subtenant may (i) take or commence any action to enforce this Sublease that is permitted under Ohio law, (ii) cure the default and, if such cure required Subtenant to make any payment deduct any reasonable such payment from Subtenant's future rent payments to Sublessor, notwithstanding Section 4 of this Sublease, or (iii) terminate this Sublease, immediately become due surrender the Premises to Sublessor and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearscease paying rent hereunder.
Appears in 1 contract
Default. 16.1 Rights o(c)f In the Landlord
(a) The Landlord will be entitled event Subtenant fails to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold perform or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account observe any of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election contained herein on its part to terminate this Lease unless a be observed and performed for ten (10) days after written notice of by Sublandlord to Subtenant (provided, however, if such failure cannot reasonably be cured within ten (10) days, then such failure shall not be a default provided that intention is given Subtenant commences to cure the Tenant. Despite any reletting without terminationfailure within said ten (10) day period and thereafter diligently and in good faith continues to cure the failure), the Landlord (a) Sublandlord may at any time afterwards elect forthwith terminate or cancel this Sublease by notifying Subtenant as hereinafter provided, and upon such termination or cancellation, Subtenant shall be liable to terminate this Lease Sublandlord for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all actual damages it incurs Sublandlord sustains by reason of Subtenant’s breach of covenant and of such termination or cancellation, but in no event shall actual damages exceed the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time net present value of the termination, of difference between the excess, if any, of Base Rent provided for herein and the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable fair market sublease rental value of the Leased Sublease Premises for the remainder of the stated Sublease Term. All ; or (b) Sublandlord may forthwith re-enter the Sublease Premises without notice and upon re-entry may let the Sublease Premises or any part thereof as agent for Subtenant and receive the rent therefor, applying the same first to the payment of such expense as Sublandlord may be out of pocket by way of entering and letting the Sublease Premises and then to the payment of the mentioned Base Rent and the fulfillment of Subtenant’s covenants hereunder; and Subtenant agrees to pay and shall be liable for amounts will be immediately due and payable by the Tenant equal to the Landlord.
(d) The full amount several installments of rent as they would, under the terms of this Sublease, become due if no default had occurred, whether the Sublease Premises be re-let or remain vacant in whole or in part for a period less than the remainder of the current month’s instalment of Minimum Rent and Additional Rent together with Sublease Term, or for the next three (3) months’ instalments of Minimum Rent and Additional Rentwhole thereof, all of which will but Subtenant shall be deemed entitled to be accruing on a day-to-day basiscredited at the end of each month with any net amounts actually received by Sublandlord during such months for the use or occupancy of the Sublease Premises or any part thereof; provided, will immediately become due however, that all sums paid and payable as accelerated Rentliabilities incurred by Sublandlord for any of the purposes aforesaid (which Subtenant also agrees to pay and shall be liable for) shall have been first paid in full to Sublandlord, either directly by Subtenant or out of moneys actually received for renting said Sublease Premises after Sublandlord shall have received undisputed possession thereof, and the Landlord maintenance of any action or proceeding to recover possession of the Sublease Premises or any installment or installments of Base Rent, Additional Rent or any other moneys that may immediately distrain be due or become due from Subtenant to Sublandlord shall not preclude Sublandlord from thereafter instituting and maintaining subsequent actions or proceedings for the recovery of possession of the Sublease Premises or of any subsequent payment or payments of Base Rent, Additional Rent or any other moneys that accelerated Rent together with may be due or become due from Subtenant to Sublandlord. A waiver by Sublandlord of any arrearsbreach or breaches by Subtenant of any one or more of the covenants or conditions hereof shall not bar forfeiture or waive any other rights or remedies of Sublandlord for any subsequent breach of any such or other covenants and conditions. All notices to quit or vacate being hereby expressly waived, any law, usage or custom to the contrary notwithstanding.
Appears in 1 contract
Sources: Sublease (Inovio Biomedical Corp)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will This Agreement is made and all of Licensee’s rights hereun- der are granted on the condition that if Licensee defaults in observing or fulfilling any of its obligations under this Agreement, and such default shall continue uncured for a period of five (5) days after written notice of default is given by Licensor with respect to payment of any delinquent installment of the License Fee or any other charge payable hereunder, or for a period of fifteen (15) days with respect to any non-monetary default after notice is given by Licensor of such default, or if such non-monetary default shall be entitled of a nature that the same cannot reasonably be cured within said fifteen (15) day period, and if Licensee shall not give Licen- sor notice of its intent to re-enter cure such default and shall not have diligently commenced curing such default within such fifteen (15) day period and shall not thereafter with reason- able diligence and dispatch and in good faith proceed to cure such default and complete such cure within a reason- able period for the Leased Premises curing of such default, then Licensor may, upon the expiration of the applicable cure period spec- ified above, terminate this Agreement and remove all property from the Leased Premises Licensee’s license hereunder by giving notice of termination to Lic- ensee, and the property may Term of this Agreement shall cease and expire on the date specified in Licensor’s termination notice, which date shall be sold or disposed the third day after the date on which the notice of by termination is given (the Landlord “Default Ter- mination Date”), and the Term of this Agreement shall cease and expire on such Default Termination Date with the same force and effect as it considers advisable or may be stored in a public warehouse or elsewhere at if such Default Termination Date was originally provided herein as the cost and for the account Expiration Date of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedthis Agreement.
(b) The Landlord If Licensee is in default under any provision of this Agree- ment, then, without limiting Licensor’s rights and remedies Licensor may without otherwise have under this Agreement or under applicable law, Licensee, upon written notice re-enter and take possession from Licensor or the Telecommunications Site Manager, shall immediately discontinue its use of the Leased Premises as though FOC until receipt of written acknowledgment from Licensor or the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverTelecommu- nications Site Manager that all such defaults have been cured, and Licensor may, by force or otherwise, remove or disable the FOC. Notwithstanding any termination or expi- ration of this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession Agreement pursuant to legal proceedings or pursuant this Paragraph 6, Lic- ensee shall continue liable to Licensor for any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due unperformed obligations under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordAgreement.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: License Agreement
Default. 16.1 Rights o(c)f the Landlord
There shall be deemed to be a breach of this Agreement (a) The Landlord will be entitled to re-enter if Lessee shall default in the Leased Premises payment of any Rent hereunder and remove all property from the Leased Premises and the property may be sold or disposed such default shall continue for a period of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenantten (10) days, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without if Lessee shall default in the performance of any of the other covenants herein and such default shall continue uncured for thirty (30) days after written notice re-enter and take thereof to Lessee by Lessor, or (c) if Lessee ceases doing business as a going concern, or if a petition is filed by or against Lessee under the Bankruptcy Code or any amendment thereto (including a petition for reorganization, arrangement or an extension), or if Lessee attempts to remove or sell or transfer or encumber or sublet or part with possession of the Leased Premises as though the Tenant Equipment or any occupant or occupants part thereof. In the event of a breach of this Agreement, as herein defined: (x) the Leased Equipment shall upon Lessor's demand forthwith be delivered to Lessor at Lessee's expense at such place as Lessor shall designate and Lessor and/or its agents may, without notice or liability or legal process, enter into any Premises was of or were holding over after under control or jurisdiction of Lessee or any agent of Lessee where the expiration of the Term without any right whateverLeased Equipment may be or by Lessor is believed to be, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises repossess all or any part of them the Leased Equipment, disconnecting and separating all thereof from any other property and using all reasonable force necessary or permitted by applicable law to do so, and (y) all sums due and to become due hereunder shall, at Lessor's option, become payable forthwith. The provisions of this section shall be without prejudice to any rights given to the Lessor by such statute to recover for any amounts allowed thereby. Lessor, upon any breach of this Agreement, may sell the Leased Equipment or may re-lease such Leased Equipment for a term or terms (and a rental which may be equal to, greater than or less than the rental and term herein provided. The provisions of this section shall be without prejudice to Lessor's right to recover or prove in full damages for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the unpaid Rent received by the Landlord from the reletting, will be applied first that accrued prior to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses breach of the reletting including brokerage fees and solicitors’ fees and Agreement. In the costs event of a breach of this Agreement, Lessor, at its option, may enforce by appropriate legal proceedings specific performance of the alterations and repairs; third to the payment applicable covenants of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied Agreement as payment of future Rent well as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordremedy herein provided.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (Siebel Systems Inc)
Default. 16.1 Rights o(c)f In the event Tenant fails to pay any rental due hereunder or fails to keep and perform any of the other terms or conditions hereof, time being of the essence, then five (5) days after written notice of default given to Tenant from Landlord
, the Landlord may, if such default has not been corrected, resort to any and all legal remedies or combination of remedies which Landlord may desire to assert including but not limited to one or more of the following: (a1) The Landlord will be entitled lock the doors to re-the Leased Premises and exclude Tenant therefrom, (2) retain or take possession of any property on the Leased Premises pursuant to Landlord's statutory lien, (3) enter the Leased Premises and remove all persons and property therefrom, (4) declare this Lease at an end and terminated, (5) sue ▇▇▇ the rent due and to become due under this Lease, and for any damages sustained by Landlord, (6) collect, directly from any sublessee or assignee under Tenant all subrents and other charges payable by such sublessees or assignees, Tenant hereby assigning to Landlord such subrents and other charges in the event of a default by Tenant under this lease, and (7) continue this Lease in effect and relet the Leased Premises on such terms and the property conditions as Landlord may be sold or disposed of by the Landlord as it considers deem advisable or may be stored in a public warehouse or elsewhere at the cost and with Tenant remaining liable for the account monthly rent plus the reasonable cost of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take obtaining possession of the Leased Premises as though the Tenant or and of any occupant or occupants of repairs and alterations necessary to prepare the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, less the Rent rentals received by the Landlord from the such reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession action of the Leased Premises by the Landlord will shall be construed as an election on its part to terminate this Lease unless a written notice of that such specific intention is given to the Tenant. Despite Tenant agrees to pay as additional rental all attorneys' fees and other costs and expenses incurred by Landlord in enforcing any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid Tenant's obligations under 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 Termwhether or not legal action is commenced or judgement obtained. All of the mentioned amounts will be immediately Any amount due and payable by the from Tenant to Landlord under this Lease which is not paid when due shall bear interest at the Landlord"Prime Rate" that is in effect on the date such amount is due, accruing from such date until paid. Furthermore, that rate of interest paid by Tenant on any such amount shall be adjusted as the "Prime Rate" is adjusted.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (CSK Auto Corp)
Default. 16.1 Rights o(c)f If LESSEE shall default in the Landlord
payment of any rent when due and shall fail to cure such default within ten (a10) The Landlord will days after LESSOR gives LESSEE written notice thereof, or if LESSEE shall default in the performance of any other covenant or condition of this lease and shall fail to cure such default within thirty (30) days after LESSOR gives LESSEE written notice thereof (unless such default cannot reasonably be entitled cured within thirty (30) days and in such case, LESSEE shall have commenced to cure said default within said thirty (30) days and thereafter continue diligently to pursue to completion the curing of same), LESSOR shall, at its election, have the right to terminate this lease and with or without terminating this lease have immediate possession of the Leased Premises, without waiving or relinquishing any claim for rent or damages then due or to become due thereafter, and LESSEE shall remain liable as hereinafter provided, in such event LESSOR, without prejudice to any other right or remedy which it may have hereunder or by law, may re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold either by force, or disposed otherwise, or dispossess LESSEE, any legal representative of by the Landlord as it considers advisable LESSEE or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession other occupant of the Leased Premises as though the Tenant by appropriate suit, action or any occupant or occupants of proceeding, and remove its effect and hold the Leased Premises was or were holding over after if this lease has not been made. Notwithstanding that LESSOR may elect to terminate this lease, and during the expiration full period which would otherwise have constituted the balance of the Term without any right whateverterm of this lease, LESSEE shall continue liable for the performance of all the covenants of LESSEE under this lease, including LESSEE'S covenant to pay the full amount of rent reserved hereunder and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter LESSEE at its option may rent the Leased Premises as provided in this Articlefor a term, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawterms, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a shorter or longer than the balance of the term extending beyond the Term) and at a rent and upon those other termshereof, covenants and conditions in which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied event or events LESSOR shall apply any moneys collected first to the payment expense of any indebtedness other than Rent due under this Lease from resuming or obtaining possession of and reletting the Tenant to the Landlord; Leased Premise and second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent rent due and unpaid under this Lease; to become due to LESSOR hereunder, and the residue, if any, will LESSEE shall be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease remain liable for any breach, in addition deficiency. Should LESSOR fail to exercise any other remedies remedy it may havehave for default of LESSEE, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will such failure shall not be deemed to be accruing a waiver of LESSOR'S rights to exercise such remedy for such default at a later time or for subsequent defaults, or otherwise to insist upon strict compliance with the terms hereof. LESSOR hereby waives any rights with respect to any contractual or statutory liens on a dayLESSEE'S fixtures, furniture, equipment or tangible personal property located at the Leased Premises as well as those items of any client or customer whether stored on-to-day basis, will immediately become due and payable as accelerated Rent, and site within the Landlord may immediately distrain for that accelerated Rent together with any arrearsLeased Premises.
Appears in 1 contract
Sources: Sublease (Sportsmans Guide Inc)
Default. 16.1 Rights o(c)f a. If the Landlord
Tenant should fail to pay Annual Basic Rent and additional rent or any other charges herein reserved as rent (aherein collectively referred to as "rent"), on the days and time and at the place that the same are made payable hereunder, or if the Tenant shall in any respect violate any of the terms, conditions or covenants herein contained, or if a "Tenant's bankruptcy" (as hereinafter defined) The Landlord will has occurred, or be entitled to levied upon or sold out by any sheriff's, marshall's or constable's sale, th▇ ▇▇▇dlord may re-enter and repossess the Leased Premises Premises, together with any and remove all property from improvements thereon and additions thereto, and/or pursue any remedy permitted by law or equity for the Leased Premises enforcement of the provisions hereof; and/or at the election of the Landlord, the Landlord may give to the Tenant written notice of the Landlord's election to terminate this Lease on a date to be specified in said notice, and upon the date specified in said notice, this Lease and the property Term shall (except for the continued liability of the Tenant as hereinafter provided) expire and come to an end as fully and completely as if the date specified in said notice were the date definitely fixed in this Lease for the expiration of the Term and the Tenant shall quit and surrender the Premises, on or before the said date, to the Landlord, without cost or charge to the Landlord.
b. If this Lease is terminated as herein provided, Tenant nevertheless shall remain liable for any rental and damages which may be sold due or disposed sustained prior to such termination and all reasonable costs, fees and expenses including, but not limited to, attorney's fees incurred by Landlord in pursuit of its remedies hereunder, or in renting the Premises to others from time to time (all such rental, damages, costs, fees and expenses being referred to herein as "Termination Damages") and additional damages (the "Liquidated Damages"), which, at the election of Landlord, shall be either:
(1) an amount or amounts equal to the rental which, but for termination of this Lease, would have become due during the remainder of the Term, less the amount or amounts of rental, 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 in monthly installments, in advance, on the first day of each calendar month following termination of the Lease and continuing until the date on which the Term would have expired but for such termination, and any suit or action brought to collect any such Liquidated Damages for any month shall not in any manner prejudice the right of Landlord to collect any Liquidated Damages for any subsequent month by a similar proceeding; or
(2) an amount equal to the present worth (as of the date of such termination) of rental which, but for termination of this Lease, would have become due during the remainder of the Term, less the fair rental value of the Premises, as determined by an independent real estate appraiser named by Landlord, in which case such Liquidated Damages shall be payable to Landlord in one lump sum on demand and shall bear interest at the Default Rate until paid.
c. If this Lease or the Tenant's possession of the Premises should be terminated as herein provided or by re-entry, summary dispossession proceedings or any other method, the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere may, at the cost and Landlord's option, as an additional or alternative remedy (i) re-let the Premises or any part or parts thereof for the account of the Tenant, all without service of notice or resort to legal process and without Tenant for the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration remainder of the Term without any right whateveras herein originally specified, and this Lease and the Term will be terminated.
or (cii) If the Landlord elects to re-enter let the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be parts thereof for a term period extending beyond the date when this Lease would have expired but for such prior expiration on default or for such re-entry and termination, and deem that portion of the period within the Term, as a rental for the account of the Tenant (which such re-letting may provide for reasonable concessions in rent or a reasonable free rent period, but without thereby in any way affecting the Tenant's liability hereunder for the rent payable under this Lease for the period of such concession or free rent) and at a rent and upon those other termsand, covenants and conditions which in any of such events, the Landlord in its discretion considers advisable. Upon each relettingmay receive the rent therefor, applying the Rent received by the Landlord from the reletting, will be applied same first to the payment of any indebtedness other than Rent due under this Lease from such reasonable expenses of every kind and nature as the Landlord may have incurred or assumed in recovering the possession of the Premises and in connection with the re-letting of the Premises, and then (to the extent of the remainder of so much of the said rent as shall have been received with respect to the Term) to the fulfillment of the covenants and agreements of the Tenant to the Landlord; second to hereunder including the payment of any costs the rent herein reserved, and expenses the Tenant shall remain liable as herein provided, but there shall be no obligation on the part of the reletting including brokerage Landlord to re-let nor any liability on its part for failure to re-let, and the Tenant's liability shall not be diminished or affected by such failure to re-let, or the giving of such rent or other concessions in the event of any re-letting, as aforesaid.
d. If this Lease is terminated as herein provided, or if Tenant's possession is terminated by re-entry, summary dispossession proceedings or any other method, whether or not the Premises shall be re-let, the Tenant shall, until the time when this Lease would have expired but for such prior expiration or for such re-entry, summary dispossession or termination, continue to remain liable for the rent herein reserved less the avails of any such re-letting (after the deduction therefrom of all reasonable expenses incurred by the Landlord in recovering such possession and in re-letting including, but not by way of limitation, broker's fees, reasonable counsel fees and solicitors’ fees and the costs cost of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuerenovation), if any, will and the same shall be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full , at Landlord's option, either on the several days hereinabove specified for the payment thereof, so that upon each of such days the Tenant shall pay to the Landlord the amount of the current month’s instalment deficiency then existing or in one lump sum on demand. Upon such expiration, termination or re-entry as aforesaid, neither the Tenant nor the Tenant's creditors and representative shall thereafter have any right, legal or equitable, in or to the Leased Premises or any portion thereof, or in or to the repossession of Minimum Rent same, or in, to or under this Lease, and Additional Rent together with the next three (3) months’ instalments Tenant hereby waives any and all right of Minimum Rent redemption which may then be provided by law. The words "re-enter" and Additional Rent, all of which will "re-entry" as used in this Lease shall not be deemed to be accruing on a day-to-day basisrestricted to their technical legal meaning. In the event Landlord shall enforce any of the provisions hereof in any action at law or in equity, will immediately become due Tenant shall pay all costs, expenses and payable as accelerated Rentreasonable attorneys' fees incurred therein by Landlord, and such may be included in the judgment entered in such action, including attorneys' fees incurred by Landlord may immediately distrain for that accelerated Rent together in connection with any arrearsTenant's bankruptcy proceedings.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The If Tenant shall fail to pay rent or any other sum payable to Landlord will hereunder when due, or if Tenant shall fail to perform or observe any of the other covenants, terms or conditions contained in this Lease within fifteen (15) days (or such longer period as is reasonably required to correct any such default, provided Tenant promptly commences and diligently continues to effectuate a cure), but in any event within thirty (30) days after written notice thereof by Landlord, or if any of the events specified in Section 14 occur, or if Tenant vacates or abandons the Demised Premises during the term hereof or removes or manifests an intention to remove any of Tenant's goods or property therefrom other than in the ordinary and usual course of Tenant's business, then and in any of said cases (notwithstanding any former breach of covenant or waiver thereof in a former instance), Landlord, in addition to all other rights and remedies available to it by law or equity or by any other provisions hereof, may at any time thereafter:
(i) upon three (3) days notice to Tenant, declare to be entitled immediately due and payable, the rent and other charges herein reserved for the balance of the term of this Lease (taken without regard to re-enter any early termination of said term on account of default), a sum equal to the Leased Premises Accelerated Rent Component (as hereinafter defined), and remove all property from Tenant shall remain liable to Landlord as hereinafter provided; and/or
(ii) whether or not Landlord has elected to recover the Leased Premises Accelerated Rent Component, terminate this Lease on at least five (5) days notice to Tenant and, on the date specified in said notice, this Lease and the property may be sold or disposed term hereby demised and all rights of by Tenant hereunder shall expire and terminate and Tenant shall thereupon quit and surrender possession of the Demised Premises to Landlord in the condition elsewhere herein required and Tenant shall remain liable to Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedhereinafter provided.
(b) The For purposes herein, the Accelerated Rent Component shall mean the aggregate of:
(i) all rent and other charges, payments, costs and expenses due from Tenant to Landlord may without notice re-enter and take possession in arrears at the time of the Leased Premises as though election of Landlord to recover the Tenant or any occupant or occupants Accelerated Rent Component;
(ii) the minimum rent reserved for the then entire unexpired balance of the Leased Premises was or were holding over after the expiration term of this Lease (taken without regard to any early termination of the Term without term by virtue of any right whateverdefault), plus all other charges, payments, costs and this Lease expenses herein agreed to be paid by Tenant up to the end of said term which shall be capable of precise determination at the time of Landlord's election to recover the Accelerated Rent Component; and
(iii) Landlord's good faith estimate of all charges, payments, costs and expenses herein agreed to be paid by Tenant up to the Term will end of said term which shall not be terminatedcapable to precise determination as aforesaid (and for such purposes no estimate of any component of the additional rent to accrue pursuant to the provisions of Section 4 hereof shall be less than the amount which would be due if each such component continued at the highest monthly rate or amount in effect during the twelve (12) months immediately preceding the default).
(c) If the Landlord elects to re-enter the Leased Premises as provided In any case in which this ArticleLease shall have been terminated, or if it takes possession pursuant in any case in which Landlord shall have elected to legal proceedings recover the Accelerated Rent Component and any portion of such sum shall remain unpaid, Landlord may without further notice, enter upon and repossess the Demised Premises, by force, summary proceedings, ejectment or pursuant to any notice provided for by Lawotherwise, it and may either terminate this Lease or it dispossess Tenant and remove Tenant and al! other persons and property from the Demised Premises and may from time to timehave, without terminating this Leasehold and enjoy the Demised Premises and the rents and profits therefrom. Landlord may, in its own name, as agent of the for Tenant, make those alterations and repairs which are necessary if this Lease has not been terminated, or in order to its own behalf, if this Lease has been terminated, relet the Leased Demised Premises or any part of them thereof for the such term or terms (which may be for a greater or less than the period which would otherwise have constituted the balance of the term extending beyond the Termof this Lease) and at a rent and upon those other terms, covenants and conditions on such terms (which the may include concessions of free rent) as Landlord in its sole discretion considers advisablemay determine. Upon each Landlord may, in connection with any such reletting, cause the Rent received by Demised Premises to be decorated, altered, divided, consolidated with other space or otherwise changed or prepared for reletting. No reletting shall be deemed a surrender and acceptance of the Demised Premises.
(d) Tenant shall, with respect to all periods of time up to and including the expiration of the term of this Lease (or what would have been the expiration date in the absence of default or breach) remain liable to Landlord from as follows:
(i) In the relettingevent of termination of this Lease on account of Tenant's default or breach, will be applied first Tenant shall remain liable to Landlord for damages equal to the payment of any indebtedness rent and other than Rent due charges payable under this Lease from by Tenant as if this Lease Were still in effect, less the Tenant to the Landlord; second to the payment net proceeds of any reletting after deducting all costs incident thereto (including without limitation all repossession costs, brokerage and' management commission, operating and legal expenses and fees, alteration costs and expenses of preparation for reletting ( and to the reletting including brokerage fees and solicitors’ fees and the costs extent such damages shall not have been recovered by Landlord by virtue of payment by Tenant of the alterations and repairs; third Accelerated Rent Component (but without prejudice to the payment right of Landlord to demand and receive the Accelerated Rent due Component), such damages shall be payable to Landlord monthly upon presentation to Tenant of a ▇▇▇▇ for the amount due.
(ii) In the event and unpaid under so long as this Lease; and the residue, if any, will be held Lease shall not have been terminated after default or breach by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this LeaseTenant, the Tenant will pay the deficiency, which will be calculated rent and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any all other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid payable under this Lease shall be reduced by the net proceeds of any reletting by Landlord (after deducting all costs incident thereto as above set forth) and by any portion of the Accelerated Rent Component paid by Tenant to Landlord, and any amount due to Landlord shall be payable monthly upon presentation to Tenant of a ▇▇▇▇ for the remainder amount due.
(e) In the event Landlord shall, after default or breach by Tenant, recover the Accelerated Rent Component from Tenant and it shall be determined at the expiration of the stated Term over term of this Lease (taken without regard to early termination for default) that a credit is due Tenant because the then reasonable net proceeds of reletting, as aforesaid, plus amounts paid to Landlord by Tenant exceed the aggregate of rent and other charges accrued in favor of Landlord to the end of said term, Landlord shall refund such excess to Tenant, without interest, promptly after such determination.
(f) Landlord shall in no event be responsible or liable for any failure to relet the Demised Premises or any part thereof, or for any failure to collect any rent due upon a reletting.
(g) As an additional and cumulative remedy of Landlord in the event of termination of this Lease by Landlord following any breach or default by Tenant, Landlord, at its option, shall be entitled to recover damages for such breach in an amount equal to the Accelerated Rent Component (determined from and after the date of Landlord's election under this subsection (g) less the fair rental value of the Leased Demised Premises for the remainder of the stated Term. All term of this Lease (taken without regard to the mentioned amounts will early termination) and such damages shall be immediately due and payable by Tenant upon demand. Nothing contained in this Lease shall limit or prejudice the Tenant right of Landlord to prove and obtain as damages incident to a termination of this Lease, in any bankruptcy reorganization or other court proceedings, the Landlordmaximum amount allowed by any statute or rule of law in effect with such damages are to be proved.
(dh) The full In the event of any default occurrence by which Landlord shall have the rights and remedies specified in this Section 15:
(i) Tenant hereby authorizes and empowers any prothonotary or attorney of any court of record to appear for Tenant and to Confess Judgment against Tenant (whether by Complaint to Confess Judgment or otherwise) in favor of Landlord for any amount due to Landlord hereunder (including without limitation the Accelerated Rent Component), together with interest and costs and an attorney's commission of five percent (5%) of the current month’s instalment amount due;
(ii) For the purpose of Minimum Rent obtaining possession of the Demised Premises, Tenant hereby authorizes and Additional Rent together with the next three (3) months’ instalments empowers any prothonotary or attorney of Minimum Rent any court of record to appear for Tenant and Additional Rentto file in any court an agreement for entering an amicable action and judgment in ejectment for recovery of possession, all and/or to confess judgment for possession against Tenant and those claiming by, through or under Tenant in favor of which will be deemed Landlord by Complaint to be accruing on a day-to-day basis, will immediately become due and payable as accelerated RentConfess Judgment or otherwise, and Tenant agrees that upon such entry or judgment a writ of possession for the Demised Premises may forthwith issue; and
(i) Tenant hereby waives all errors and defect of a procedural nature in any proceedings brought against it by Landlord under this Lease. Tenant further waives the right to any notices to quit as may be specified in the Landlord and Tenant Act of Pennsylvania, as amended, and agrees that five (5) days notice shall be sufficient in any case where a longer period may immediately distrain be statutorily specified.
(j) If rent or any other sum due from Tenant to Landlord shall be over due for that accelerated Rent together with any arrearsmore than five (5) days after notice from Landlord, it shall thereafter bear interest at the rate of twenty percent (20%) per annum (or, if lower, the highest legal rate) until paid.
Appears in 1 contract
Default. 16.1 Rights o(c)f If (a) default is made in the payment of the rent or any additional charge payable hereunder by Tenant, and such default shall continue for five (5) days after written notice of such default, or (b) default is made in any of the other covenants or conditions herein contained on the part of Tenant and such default shall continue for thirty (30) days after written notice thereof shall have been given to Tenant (except that such thirty (30) day period shall be automatically extended for an additional period of time reasonably necessary to cure such default not to exceed sixty (60) days, if such default cannot be cured within such thirty (30) day period and provided Tenant commences the process of curing such default within said thirty (30) day period and diligently pursues such cure), or (c) if this Lease shall, by act of Tenant or by operation of law or otherwise, pass to any party other than Tenant, except with the prior written consent of Landlord, (d) if Tenant shall abandon or vacate the Premises or permit same to become vacant, or (e) Tenant shall become Bankrupt, then and in any of the above-described events, Tenant shall be in breach of this Lease and Landlord shall have the rights and remedies herein referred to and/or provided and as provided by law, including the right to immediate possession and to accelerate the rent due for the term hereof. Upon the occurrence of any such default, Landlord shall have the option to pursue any one or more of the following remedies (or any other remedy available to it) without notice or demand whatsoever:
(a) The Give Tenant written notice of intent to terminate this Lease on the date of such notice or on any later date as may be specified therein, whereupon Tenant's right to possession of the Premises shall cease and this Lease, except as to Tenant's liability, shall be terminated. In the event this Lease is terminated in accordance with the provisions of this paragraph, Tenant shall remain liable to Landlord will 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 including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorney's fees, expenses of employees, alteration and repair costs and expenses of preparation for such reletting. Landlord shall be entitled to re-enter collect such damages from Tenant monthly on the Leased Premises days on which the rent and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere other charges would have been payable hereunder if this Lease had not been terminated. Alternatively, at the cost option of the Landlord, in the event this Lease is so terminated, Landlord shall be entitled to recover forthwith against Tenant as damages for loss of the bargain and not as a penalty an aggregate sum, which at the time of such termination of this Lease, represents the excess, if any, of the aggregate of the rent and all other charges payable by Tenant hereunder that would have accrued for the account balance of the Tenantterm over the aggregate rental value of the Premises (such rental value to be computed on the basis of Tenant paying not only a rent to Landlord for the use and occupation of the Premises, all without service but also such other charges as are required to be paid by Tenant under the terms of notice or resort this Lease) for the balance of such term, both discounted to legal process and without present worth at the Landlord being guilty rate of trespass or being liable for any loss or damage which may be occasionedeight percent (8%) per annum.
(b) The Landlord may without notice re-enter Reenter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverpart thereof, and this Lease repossess the same as of Landlord's former estate and expel Tenant and those claiming through or under Tenant, and remove the Term will effects of both or either, using such force for such purposes as may be terminated.
(c) If the necessary, without being liable for prosecution thereof, 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 elects elect to re-enter the Leased Premises reenter as provided in this Articlesubparagraph, or if it takes should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by Lawlaw, it may either terminate this Lease or it may Landlord may, from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them thereof in Landlord's or Tenant's name, but for the account of Tenant, for such term or terms (which may be for a greater or less than the period which would otherwise have constituted the balance of the term extending beyond the Termof this Lease) and at a on such conditions and upon other terms (which may include concessions of free rent and upon those other termsalteration and repair of the Premises) as Landlord, covenants and conditions which the Landlord in its discretion considers advisablesole discretion, may determine, and Landlord may collect and receive the rents therefor. Upon each 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, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry such reentry or taking possession of the Leased Premises by the Landlord will shall be construed as an election on its Landlord's part to terminate this Lease unless a written notice of that such intention is be given to the Tenant. Despite 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 without terminationto 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. In the event that Landlord may at any time afterwards does not elect to terminate this Lease but takes possession as provided for in this subparagraph, Tenant shall pay to Landlord (i) the previous breachrent and other charges 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 Landlord's expenses including, without limitation, all repossession costs, brokerage commissions, legal expenses, attorney's fees, expenses of employees, alteration and repair costs and expenses of preparation for such reletting. Tenant shall pay such rent and other sums to Landlord monthly on the days on which the rent would have been payable hereunder if possession had not been retaken. All covenants and agreements to be performed by the Tenant under any of the terms of this Lease shall be performed by Tenant at Tenant's sole cost and expense and without any abatement of rent. If the Tenant fails to pay any sum of money, other than rent, required to be paid by it hereunder or shall fail to perform any other act on its part to be performed hereunder, and such failure shall continue for ten (10) days after notice thereof by the Landlord, the Landlord at may, but shall not be obligated to and without waiving or releasing the Tenant from any time terminates of its obligations, make any such payment or perform any such other act on the Tenant's part to be made or performed as provided herein. All sums so paid by the Landlord and all necessary incidental costs, and all costs and expenses (including reasonable attorneys' fees) incurred by Landlord in enforcing any of the terms, covenants or conditions of this Lease Lease, or in suing for or obtaining relief by reason of a breach thereof, shall be payable as additional rent to the Landlord on demand and the Tenant covenants to pay any breachsuch sums, costs and expenses and the Landlord shall have, in addition to any other right or remedy of the Landlord, the same rights and remedies it may havein the event of the nonpayment thereof by the Tenant as in the case of default by the Tenant in the payment of rent. If Tenant fails to pay rent or any other amount due to Landlord hereunder, it may recover Landlord will be entitled to interest on the unpaid amount at the annual rate of five percent plus the prime rate of interest charged, from time to time by the First Wisconsin National Bank of Milwaukee (or the highest contract rate permitted to be charged by law, whichever is lower) from the Tenant all damages it incurs by reason date of notice of default, compounded monthly. Failure of Landlord to exercise its rights in connection with any breach or violation of any term, covenant or condition herein contained shall not be deemed to be a waiver of such term, covenant or condition or any subsequent breach of the same or any other term, covenant or condition herein contained. The subsequent acceptance of rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach including by Tenant of any term, covenant or condition of this Lease, other than the costs failure of recovering Tenant to pay the Leased Premisesparticular rental so accepted, solicitors’ fees (on a substantial indemnity basis) and including the worth regardless of Landlord's knowledge of such preceding breach at the time of acceptance of such rent. Tenant shall pay all costs, expenses and reasonable attorneys fees that may be incurred or paid by Landlord in enforcing the termination, covenants and agreements of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordLease.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will In the case of default by Optionor hereunder, BCC shall be entitled entitled, after ten (10) days prior written notice to re-enter Optionor, to (a) seek an action in specific performance, (b) seek all remedies available under the Leased Premises and remove all property from the Leased Premises and the property Transaction Documents and/or (c) seek such other relief, including without limitation an action at law for damages, as may be sold available. Optionor shall pay all reasonable counsel fees of BCC in connection with enforcing any rights or disposed benefits of by BCC hereunder or under the Landlord as other Transaction Documents. The rights and remedies of BCC under this Option Agreement are cumulative and not exclusive of any rights or remedies which it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedotherwise have.
(b) In the case of default by BCC hereunder, Optionor shall be entitled, after ten (10) days prior written notice to BCC, to seek such relief, including without limitation an action at law for damages, as may be available to Optionors. BCC shall pay all reasonable counsel fees of Optionor in connection with enforcing any rights or benefits of Optionor hereunder. The Landlord rights and remedies of Optionor under this Option Agreement are cumulative and not exclusive of any rights or remedies which they may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminatedotherwise have.
(c) If Notwithstanding the Landlord elects provisions of Section 7(b) and so long as neither a Default nor an Event of Default has occurred under any Transaction Document or Lease Document which was caused by either Optionor or the Company, in the event that BCC fails to re-enter the Leased Premises make Option Payments as provided in this Articlehereunder, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms after ten (which may be for a term extending beyond the Term10) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a days prior written notice of that intention is given such failure sent by Optionor to BCC, Optionor shall have the following remedies and rights, which remedies and rights shall be the sole and exclusive remedies and rights of Optionor in the case of such failure: (i) BCC shall no longer have any right to exercise any Option or any Asset Purchase Option granted by Optionor to BCC relating to the Tenant. Despite any reletting without terminationCompany, the Landlord may at Property, any time afterwards elect Phase Tenant or any Phase Facility (as defined in the Lease), (ii) the lien encumbering the Equity Interests and other assets in favor of BCC arising hereunder and under any Pledge Agreement and any Leasehold Mortgage granted in connection with any Phase Facility shall automatically be released and terminated and (iii) the Leasehold Tenant shall be permitted to terminate this Lease for all Management Agreements related to a Phase Facility in accordance with the previous breachlast paragraph of Section 6(a) thereof. If BCC agrees, after the Landlord at any time terminates this Lease for any breachfailure to make Option Payments and an opportunity to cure as provided herein, in addition to any other remedies it execute such documents and instruments, as Optionor may havereasonably request to effect the provisions of Subsections (c)(i), it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basisc)(ii) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord(c)(iii) above.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f The happening of one or both (A or B) of the Landlord
(a) The Landlord will be entitled to re-enter following listed events shall constitute a breach of this Lease Agreement on the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account part of the Tenant, all without service namely:
A. The failure of Tenant to pay rent payable under this Lease Agreement within ten (10) days following written notice or resort from Landlord of failure to legal process and without pay the Landlord being guilty full monthly rental on the first day of trespass or being liable for any loss or damage which may rental month. After such notice has been given to Tenant a total of three times, no further notice shall be occasionedrequired if Tenant subsequently defaults in payment of any monthly rental payment next due thereafter.
(b) B. The Landlord may without notice re-enter failure of Tenant to fully and take possession of the Leased Premises as though the Tenant or promptly perform any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate act required under this Lease or to otherwise comply with any terms or provisions hereof for thirty (30) days or more after written notice is given to Tenant by Landlord notifying it of said default. In all matters in this Agreement, time is of the essence. Upon the happening of any event of default by Tenant, Landlord, if Landlord shall so elect, may from time either (1) terminate the terms of this Lease Agreement, or (2) terminate Tenant's right to time, possession or occupancy of the premises without terminating the term of this Lease Agreement, and, in the event Landlord shall exercise such second right of election, the same shall be effective as of twenty (20) days after the date of such event of default. If Landlord shall elect to terminate the terms of this Lease Agreement, Landlord, upon such termination, shall be entitled to recover of Tenant all accrued rent due and payable at the time of such default, plus any rents paid in advance, which shall be applied to any balance due Landlord, of whatever kind, or in the alternative, as liquidated damages forfeited to Landlord without waiver of any other rights or remedies of Landlord. If Landlord shall elect to terminate the terms of the Lease Agreement then after all accrued rents are paid the Landlord and any funds owed to Landlord on account of any other terms of this Lease are paid, then Tenant's obligations and liability under this Lease shall terminate. If Landlord shall elect to terminate Tenant's right to possession only without terminating the terms of this Lease, as agent Landlord, at Landlord's option, may enter into the premises, remove Tenant's property, and hold possession of and sell the Tenant, make those alterations same and repairs which are necessary in order to relet apply the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied proceeds first to the payment cost of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; sale, second to the payment of any costs rents and expenses of the reletting including brokerage fees and solicitors’ fees damages due Landlord, and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuesurplus, if any, will shall be held by paid to Tenant, without any such entry and possession or sale terminating the terms of this Lease or otherwise releasing Tenant in full or in part from its obligation to pay the rent herein reserved for the full term hereof, and in such case, Tenant shall remain liable to Landlord and applied as payment of future Rent as it becomes for all rents due under this Lease. However, Landlord will make reasonable efforts to relet the property, or any part thereof, at a reasonable rent to any person, firm or corporation other than Tenant. If the Rent received from the reletting during any month is less than that to be paid during that month rent collected by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No Landlord upon such re-entry or taking possession of letting is not sufficient to pay monthly the Leased Premises full amount theretofore paid by the Tenant, Tenant shall pay to Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent each monthly deficiency upon demand, and, if the rent so collected from such re-letting is more than sufficient to Rent required to be paid under this Lease for pay the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment rent reserved hereunto, Landlord shall, at the end of Minimum Rent and Additional Rent together with the next three (3) months’ instalments stated term hereof, apply any surplus to the extent thereof to the discharge of Minimum Rent and Additional Rent, all any obligation for Tenant under the terms of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rentthis Lease, and any remaining surplus shall be paid to Tenant. However, nothing herein shall render Tenant liable for any greater sum than would be payable if Tenant were not in default under the Landlord may immediately distrain for that accelerated Rent together with any arrearsLease.
Appears in 1 contract
Sources: Lease Agreement (Market America Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Lessee should be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold in breach or disposed default of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account violate any of the Tenant, all without service terms and conditions of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this ArticleLease, or if it takes possession pursuant to legal proceedings the Lessee should assign or pursuant to any notice provided for by Law, it may either terminate hypothecate this Lease or it may from time to time, without terminating sublet the Demised Premises in a manner not provided by this Lease, as agent Lease or otherwise dispose of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises whole or any part of them the Demised Premises or make any structural alterations therein without the prior written approval of the Lessor, or shall commit waste or suffer the same to be committed on said Demised Premises or injure or misuse the same, or shall cease to exist as an IRS qualified or Connecticut corporation, or shall be adjudicated bankrupt, or shall make a voluntary or involuntary assignment of its estate or effects for the term benefit of creditors, or terms (which if a receiver of Lessee’s property shall be appointed, or if this Lease shall by operation of law, devolve upon or pass to anyone other than the Lessee, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and the Lessor may, at any time thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry, may be for a term extending beyond recover possession thereof in the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received manner prescribed by the Landlord from the reletting, will be applied first statutes relating to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlordsummary process; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than being understood that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on no demand for rent or before the first (1st) day of each month. No re-entry for condition broken, as at common law, shall be necessary to enable the Lessor to recover such possession pursuant to said statutes relating to summary process, that any or taking possession all right to any such demand or any such re-entry is hereby expressly waived by Lessee. In the event the Lessee should be in breach or default of or violate any of the Leased Premises by Lessee’s obligations set forth in the Landlord will be construed as an election on its part Lease and fail to terminate this Lease unless a cure such breach, default or violation within thirty (30) days written notice of that intention is given to such breach from the Tenant. Despite any reletting without terminationLessor, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the Landlord may sole option of the Lessor, and the Lessor may, at any time afterwards elect thereafter re-enter said premises and shall have and possess all of the Lessor’s former estate, and without such re-entry may recover possession thereof in the manner prescribed by the statutes relating to terminate this Lease summary process; it being understood that no demand for the previous breach. If the Landlord rent or re-entry for condition broken, as at common law, shall be necessary to enable Lessor to recover such possession pursuant to said statutes relating to summary process, that any time terminates this Lease for any breach, in addition or all right to any other remedies it may have, it may recover from the Tenant all damages it incurs such demand or such re-entry is hereby expressly waived by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord▇▇▇▇▇▇.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease Agreement
Default. 16.1 Rights o(c)f If the Landlord
(a) The Landlord will Tenant should tail to pay any part of the rent herein provided or any other sum required by this Lease to be entitled paid to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost times or in the manner provided under this Lease or otherwise, or otherwise fail to comply with the terms and conditions of this Lease, or if a petition in bankruptcy or for an arrangement be filed by or against Tenant, or if he be adjudicated bankrupt or insolvent or if a receiver is appointed, or if default shall be made in any of the other covenants or conditions on his part agreed to be performed, besides other rights or remedies it may have, if such failure to pay rent or such other sum or such default shall continue for twenty (20) days after written notice thereof from Landlord to Tenant, or in the event that it shall be necessary for Landlord to give Tenant 3 notices of default within any lease year, then it shall be deemed a "default" for the account purposes of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the then Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may re-enter the premises by summary proceedings or otherwise, remove all persons and property from time the premises without liability to timeany person for damages sustained by reason of such removal, without terminating this Lease, as agent of and re-let the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and premises at a rent such rental and upon those such other terms, covenants terms and conditions which as the Landlord in its sole discretion considers may deem advisable. Upon each relettingIn such event, Tenant shall remain liable for the Rent monthly rent reserved in this lease, plus the reasonable costs of obtaining possession of and re-letting the premises and of any repairs and alterations necessary to prepare them for re-letting, less the rents received from such re-letting, if any. Any and all monthly deficiencies so payable by Tenant shall be paid monthly on the Landlord from the reletting, will be applied first to date herein provided for the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each monthrent. No re-entry such reentry or taking possession of the Leased Premises premises by the Landlord will shall be construed as an election on its part to terminate this Lease unless a written notice of that such intention is be given to the TenantTenant or unless termination thereof be decreed by a court of competent jurisdiction. Despite Notwithstanding any reletting such re-letting without termination, the Landlord may at any time afterwards anytime thereafter elect to terminate this Lease for the such previous breach. If Should the Landlord at any time terminates terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs may incur by reason of the breach such breach, including the costs cost of recovering the Leased Premisespremises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, such termination of the excess, if any, of the amount of Rent rent and charges equivalent to Rent required to be paid under rent reserved in this Lease for the remainder of the stated Term term over the then reasonable rental value of the Leased Premises premises for the remainder of the stated Term. All term, all of the mentioned which amounts will shall be immediately due and payable from Tenant. All remedies herein conferred upon the Landlord shall be cumulative and no one exclusive of any other remedy conferred herein or by law. If the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentis in default, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with prevent removal of property from the premises by any arrearslawful means it deems necessary to protect its interest.
Appears in 1 contract
Sources: Commercial Lease Agreement
Default. 16.1 Rights o(c)f the Landlord
If Tenant (i) fails to pay any installment of Rent when due, (ii) fails to pay on a timely basis any other expense or obligation of Tenant hereunder, or (iii) breaches any other term, covenant or condition of this Lease, then Landlord may (a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and cure any such breach for the account of the Tenant, and, if Landlord cures a breach, then Landlord may charge to Tenant as additional Rent payable on demand an amount equal to all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
expenses incurred by Landlord, (b) The Landlord may without notice re-enter and take possession of the Leased Premises as though Premises, remove all persons and property from the Tenant or any occupant or occupants Leased Premises, and, if Landlord takes possession of the Leased Premises was or were holding over after the expiration Premises, then Landlord may charge to Tenant as additional rent due on demand all costs of the Term without any right whatevertaking possession of, removing persons and property from, and this Lease and repairing the Term will be terminated.
Leased Premises, (c) If relet the Leased Premises, and, if Landlord elects relets the Leased Premises, then Tenant shall remain liable for the excess of the monthly installments of Rent under this Lease over the Rent payments actually received each month and Landlord may charge Tenant as additional rent due on demand all costs of reletting the Leased Premises, (d) terminate this Lease by written notice, (e) permit Tenant to re-enter continue to lease the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating Paragraph 22 of this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet immediately place the Leased Premises on the market for saDleoowrnleloaasdee,dafnrdo/morh(tf)tpe:x/e/wrcwisew.atindyyfoothrmers.lceogmal or any part of them for the term equitable right or terms (which remedy. All rights and remedies granted to Landlord in this Section shall be cumulative and may be exercised without impairing or waiving any other rights or remedies of Landlord. Tenant shall be held responsible for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses damages incurred by Landlord with respect to the pursuit of the reletting any remedy under this Section (including brokerage without limitation, attorneys' fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordcourt costs).
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Residential Lease Agreement
Default. 16.1 Rights o(c)f prosecute the Landlord
(a) The Landlord will curing of the same to completion with due diligence), or if the Tenant's estate herein created shall be entitled to re-enter taken on execution or other process of law, or if a petition in bankruptcy or for the Leased Premises and remove all property from the Leased Premises and the property may appointment of a receiver shall be sold or disposed of filed by the Landlord as it considers advisable Tenant, or may if Tenant shall be stored in adjudicated bankrupt or insolvent, or if a public warehouse receiver or elsewhere at the cost and for the account other similar officer shall be appointed to take charge of the Tenant, all without service of notice or resort to legal process 's property and without the Landlord being guilty of trespass or being liable for any loss or damage which may shall not be occasioned.
discharged within forty-five (b45) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Articledays, or if it takes possession pursuant any assignment shall be made by the Tenant of its property for the benefit of creditors, then, and in any of said cases, this Lease (if the Landlord so elects) shall thereupon become null and void, and the Landlord shall have the right to legal proceedings reenter or pursuant repossess the leased property, either by summary proceedings, surrender, or otherwise, without breach of the peace, and dispossess and remove therefrom the Tenant, or other occupants thereof and their effects, without being liable to any notice provided for by Lawprosecution therefor. In such case, it may either terminate this Lease the Landlord may, at its option, relet the leased property or it may from time to time, without terminating this Leaseany part thereof, as the agent of the Tenant, make those alterations Tenant and repairs which are necessary in order the Tenant shall pay the Landlord the difference between the rent hereby reserved and agreed to relet be paid by the Leased Premises or any part of them Tenant for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses portion of the reletting including brokerage fees and solicitors’ fees term remaining at the time of reentry or repossession and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residueamount, if any, will received or to be held received under such reletting for such portion of the term. Landlord shall use its best efforts to mitigate damages hereunder. Any violation or attempted violation or threatened violation of any condition of this Lease by the Landlord and applied as payment of future Rent as it becomes due Tenant, or anyone claiming under this Lease. If the Rent received from the reletting during any month is less than that to Tenant, shall be paid during that month remediable by the Tenant under this Lease, the Tenant will pay the deficiencyinjunction, which will shall be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, cumulative remedy in addition to any every other remedies it may have, it may recover from the Tenant all damages it incurs remedy given by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable or by the Tenant to the Landlordexisting or future laws.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease Agreement (Omtool LTD)
Default. 16.1 Rights o(c)f The Tenant shall, without any previous demand therefor, pay to the Landlord
(a) The , or its agent, the said rent at the times and in the manner above provided. In the event of the non-payment of said rent, or any installment thereof, at the times and in the manner above provided, and if the same shall remain in default for thirty days after written notice from Landlord will that the same is due and unpaid or if the Tenant shall be entitled dispossessed for non-payment of rent, or if the leased premises shall be deserted or vacated, and the rent has not been paid, the Landlord or its agents shall have the right to re-and may enter the Leased Premises and remove all property from said premises as the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account agent of the Tenant, and may relet the premises as the agent of the Tenant, and receive the rent therefor, upon such terms as shall be satisfactory to the Landlord, and all without service rights of notice or resort the Tenant to legal process and without repossess the premises under this lease shall be forfeited. Such re-entry by the Landlord being guilty shall not operate to release the Tenant from any rent to be paid or covenants to be performed hereunder during the full term of trespass this lease. For the purpose of reletting, the Landlord shall be authorized to make such repairs or being liable for any loss alterations in or damage which to the leased premises as may be occasioned.
(b) necessary to place the same in good order and condition. The Tenant shall be liable to the Landlord may without notice re-enter and take possession for the cost of the Leased Premises as though the Tenant such repairs or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateveralterations, and this Lease and the Term will be terminated.
(c) all reasonable expenses of such reletting. If the Landlord elects sum realized or to re-enter be realized from the Leased Premises as reletting is insufficient to satisfy the monthly or term rent provided in this Articlelease, the Landlord, at its option, may require the Tenant to pay such deficiency month by month, or if it takes possession pursuant may hold the Tenant in advance for the entire deficiency to legal proceedings or pursuant be realized during the term of the reletting (in which case such sum shall be discounted to present value at a rate of 10%). The Tenant shall not be entitled to any notice provided for by Lawsurplus accruing as a result of the reletting. The Landlord is hereby granted, it a lien, in addition to any statutory lien or right to distrain that may either terminate exist, on all personal property of the Tenant in or upon the demised premises excluding only vessels and maritime equipment, to secure payment of the rent and performance of the covenants and conditions of this Lease or it may from time to time, without terminating this Leaselease. The Landlord shall have the right, as agent of the Tenant, make those alterations to take possession of any furniture, fixtures or other personal property of the Tenant found in or about the premises, and repairs which are necessary in order sell the same at public or private sale and to relet apply the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first proceeds thereof to the payment of any indebtedness other than Rent monies becoming due under this Lease from the lease. The Tenant agrees to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage pay, as additional rent, all reasonable attorney's fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held other expenses incurred by the Landlord and applied as payment in enforcing any of future Rent as it becomes due the obligations under this Leaselease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under Notwithstanding anything in this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given section "Third" to the Tenant. Despite any reletting without terminationcontrary, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachpurposes of calculating Landlord's damages hereunder, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will shall be deemed to be accruing on a day-to-day basis, will immediately become due and payable have exercised its termination date as accelerated Rent, and of the Landlord may immediately distrain for that accelerated Rent together with any arrearsearliest possible date following its default.
Appears in 1 contract
Default. 16.1 Rights o(c)f If Tenant shall fail to pay basic rent or any additional rent on the due date therefor or within five (5) days thereafter or if Tenant defaults in the performance of any of its other obligations under this Lease and fails to cure the default within thirty (30) days after receipt of written notice from Landlord, then Landlord may:
(a) The Cure any such default and any costs and expenses incurred by Landlord will therefor shall be entitled deemed additional rent to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of paid by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedTenant hereunder.
(b) The Landlord may without notice re-enter Enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term premises without any right whatever, and terminating this Lease and sublease the Term will premises for the account of Tenant. Tenant shall be terminatedliable for the difference between the rent and other amounts paid by the sublessee and the rent and other amounts payable by Tenant hereunder and all reasonable expenses incurred in entering the premises and preparing it for such sublease.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate Terminate this Lease without further notice and reenter the premises and remove all persons and any property therefrom, either by summary proceedings, ejectment or it may otherwise, and repossess the premises together with all additions, alterations, improvements and personal property, now or hereafter erected, maintained or located thereon. The Landlord shall have the right to take such action without being guilty of trespass. At any time and from time to timetime after such termination, without terminating this LeaseLandlord may, as agent of the Tenant, make those alterations and repairs which are necessary in order to at its option relet the Leased Premises premises or any part of them for the term or thereof, without notice to Tenant, upon such terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord as landlord, in its discretion considers sole discretion, deems advisable. Upon each reletting, and receive and collect the Rent received by rents therefor, applying the Landlord from the reletting, will be applied same first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any all costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs then to payment of the alterations and repairs; third damages in amounts equal to the payment rental due hereunder and to the cost and expense of Rent due performing the other covenants of Tenant. Tenant agrees to pay Landlord the rent, additional rent and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that all other charges required to be paid by Tenant up to the time of termination of this lease. Thereafter, Tenant agrees to pay Landlord during that month the remainder of the term of this Lease, all rent and additional rent and all other charges required to be paid by the Tenant under this Lease, less the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excessnet proceeds, if any, received from the reletting of the amount of Rent and charges equivalent to Rent required premises. No remedy set forth in this paragraph 16 is intended to be paid exclusive of any other remedy, and every remedy shall be cumulative and in addition to every other remedy herein or now or hereafter existing at law, in equity or by statute. No delay or failure to exercise any right or power accruing upon a default under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will shall impair any such right or power accruing upon a default under this Lease shall impair any such right or power or shall be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed construed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearswaiver thereof.
Appears in 1 contract
Default. 16.1 Rights o(c)f If Tenant fails to pay any installment of rent or make any other payment required to be made by Tenant when the same shall become due and payable hereunder, or if Tenant fails to observe and perform any other provision, covenant, or condition of this Lease required under this Lease to be observed and performed by Tenant within 15 days after Landlord shall have given notice to Tenant of the failure of Tenant to observe and perform the same, or if Tenant abandons or vacates the Premises during the continuance of this Lease, or if Tenant makes an assignment for the benefit of creditors or enters into a composition agreement with its creditors, or if the interest of Tenant in the Premises is attached, levied upon, or seized by legal process, or if this Lease is assigned in violation of the terms hereof or is terminated by operation of law, then, in any such event, immediately or at any time thereafter, at the option of Landlord
, Landlord shall, as it elects, either: (a) The declare this Lease to be in default, in which event this Lease shall immediately cease and terminate, and Landlord will be entitled may possess and enjoy the Premises as though this Lease had never been made, without prejudice, however, to re-enter the Leased Premises any and remove all property from the Leased Premises rights of action when Landlord may have against Tenant for rent and the property may be sold other charges payable by Tenant hereunder (both past due and future rent due Landlord and past due and future charges payable by Tenant), damages, or disposed breach of by the Landlord as it considers advisable covenant, in respect to which Tenant shall remain and continue liable notwithstanding such termination; or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The relet the Premises,or any part thereof, for such term or terms and on such conditions, as Landlord may without notice re-enter deems appropriate for and take possession on behalf of Tenant, for the highest rental reasonably attainable in the judgment of Landlord, which reletting shall not be considered as a surrender or acceptance back of the Leased Premises as though the Tenant or any occupant or occupants a termination of the Leased Premises was or were holding over after the expiration of the Term without any right whateverthis Lease, and recover from Tenant any deficiency between the amount of rent and all other charges payable by Tenant under this Lease and those amounts obtained from such reletting, plus any expenses incurred by Landlord in connection with such reletting, including, without limitation, the Term will expenses of any repairs or alterations Landlord deems necessary or appropriate to make in connection with such reletting and all sums expended for brokerage commissions and reasonable attorneys' fees, but Landlord shall be terminated.
under no duty to relet the Premises; or (c) If declare the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent whole amount of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions charges which would otherwise have been paid by Tenant over the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses balance of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third lease term to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable, without prejudice, however, to any and all other rights of action which Landlord may have against Tenant for past due rent and other charges payable by Tenant hereunder, damages or breach of covenant, in respect to which Tenant shall remain and continue liable notwithstanding Landlord's election to proceed under this clause (c). In the event that a bankruptcy or insolvency proceeding is filed by or against Tenant, or if a court of competent jurisdiction or other governmental authority approves a petition seeking a reorganization, arrangement, composition or other similar relief with respect to Tenant, or appoints a trustee, receiver or liquidator of Tenant to the Landlord.
(d) The full amount or of all, or substantially all, of Tenant's property or affairs, or assumes custody or control of all, or substantially all, of the current month’s instalment property or affairs of Minimum Rent Tenant, Landlord shall have the right to elect any of the remedies set forth above. If this Lease is assumed or assigned to a trustee, receiver, liquidator or other court-appointed person or entity without Landlord's prior written consent, the parties and Additional Rent together their respective successors (whether by operation of law or otherwise agree that, upon such an assignment or assumption, all defaults of Tenant prior to such assignment or assumption must be cured or that adequate assurances that such defaults will be promptly cured must be given and that adequate assurances of future performance under this Lease must be provided. Such adequate assurances shall mean that a bond shall be issued in favor of Landlord in the amount equal to one year's future rent and that an amount equal to all existing monetary obligations of Tenant which are in default shall be escrowed with an escrow agent acceptable to Landlord. Additionally, all past due monetary obligations of Tenant which are in default shall be paid to Landlord within 60 days after the assignment or assumption and rent will be currently and continually paid on a timely basis commencing with the next three (3) months’ instalments first day of Minimum Rent the month following the 60th day of the assignment and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsassumption.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will following events shall constitute a default hereunder:
(i) The Tenant fails to pay any rent, security deposit, additional rent or other charge to be entitled paid by the Tenant hereunder within five days after the due date therefor.
(ii) The Tenant fails to perform any of its other obligations under this Sublease for more than thirty (30) days after written notice of such default given by the Authority to the Tenant unless Tenant shall provide evidence of commencing corrective measures during such period and shall then pursue them to completion within a reasonable period of time. Upon the occurrence of a default, in addition to all remedies the Authority may have at law or in equity, and the right to be reimbursed by the Tenant for all reasonable attorneys' fees and court costs incurred by the Authority as a result of such default, the Authority shall have the immediate right to re-enter the Leased Premises and remove all persons and property from the Leased Premises therefrom and the store such property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost of, and for the account of of, the Tenant, all . The Authority shall have the right to take such action without service of notice or resort to legal process and without the Landlord being deemed guilty of trespass or being becoming liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) occasioned thereby. If the Landlord Authority elects to re-enter or to take possession of the Leased Premises as provided in this ArticlePremises, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawthe Authority may, it may at its option, either terminate this Lease Sublease, or it may from time to time, without terminating this LeaseSublease, as agent re-sublease the Premises or any part thereof, for the benefit of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the such term or terms (which may be for a whether shorter or longer than the term extending beyond the Termof this Sublease) and at a such rent or rents and upon those such other terms, covenants terms and conditions which as the Landlord Authority, in its discretion considers sole discretion, deems advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will Authority shall be construed as an election on its part by the Authority to terminate this Lease Sublease unless a written notice of that such intention is given by the Authority to the TenantTenant or this Sublease is terminated by an order or a decree of a court of competent jurisdiction. Despite Notwithstanding any such reletting without termination, the Landlord Authority may at any time afterwards thereafter elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease Sublease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable previous default by the Tenant to in the Landlordperformance of the terms and conditions of this Sublease.
(db) The full amount No re-entry or taking possession of the current month’s instalment Premises by the Authority or any other action taken by the Authority, as a result of Minimum Rent any default of the Tenant, shall relieve the Tenant of any of its liabilities and Additional Rent together with obligations under this Sublease whether or not the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsPremises are relet.
Appears in 1 contract
Default. 16.1 Rights o(c)f The occurrence of any of the Landlord
following shall constitute a default by Tenant: (ai) failure to pay any rent or other sum payable hereunder within ten (10) days of written notice from Landlord of failure to make such payment when due; (ii) abandonment of the Premises; or (iii) failure to perform any other term, covenant or condition of this lease (?) the failure to perform is not cured within thirty (30) days after written notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall not be (?) default within the thirty (30) days period and diligently and in good faith continues to cure the default). The Landlord will be entitled notice referred to re-enter in (iii) above shall specify the Leased Premises and remove all property from the Leased Premises alleged default and the property may applicable lease provisions and shall demand that Tenant perform the provisions of this lease within the applicable period of time and no such notice shall be sold deemed a forfeiture or disposed termination of this lease unless Landlord so elects in the notice. In the event of a default by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice then Landlord, in addition to any other rights and remedies at law or resort in equity, shall have the right either to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take terminate Tenant's right to possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either thereby terminate this Lease or it may lease or, from time to time, time and without terminating terminate on this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to lease relet the Leased Premises or any part of them thereof for the account and in the name of Tenant for such term or and on such terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the as Landlord in its sole discretion considers may deem advisable, with the right to make alterations and repairs to the Premises. Upon each relettingShould Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Landlord's rights and remedies under this lease, including but not limited to the right to recover and to relet the Premises. If Landlord relets the Premises, then Tenant shall pay to Landlord, as soon as ascertained, the Rent received costs and expenses incurred by the Landlord from the reletting, will in such reletting and shall be applied first (i) to the payment of any indebtedness due hereunder, other than Rent due under this Lease monthly rent, from the Tenant to the Landlord; second (ii) to the payment of the cost of any costs repairs necessary to return the Premises to good condition normal wear and expenses tear excepted, including the cost of the reletting including brokerage fees and solicitors’ fees alterations and the costs cost of storing any of Tenant's property left on the alterations Premises at the time of reletting; and repairs; third (iii) to the payment of Rent monthly rent due and unpaid under this Lease; and the hereunder. The residue, if any, will shall be held by the Landlord and applied as in payment of future Rent rent or damages in the event of termination as it becomes the same may become due under and payable hereunder and the balance, if any at the end of the term of this Leaselease, shall be paid by Tenant. If Should the Rent monthly rent and Common Area Charges received from the time to time from such reletting during any month is be less than that agreed to be paid during that month by the Tenant under this Leasehereunder, the Tenant will shall pay the deficiency, which will such deficiency to Landlord. Such deficiency shall be calculated and paid monthly in advance on or before the first (1st) day of each monthmonthly. No re-entry or taking possession such reletting of the Leased Premises by the Landlord will shall be construed as an election on its part to terminate this Lease lease unless a written notice of that such intention is given to tenant or unless the Tenanttermination hereof is decreed by a court of competent jurisdiction. Despite Notwithstanding any such reletting without termination, the Landlord may at any time afterwards thereafter elect to terminate this Lease lease for the such previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies provided it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordhas not been cured.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Assignment and Assumption of Lease (Novellus Systems Inc)
Default. 16.1 Rights o(c)f Should Tenant at any time be in default hereunder with respect to any rental payments or other charges payable by Tenant hereunder, and should such default continue for a period of thirty (30) days after written notice from Landlord to Tenant; or should Tenant be in default in the prompt and full performance of any other of its promises, covenants or agreements herein contained and should such default or breach of performance continue for more than a reasonable time [in no event to exceed thirty (30) days] after written notice thereof from Landlord Tenant specifying the particulars of such default or breach of performance; or should Tenant vacate or abandon the Premises; then Landlord may treat the occurrence of any one or more of the foregoing events as a breach of this Lease, and in addition to any or all other rights or remedies of Landlord hereunder by the law provided, it shall be, at the option of Landlord, without further notice or demand of any kind to Tenant or any other person.
(a) The A. In the event Tenant abandons or vacates the premises, the Landlord will be entitled has the right declare the term hereof ended and to re-enter the Leased Premises and take possession thereof and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverpersons therefrom, and Tenant shall have no further claim thereon or thereunder; or
B. The right of Landlord without declaring this Lease and the Term will be terminated.
(c) If the Landlord elects ended to re-enter the Leased Premises as provided and occupy the whole or any part thereof for and on account of Tenant and to collect said rent that may thereafter become payable to:
C. The right of Landlord, even though it may have re-entered the Premises, to thereafter elect to terminate this Lease and all the rights of Tenant in or to the Premises. Should Landlord have re-entered the Premises under the provisions of Paragraph 17.1B above, Landlord shall not be deemed to have terminated this ArticleLease, or if the liability of Tenant to pay rent thereafter to accrue, or its liability for damages under any of the provisions hereof, by any such re-entry, by any action in unlawful detainer, or otherwise, to obtain possession of the Premises, unless Landlord shall have notified Tenant in writing that it takes has so elected to terminate this Lease and Tenant further covenants that the service by Landlord of any notice pursuant to the unlawful detainer statutes of the State of California and the surrender of possession pursuant to legal proceedings or pursuant to any such notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms shall not (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the unless Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first elects to the payment contrary at the time of or at any indebtedness other than Rent due under this Lease from the Tenant time subsequent to the Landlord; second serving of such notices and such election be evidenced by a written notice to the payment Tenant) be deemed to be a termination of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If In the Rent received from the reletting during event of any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by as aforesaid, Landlord shall have the right, but not the obligation, to remove therefrom all or any part of the personal property located therein and may place the same in storage at a public warehouse at the expense and risk of the owner or owners thereof. Should Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for under the previous breach. If the provisions of Paragraph ▇▇.▇▇ or 17.1C above, Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees as damages:
(on a substantial indemnity basisi) and including the The worth at the time of award of any unpaid rent which had been earned at the time of such termination, ; plus
(ii) The worth at the time of the excess, if any, award of the amount by which the unpaid rent which would have been earned after termination until the time of Rent award exceeds the amount of such rental loss Tenant proves could have been reasonably avoided; plus
(iii) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus
(iv) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenants failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom including, but not limited to any costs or expenses incurred by Landlord maintaining or preserving the Premises after such default, in preparing the Premises for reletting to a new tenant, any repairs or alterations to the Premises for such reletting leasing commissions, or any other costs necessary or appropriate to relet the Premises.
(v) At Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable California law. As used in subparagraphs (i) and charges equivalent (ii) above, the "worth at the time of award" is computed by allowing interest at the maximum legal rate. As used in subparagraph (iii) above, the "worth at the time of award" is computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of the award plus one percent (1%). For all purposes of this Section 17, the term "rent" shall be deemed to Rent be the Minimum Annual Rental and all other sums required to be paid under by Tenant pursuant to the terms of this Lease for Lease. All such sums, other than the remainder Minimum Annual Rental, shall be computed on the basis of the stated Term over average monthly amount thereof accruing during the immediately preceding twenty four (24) month period except that if it becomes necessary to compute such rental before such a twenty four (24) mont period has occurred then reasonable rental value on the basis of the Leased Premises for average monthly amount thereof accruing during such shorter period. In the remainder event of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rentdefault, all of which will Tenant's fixtures, equipment, improvements, additions, alterations, and other personal property, shall remain on the Premises and in that event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease, to require Tenant to forthwith remove same. Notwithstanding any other provisions of this section, Landlord agrees that if the default complained of, other than for payment of monies, is of such a nature that the same cannot be rectified or cured within the thirty (30) day period requiring such rectification or curing as specified in the written notice relating thereto, then such default shall be deemed to be accruing on a day-to-day basis, will immediately become rectified or cured if Tenant within such period of thirty (30) days shall have commended the rectification and during thereof and shall continue thereafter with all due diligence to cause such rectification and payable curing and does so complete the same with the use of such diligence as accelerated Rent, aforesaid. The remedies given to Landlord in this Section 17 shall be in addition and the supplemental to all other rights or remedies which Landlord may immediately distrain for that accelerated Rent together with have under the laws then in force. The waiver by Landlord of any arrearsbreach of any term, covenant condition herein contained shall not be deemed to be a waiver of such term, covenant or condition or any subsequent breach of the same or any other term, covenant, or condition herein contained. The subsequent acceptance of rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular rental so accepted, regardless of Landlord's knowledge of such preceding breath at the time of acceptance of such rent. No covenant, term, or condition of Lease shall be deemed to have been waived by Land1ord, unless such waiver be in writing by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Network Holdings International Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will In the event that Seller is ready, willing and able to close in accordance with the terms and provisions hereof, and Buyer defaults in any of its material obligations undertaken in this Agreement, Seller shall give Buyer written notice specifying the nature of said default and Buyer shall have fifteen (15) days after receipt of said notice of default within which to cure the specified default. In the event of a default in a material obligation herein taken by Buyer that is not cured within the period proscribed in the preceding sentence, Seller shall be entitled, as its sole and exclusive remedy, to either: (i) if Buyer is willing to proceed to Closing, waive such default and proceed to Closing in accordance with the terms and provisions hereof; or (ii) declare this Agreement to be terminated, and Seller shall be entitled to re-enter immediately receive all of the Leased Premises ▇▇▇▇▇▇▇ Money as liquidated damages as and remove for Seller’s sole remedy. Upon such termination, neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly provided herein. Seller and Buyer agree that (a) actual damages due to Buyer’s default hereunder would be difficult and inconvenient to ascertain and that such amount is not a penalty and is fair and reasonable in light of all property relevant circumstances, (b) the amount specified as liquidated damages is not disproportionate to the damages that would be suffered and the costs that would be incurred by Seller as a result of having withdrawn the Property from the Leased Premises market, and (c) Buyer desires to limit its liability under this Agreement to the amount of the ▇▇▇▇▇▇▇ Money paid in the event Buyer fails to complete Closing, and such amount shall be paid to Seller as liquidated damages and as Seller’s sole remedy hereunder. Seller hereby waives any right to recover the balance of the Purchase Price, or any part thereof, and the property may right to pursue any other remedy permitted at law or in equity against Buyer; provided that Buyer’s indemnity in Section 6 and confidentially obligations in Section 31 expressly survive any termination of this Agreement, and, notwithstanding the foregoing, Seller’s right to enforce those obligations shall remain and survive termination. In no event under this Section or otherwise shall Buyer be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort liable to legal process and without the Landlord being guilty of trespass or being liable Seller for any loss punitive, speculative or damage which may be occasionedconsequential damages.
(b) The Landlord may without In the event of a default in the material obligations herein taken by Seller, Buyer shall give Seller written notice re-enter specifying the nature of said default and take possession Seller shall have fifteen (15) days after receipt of said notice of default within which to cure the specified default. In the event of a default in a material obligation herein taken by Seller that is not cured within the period proscribed in the preceding sentence, Buyer may, as its sole and exclusive remedy, either: (i) waive any unsatisfied conditions and proceed to Closing in accordance with the terms and provisions hereof; (ii) terminate this Agreement by delivering written notice thereof to Seller no later than Closing, upon which termination the ▇▇▇▇▇▇▇ Money, together with all interest earned therein, shall be refunded to Buyer, Seller shall pay to Buyer all of the Leased Premises as though the Tenant or any occupant or occupants out of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any pocket costs and expenses incurred by Buyer in connection with this Agreement up to an amount of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency$25,000 per Property, which will be calculated return and paid monthly in advance payment shall operate to terminate this Agreement and release Seller and Buyer from any and all liability hereunder, except those which are specifically stated herein to survive any termination hereof; (iii) enforce specific performance of Seller’s obligations hereunder; or (iv) by notice to Seller given on or before the first Closing Date, extend the Closing Date for a period of up to thirty (1st30) day of each month. No re-entry or taking possession of days (the Leased Premises by the Landlord will be construed as an election on its part “Closing Extension Period”) to terminate this Lease unless a written notice of that intention is given permit Seller to the Tenant. Despite remedy any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rentsuch default, and the Landlord may immediately distrain for “Closing Date” shall be moved to the last day of the Closing Extension Period. If Buyer so extends the Closing Date, then Seller may, but shall not be obligated to, cause said conditions to be satisfied during the Closing Extension Period. If Seller does not cause said conditions to be satisfied during the Closing Extension Period, then Buyer shall have the remedies set forth in Section 9(b) (i) through (iii) above, except that accelerated Rent together with any arrearsthe term “Closing” shall read “Extended Closing.” Any action by Buyer to specifically enforce this Agreement must be filed and served within sixty (60) days following the expiration of Seller’s cure period stated above or be forever time barred.
Appears in 1 contract
Sources: Purchase and Sale Agreement (American Realty Capital Healthcare Trust III, Inc.)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled If the Lessee shall fail to pay the monthly rental charge when due and such default shall not have been fully cured within fifteen (15) business days of such due date, or if Lessee defaults in the prompt and full performance of any other material provision of this lease and said default is not corrected within thirty (30) days after written notice from Lessor to Lessee of said default, then and in any such event the Lessor may upon, five (5) days written notice, terminate this lease and Lessee’s right to possession thereunder, and Lessor may; re-enter the Leased Premises premises. In such event, this lease shall end and remove all property from expire as fully and completely as if the Leased Premises expiration of such five (5) day period were the date herein definitely fixed for the end and expiration of this lease and the property may be sold or disposed of by the Landlord term thereof and Lessee shall remain liable as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedhereinafter provided.
(b) The Landlord may without notice re-enter If Lessee fails to cure a breach in rental payment obligations as noted above and take becomes insolvent, or if there shall be filed by or against Lessee in any court pursuant to any statute either of the United States or any State in petition in bankruptcy or insolvency or for the reorganization or for the appointment of a receiver or trustee of all or a portion of Lessee’s property, and within thirty(30) days thereof Lessee fails to secure discharge thereof or if Lessee makes an assignment for the benefit of creditors, this lease shall ipso facto be canceled and terminated. In which event neither Lessee nor any person claiming through or under Lessee or by virtue of any statue or of an order of any court shall be entitled to possession of the Leased Premises leased premises and Lessor, in addition to the rights and remedies given herein and by virtue of any other provision elsewhere in this lease or by virtue of any statute or rule of law, may retain as though liquidated damages any rent, security, deposit or moneys received by it from Lessee or others in the Tenant or any occupant or occupants behalf of Lessee upon the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminatedexecution hereof.
(c) If the Landlord elects to Lessee expressly waives any right of redemption. Notwithstanding any re-enter entry, the Leased Premises as provided in liability of Lessee for the rent shall not be extinguished for the balance of the term thereof (except that it shall be limited to the lesser of (i) the remainder of the term of this Articlelease, and (ii) six (6) months from the date of Lessee’s failure to cure the default based upon which Lessor is exercising its remedies).
(d) In the event of a termination of this lease for reasons of default, the Lessor shall be entitled to recover from the lessee or if it takes possession pursuant to lessee’s legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Leaserepresentatives, as agent liquidated damages, the sum of (a) the rent then due and additional rent payable for the lesser of (i) the remainder of the Tenantterm of this lease, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Termii) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord six (6) months from the relettingdate of Lessee’s failure to cure the default based upon which Lessor terminated this lease, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and (b) all reasonable expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly Lessor incurred in advance on or before the first (1st) day of each month. No re-entry or taking recovering possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given premises and relating to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach same including the reasonable costs of recovering repairing and renovating the Leased Premisespremises, solicitors’ fees rent discounts and concessions for future tenants, and reasonable attorney’s and broker’s fees, less (on a substantial indemnity basisc) and including the worth at the time of the termination, of the excess, net amount if any, of the amount rents collected on account of Rent and charges equivalent to Rent required to be paid under the subsequent lease or leases of the leased premises for each month of the period which would otherwise have constituted the balance of the term of this Lease for lease (or the lesser of (i) the remainder of the stated Term term of this lease, and (ii) six (6) months from the date of Lessee’s failure to cure the default based upon which Lessor terminated this lease). The failure of Lessor to re-let the premises or any part or parts thereof shall not affect Lessee for damages. In no event shall Lessee be entitled to receive any excess of net rent collected over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and sums payable by the Tenant Lessee of Lessor hereunder. Lessor agrees to the Landlorduse its best efforts to mitigate any damage which may be payable by Lessee pursuant to this subparagraph.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Lessee shall fail to pay any rent to Lessor when the same is due and payable under the terms of this Lease and such default shall continue for a period of ten (10) days after written notice thereof has been given to Lessee by Lessor, or if the Lessee shall fail to perform any other duty or obligation imposed upon it by this Lease and such default shall continue for a period of thirty (30) days after written notice thereof has been given to Lessee by Lessor, and Lessee has not commenced diligently to correct such default and thereafter has not diligently pursued such correction to completion, or it the Lessee shall be entitled to re-enter adjudged bankrupt, or shall make a general assignment for the benefit of its creditors, or if a receiver of any property of Lessee in or upon the Leased Premises be appointed in any actions, suit, or proceeding by or against Lessee and remove all property from such appointment shall not be vacated or annulled within sixty (60) days, or if the interest of Lessee in the Leased Premises and the property may shall be sold under execution or disposed of by other legal process, then and in any such event Lessor shall have the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at right to enter upon the cost premises and for the account of the Tenantagain have, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverrepossess, and enjoy the same as if this Lease had not been made, and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate thereupon this Lease or it may from time to timeshall terminate without prejudice, without terminating this Leasehowever, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment right of any indebtedness other than Rent due under this Lease Lessor to recover from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent Lessee all rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that up to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of such re-entry. In the terminationevent of any such default and reentry, of Lessor shall have the excess, if any, of the amount of Rent and charges equivalent right to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of relet the Leased Premises for the remainder of the stated Term. All then existing term whether such term be the initial term of this Lease or any renewed or extended term, for the mentioned amounts will be immediately due highest rent then obtainable, and payable to recover from Lessee the difference between the rent reserved by this Lease and the Tenant amount obtained through such reletting plus the costs and expenses reasonably incurred by Lessor in such reletting and in addition thereto Lessor shall have all rights and remedies available to the LandlordLessor under applicable Law.
(db) The full amount If Lessor shall fail to perform any duty or obligation imposed upon it by this Lease and such default shall continue for a period of the current month’s instalment thirty (30) days after written notice thereof has been given by Lessee, (or such shorter period as is reasonable in case of Minimum Rent emergency or other circumstances), provided that if such default cannot be reasonably corrected within thirty (30) days and Additional Rent together with the next three Lessor has not commenced diligently to correct such default within such thirty (330) months’ instalments day period and thereafter has not diligently pursued such correction to completion, then and in such event Lessee may, at its option, terminate this Lease without prejudice to its right to recover appropriate damages or pursue any other remedy available at law or equity. Upon termination of Minimum Rent and Additional Rentthis Lease pursuant to this provision, all obligations of which will be deemed to be accruing on a day-to-day basisLessee arising under this lease, will immediately become due and payable as accelerated Rentincluding payment of rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsshall cease.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will In the event that Seller is ready, willing and able to close in accordance with the terms and provisions hereof, and Buyer defaults in any of its obligations undertaken in this Agreement, Seller shall be entitled, as its sole and exclusive remedy to either: (i) if Buyer is willing to proceed to Closing, waive such default and proceed to Closing in accordance with the terms and provisions hereof; or (ii) declare this Agreement to be terminated, and Seller shall be entitled to re-enter immediately receive all of the Leased Premises E▇▇▇▇▇▇ Money as liquidated damages as and remove all property from for Seller’s sole remedy. Upon such termination, neither Buyer nor Seller shall have any further rights, obligations or liabilities hereunder, except as otherwise expressly provided herein. Seller hereby waives any right to recover the Leased Premises balance of the Purchase Price, or any part thereof, and the property may right to pursue any other remedy permitted at law or in equity against Buyer. In no event under this Section or otherwise shall Buyer be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort liable to legal process and without the Landlord being guilty of trespass or being liable Seller for any loss punitive, speculative or damage which may be occasioned.consequential damages. BUYER AND SELLER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES SUFFERED BY SELLER AS A RESULT OF BUYER’S DEFAULT OR FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION REPRESENT A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER SHALL INCUR AS A RESULT OF SUCH FAILURE; PROVIDED, HOWEVER THAT THIS PROVISION SHALL NOT LIMIT SELLER’S RIGHT TO RECEIVE REIMBURSEMENT FOR ATTORNEYS’ FEES AS AUTHORIZED BY SECTION 26, NOR WAIVE OR AFFECT BUYER’S INDEMNITY OBLIGATIONS AND SELLER’S RIGHTS TO THOSE INDEMNITY OBLIGATIONS UNDER THIS AGREEMENT, NOR WAIVE OR AFFECT BUYER’S OBLIGATIONS TO RETURN THE DUE DILIGENCE MATERIALS TO SELLER PURSUANT TO APPLICABLE PROVISIONS OF THIS AGREEMENT. THE PAYMENT OF THE E▇▇▇▇▇▇ MONEY AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677. UPON DEFAULT BY BUYER, AND SELLER’S TERMINATION OF THIS AGREEMENT, EXCEPT FOR THE SURVIVING OBLIGATIONS, WHICH MAY BE ENFORCED BY SELLER (IN ADDITION TO COLLECTION AND RETENTION BY SELLER OF BUYER’S DEPOSIT AS PROVIDED HEREUNDER), NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER, EACH TO THE OTHER EXCEPT FOR THE RIGHT OF SELLER TO COLLECT SUCH LIQUIDATED DAMAGES FROM BUYER AND ESCROW HOLDER. Buyer’s Initials: /s/ NSS Seller’s Initials: /s/ JMJ
(b) The Landlord may without notice re-enter In the event that Buyer is ready, willing and take possession able to close in accordance with the terms and provisions hereof, and Seller defaults in the obligations herein taken by Seller, with respect to any or all of the Leased Premises Properties, and Seller fails to cure such default within five (5) business days following written notice from Buyer, Buyer may, as though its sole and exclusive remedy, either: (i) waive any unsatisfied conditions and proceed to Closing in accordance with the Tenant terms and provisions hereof; or any occupant or occupants (ii) terminate this Agreement by delivering written notice thereof to Seller no later than Closing, upon which termination the E▇▇▇▇▇▇ Money shall be refunded to Buyer, Seller shall pay to Buyer all of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to reout-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any of-pocket costs and expenses incurred by Buyer as to such Property or Properties in connection with this Agreement (in an amount not to exceed $75,000), which return and payment shall operate as liquidated damages and to terminate this Agreement and release Seller and Buyer from any and all rights, obligations and liability hereunder, except those which are specifically stated herein to survive any termination hereof; or (iii) enforce specific performance of Seller’s obligations hereunder; or (iv) by notice to Seller given on or before the Closing Date, extend the Closing Date for a period of up to thirty (30) days (the “Closing Extension Period”), and the “Closing Date” shall be moved to the last day of the reletting including brokerage fees and solicitors’ fees and Closing Extension Period. If Buyer so extends the costs Closing Date, then Seller may, but shall not be obligated to, cause said conditions to be satisfied during the Closing Extension Period. If Seller does not cause said conditions to be satisfied during the Closing Extension Period, then Buyer shall have the remedies set forth in Section 9(b) (i) through (iii) above except that the term “Closing” shall read “Extended Closing”. Notwithstanding the foregoing, in no event shall Seller be liable to Buyer for monetary damages, including, without limitation, general, punitive, speculative or indirect consequential damages (with exception of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuesums, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by pursuant to clause (ii) above or the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day final paragraph of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordSection 11 below).
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Purchase and Sale Agreement (American Realty Capital Healthcare Trust II, Inc.)
Default. 16.1 Rights o(c)f the Landlord
If Tenant shall violate either (a) The the covenant to pay rent or any other sum due under this Lease and shall fail to comply with such a requirement within ten days after notice of such default has been given to Tenant by Landlord, or (b) any other covenant made by Tenant in this Lease and shall fail to comply or begin and diligently prosecute compliance within 15 days after being sent written notice of such violation by Landlord, and thereafter attain compliance within a reasonable time, or (c) file a petition in bankruptcy, or be the subject of a filing of such a petition by another party, or make an assignment for the benefit of creditors, then it shall be optional for Landlord to:
A. Immediately terminate this Lease by notice to Tenant. Upon such termination by Landlord, Tenant will be entitled at once surrender possession of the Premises to Landlord and remove all of Tenant's effects therefrom; and Landlord may forthwith re-enter the Leased Premises and repossess itself thereof, and remove all property from persons and effects therefrom, using such force as may be necessary without being guilty of trespass, forcible entry or detainer or other tort. Notwithstanding such termination, Tenant shall be liable for and shall pay to Landlord: (i) the Leased Premises sum of all rental and other indebtedness accrued to date of such termination, plus (ii) the present value (based on a 6 % capitalization rate) of the total rent due or to become due under this Lease (including all Base Rent and Additional Rent) including any and all renewal terms for which Tenant has exercised its option to renew; or
B. Declare Tenant's right to possession under this Lease forfeited and the property Term ended, and to reenter the Premises, with or without process of law, using such force as may be sold necessary to remove all persons or disposed chattels therefrom, and Landlord shall not be liable for damages by reason of such reentry or forfeiture; but notwithstanding such re-entry by Landlord, the liability of Tenant for all rents and covenants provided for herein shall not be relinquished or extinguished for the balance of the Term of this Lease. Tenant shall in either case pay, in addition to the rentals and other sums agreed to be paid hereunder: all expenses incurred by Landlord in performing any of Tenant's obligations under this Lease, re-entering or terminating the Lease, reletting the Premises, collecting sums due and payable by Tenant, and the expense of placing and keeping the Premises in good order and repair. Landlord shall take reasonable steps to mitigate its damages as it considers advisable or may a result of Tenant's violation of this Lease and Tenant shall receive credit for any amount received by Landlord from other tenants leasing the Premises. In the event of default by Tenant, Landlord may, but shall not be stored in a public warehouse or elsewhere at the cost and obligated to, cure such default for the account of and at the expense of Tenant, all without service . If Landlord expends any sum of notice or resort to legal process and without money fulfilling an obligation of Tenant under the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this ArticleLease, or if it takes possession pursuant incurs any expense in instituting or prosecuting any action to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of enforce Landlord's rights under the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay sum or sums so paid by Landlord, with interest thereon at the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day rate of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover l 0% per annum from the Tenant all damages it incurs by reason date of the breach including the costs of recovering the Leased Premisespayment, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will shall be deemed to be accruing "Additional Rent hereunder and shall be due from Tenant to Landlord on a day-to-the first day basis, will immediately become due and payable as accelerated Rent, and of the Landlord may immediately distrain for that accelerated Rent together with any arrearsmonth following the payment of such sums or expenses.
Appears in 1 contract
Sources: Lease Agreement
Default. 16.1 Rights o(c)f If Lessee shall fail to pay any Fixed or Additional Rent to Lessor when the Landlord
same is due and payable under the terms of this lease agreement and such default shall continue for a period of ten (a10) The Landlord will be entitled days after written notice thereof has been given to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this ArticleLessee By Lessor, or if the Lessee shall materially fail to perform any of the covenants or conditions hereof or any other duty or obligation imposed upon it takes possession pursuant by this lease agreement such default shall continue for a period of thirty (30) days after written notice thereof has been given to legal proceedings Lessee by Lessor, or pursuant to if the Lessee shall be adjudged bankrupt, either voluntarily or involuntarily, or shall make a general assignment for the benefit of its creditors, or a receiver of any notice provided for property of Lessee in or upon the leased premises be appointed in any action, suit, or proceeding by Lawor against Lessee and such appointment shall not be vacated or annulled within sixty (60) days, it may either terminate this Lease or it if Lessee enters into any type of reorganization under the United States Bankruptcy Act, as the same may from time to timetime be amended, without terminating this Leaseor if the interest of Lessee in the leased premises shall be sold under execution of other legal process, as agent of the Tenantthen and in any such events Lessor, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each relettingsole discretion, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to thereafter terminate this Lease for lease and the previous breach. If term thereof upon giving to the Landlord at any time terminates Lessee five (5) days notice in writing of its intention to do so and upon the giving of such notice, this Lease for any breachlease and the term thereof shall terminate, in addition to any other remedies it may and Lessor shall again have, it may repossess and enjoy the same as if this lease agreement had not been made, and thereupon this lease agreement shall terminate without prejudice, however, to the right of Lessor to recover from the Tenant Lessee all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) rent due and including the worth at unpaid up to the time of such re-entry together with all damages and expenses, including attorneys' fees, incurred by Lessor due to Lessee's default. In the terminationevent of any such default and re-entry, of Lessor shall have the excessright, if any, of but not the amount of Rent and charges equivalent obligation to Rent required to be paid under this Lease relet the leased premises for the remainder of the stated Term over then existing term whether such term be the then reasonable rental value initial term of the Leased Premises this lease agreement or any renewed or extended term, for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Renthighest rent then obtainable, and to recover from Lessee, as damages, the Landlord difference between the rent reserved by this lease agreement and the amount obtained through such reletting, less the costs and expenses reasonably incurred by Lessor in such reletting (including reasonable attorneys' fees). In the event that the amount obtained through such reletting, less the reasonable costs and expenses thereof, including reasonable attorney's fees, shall exceed the rent herein reserved, Lessee shall have no right to such excess. Any such notice shall specifically refer to this paragraph 16 and shall specify the default claimed. Lessor's remedies as specified in this lease are cumulative and are not intended to preclude any other remedies or means of redress to which Lessor may immediately distrain lawfully be entitled at any time, and Lessor may invoke any remedy allowed at law or in equity as if specified remedies were not provided for that accelerated Rent together with any arrearsin this lease.
Appears in 1 contract
Sources: Lease Agreement (Security Intelligence Technologies Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold Tenant covenants that if any one or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account more of the Tenantrents hereby stipulated to be paid shall at any time during the continuancy of any tenancy created, all without service or to arise in pursuance of notice this Lease, be more than five (5) days in arrears, or resort if Tenant shall default in performing or otherwise breach any of the covenants, conditions and agreements herein contained, other than the provision requiring the payment of rent, or if Tenant shall fail to legal process and without the Landlord being guilty of trespass move into or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants within thirty (30) days after commencement of the Leased Premises was or were holding over after the expiration of the Term without any right whateverLease Term, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of then the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first ’s right to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking further possession of the Leased Premises shall terminate and the said Landlord shall become and be entitled to immediate possession of the Leased Premises, provided Landlord shall so elect, but not otherwise. Landlord shall thereupon immediately have the full right of re-entry upon Leased Premises, by force or otherwise, if permitted by the applicable law now or then in force, and that without formal notice or demand, and without liability of any kind; and also the right, but not the obligation, to re-let the Leased Premises for any unexpired balance of the Lease Term, and collect the rent therefor. In the event of such re-letting by Landlord, the re-letting shall be for such duration (which may extend beyond the unexpired balance of the Lease Term) and on such other terms, conditions and rental as Landlord will may deem proper, and the proceeds that may be construed as an election on its part to terminate this Lease unless a written notice collected from the same, less the expense of that intention is given to re-letting (including reasonable leasing costs, fees and commissions and reasonable costs of renovating the Leased Premises), shall be applied upon the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate ’s rental obligation as set forth in this Lease for the previous breachunexpired portion of the Lease Term. If Tenant shall be liable for any balance that may be due under this Lease, although Tenant shall have no further right of possession of the Leased Premises. Such re-entry by the Landlord at and any time terminates such re-letting shall not operate as a termination of this Lease for unless Landlord shall so elect, nor as a waiver or postponement of any breachright of Landlord against Tenant. Landlord shall have the further right, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason event of the breach including Tenant’s default as aforesaid, and irrespective of whether the costs Landlord shall have elected to terminate the Tenant’s right to the further possession of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including to declare the worth at entire rent for the time unexpired portion of the termination, of the excess, if any, of the amount of Rent and charges equivalent Lease Term to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable and to collect the same by any manner not inconsistent with applicable law. Mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. To the extent permitted by law, Tenant hereby consents to summary proceedings in connection with the Landlord.
(d) The full amount ’s re-entry of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated RentLeased Premises, and expressly waives any and all rights of redemption, granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord may immediately distrain for that accelerated Rent together with obtaining possession of the Leased Premises, by reason of the violation by Tenant of any arrearsof the covenants and conditions of this Lease, or otherwise.
Appears in 1 contract
Default. 16.1 Rights o(c)f Sublessee shall be in default under this Sublease if it or its agents breach, default or fail to perform any obligation of this Sublease and/or any obligation of the LandlordLease required to be performed by Sublessor thereunder, regardless whether a default is declared thereunder. Sublessor shall be entitled to all the rights, benefits and privileges of Landlord under the Lease as it pertains to Sublessee’s performance of the obligations under the Lease. On the occurrence of any default by Sublessee, Sublessor may, at any time thereafter, with or without notice or demand and without limiting Sublessor in the exercise of any right or remedy it may have:
12.1. Terminate Sublessee’s right to possession of the Premises by any lawful means, in which case this Sublease shall terminate and Sublessee shall immediately surrender possession of the Premises to Sublessor. In such event, Sublessor shall be entitled to recover from Sublessee all damages incurred by Sublessor by reason of Sublessee’s default, including (a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, award of the excessunpaid Minimum Rent, if any, all Additional Rent and other charges which had been earned at the time of the termination; (b) the worth at the time of the award of the amount of by which the unpaid Minimum Rent, all Additional Rent and other charges equivalent to which would have been earned after termination until the time of the award exceeds the amount of such rental loss that Sublessee proves could have been reasonably avoided, (c) the worth at the time of the award of the amount by which the unpaid Minimum Rent, all Additional Rent required to be and other charges which would have been paid under this Lease for the remainder balance of the stated Term over after the then reasonable time of award exceeds the amount of such rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due loss that Sublessee proves could have been reasonably avoided; and payable by the Tenant to the Landlord.
(d) The full any other amount necessary to compensate Sublessor for all detriment proximately caused by Sublessee’s failure to perform its obligations under the Sublease or which in the ordinary course of things would likely result therefrom, including any costs or expenses incurred by Sublessor in maintaining or preserving the Premises after such default, the costs of recovering possession of the current monthexpenses of reletting, including necessary renovation or alteration of the premises, Sublessor’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rentreasonable attorney’s fees incurred in connection therewith, and any real estate commission paid or payable with respect to the Landlord Sublease and any real estate commission paid or payable with respect to any efforts by Sublessor to relet the subleased Premises. As used in subparts (a) and (b) above, the “worth at the time of the award” is computed by allowing interest on unpaid amounts or such lesser amount as may immediately distrain then be the maximum lawful rate. As used in subpart (c) above, the “worth at the time of award” is computed by discounting such amount at the discount rate of the Federal Reserve Bank of Denver, Colorado, at the time of the award, plus one percent (1%). If Sublessee shall have abandoned the Premises, Sublessor shall have the option of (i) retaking possession of the Premises and recovering from Tenant the amount specified in this Section 12.1, or (ii) proceeding under Section 12.2.
12.2. Maintain Sublessee’s right to possession, in which case this Sublease shall continue in effect whether Sublessee shall have abandoned the Premises. In such event, Sublessor shall be entitled to enforce all its rights and remedies under this Sublease, including the right to recover the rent as it becomes due hereunder.
12.3. Enter the Premises and, to the fullest extent permitted by law, take possession of Sublessee’s equipment located thereon for that accelerated Rent together with the purposes of maintaining the integrity and appearance of the Premises.
12.4. Pursue any arrearsother remedy now or hereafter available to Sublessor under Colorado law. Any remedies conferred on Sublessor by this Sublease are not exclusive, but are cumulative and in addition to remedies conferred on Sublessor by this Sublease are not exclusive, but are commutative and in addition to remedies otherwise afforded by title, law or in equity.
Appears in 1 contract
Sources: Sublease (Smart Move, Inc.)
Default. 16.1 Rights o(c)f the Landlord
(a) Breach by SELLER of any of its representations and warranties in this Contract or failure of either Party to promptly perform any obligation under this Contract shall constitute default. If the Companies or SELLER considers the other Party (the “Defaulting Party”) to be in default under this Contract, such Party (the “Non-Defaulting Party”) shall give the Defaulting Party prompt notice thereof, describing the particulars of such default. The Landlord will Defaulting Party shall thereafter have thirty (30) Days from the receipt of said notice in which to remedy such default. If the default is not cured, the Non-Defaulting Party may, without prejudice to any other right or remedy of such Party in respect of such default, immediately terminate its obligations under this Contract by written notice to the Defaulting Party. Any termination shall be without prejudice to accrued rights, including without limitation the right of either Party to damages arising from such breach or prior breaches hereof. All rights and remedies hereunder are independent of each other and election of one remedy shall not exclude another. The prevailing Party in any action shall be entitled to re-enter the Leased Premises recover its attorneys’ fees and remove all property costs from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasionedother Party.
(b) The Landlord Notwithstanding the foregoing, if SELLER’s default is not Delivering Product as required by this Contract, SELLER’s time to cure shall be five (5) Days from the Companies’ notice of default. Without limiting any other right or remedy, if SELLER does not cure the default in such time by Delivering compliant Product to the Companies and SELLER fails to provide alternative arrangements reasonably approved by the Companies, the Companies may without notice re-enter and take possession of the Leased Premises immediately acquire substitute Product from another supplier (“Cover Supplies”), and, except as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as otherwise provided in this ArticleContract, or if it takes possession pursuant SELLER shall be liable to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them Companies for the term or terms (which may be for a term extending beyond difference in cost between the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord fuel acquired from the reletting, will be applied first to other supplier and the payment of any indebtedness other than Rent due price the Companies would have paid SELLER under this Lease from Contract for the Tenant to same amount of fuel Delivered at the Landlord; second to same time as the payment of any replacement fuel, plus all reasonable costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held incurred by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly Companies in advance on or before the first obtaining such cover (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord“Cover Costs”).
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Supply Contract for Petroleum Fuels
Default. 16.1 Rights o(c)f the LandlordIf:
(a) The Landlord will be entitled Tenant fails to re-enter pay the Leased Premises and remove all property from the Leased Premises and the property may be sold Base Rent or disposed of by the Landlord as it considers advisable Additional Rent or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenantany charge due, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.or
(b) The Landlord may without notice re-enter and take possession Tenant fails to perform any of the Leased Premises as though other covenants or conditions herein contained on the Tenant or any occupant or occupants part of Tenant, and such default shall continue for ten (10) days after written notice thereof shall have been given to Tenant, provided, however, if the nature of the Leased Premises was or were holding over after default is such that it cannot be reasonably cured within the expiration ten (10) day period, Tenant shall not be deemed in default if Tenant commences to cure within the ten (10) day period and diligently prosecutes the same to completion within thirty (30) days of the Term without any right whateverwritten notice from Landlord, and this Lease and the Term will be terminated.or
(c) If Tenant or any guarantor of this Lease becomes insolvent or bankrupt or makes an assignment for the benefit of creditors, or
(d) a receiver or trustee of Tenant’s property or that of any guarantor of this Lease is appointed and such receiver or trustee, as the case may be, is not discharged within thirty (30) days after such appointment, then in any such case, Landlord elects may, upon written notice to re-enter Tenant, recover possession of and reenter the Leased Premises as provided without affecting Tenant’s liability for past rent and other charges due or future rent and other charges to accrue hereunder. In the event of any such default, Landlord shall be entitled to recover from Tenant, in addition to rent and other charges equivalent to rent, all other damages sustained by Landlord on account of the breach of this ArticleLease, including, but not limited to, the costs, expenses and reasonable attorneys’ fees incurred by Landlord in enforcing the terms and provisions hereof and in reentering and recovering possession of the Premises and for the cost of repairs, brokerage and reasonable attorneys’ fees connected with the reletting of the Premises. At the election of Landlord, exercised by written notice to Tenant, Landlord shall also have the right to declare this Lease terminated and canceled, without any further rights or if it takes possession pursuant to legal proceedings obligations on the part of Landlord or pursuant Tenant (other than Tenant’s obligation for Base Rent and Additional Rent and other charges due and owing through the date of termination), so that Landlord may relet the Premises without any right on the part of Tenant to any notice provided for by Lawcredit or payment resulting from any reletting of the Premises. In case of a default under this Lease, it may either terminate this Lease or it may from time Landlord may, in addition to time, without terminating this Lease, or in lieu thereof, pursue such other remedy or combination or remedies and recover such other damages for breach of tenancy and/or contract as agent are available at law or otherwise. After expiration of the any applicable grace periods, Landlord may, but shall not be obligated to, cure any default by Tenant (specifically including, but not by way of limitation, Tenant’s failure to obtain insurance, make those alterations and repairs which are necessary in order to relet the Leased Premises repairs, or any part of them for the term or terms (which may be for a term extending beyond the Termsatisfy lien claims) and at a rent and upon those other termswhenever Landlord so elects, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any all costs and expenses paid by Landlord in curing such default, including, without limitation, reasonable attorneys’ fees, shall be payable to Landlord as additional rent due on demand, together with interest at the rate provided in Section 26 below from the date of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third advance to the payment date of Rent due repayment by Tenant to Landlord. A waiver by Landlord of a breach or default by Tenant under the terms and unpaid under conditions of this Lease; and the residue, if any, will Lease shall not be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that construed to be paid during that month by the Tenant under a waiver of any subsequent breach or default nor of any other term or condition of this Lease, and the failure of Landlord to assert any breach or to declare a default by Tenant will pay the deficiency, which will shall not be calculated and paid monthly in advance on construed to constitute a waiver thereof so long as such breach or before the first (1st) day of each monthdefault continues unremedied. No re-entry receipt of money by Landlord from Tenant after the expiration or taking termination of this Lease or after the service of any notice or after the commencement of any suit, or after final judgment for possession of the Leased Premises by shall reinstate, continue or extend the Landlord will be construed as an election on its part to terminate Term of this Lease unless a written notice of that intention is given to the Tenant. Despite or affect any reletting without terminationsuch notice, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlorddemand or suit.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (Systemax Inc)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If any rent provided herein shall be entitled due and remain unpaid or if Subtenant fails to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account perform any of the Tenant, all without service provisions of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breachSublease Agreement, in addition to any all other remedies it available to sublessor at law or by this Sublease, sublessor may havecancel this Sublease Agreement by giving Subtenant 10 days notice in writing. After such period has expired, it sublessor shall have the right to re‐enter the Subleased Premises and take possession thereof. Subtenant’s right to possession shall thereupon cease and sublessor shall be entitled to the possession of said premises and to re‐enter the same without demand for rent or for possession. Sublessor may proceed forthwith to recover possession of said premises by process of law, any notice to quit or of intention to exercise such option or to re‐enter said premises being hereby EXPRESSLY WAIVED BY SUBTENANT. Notwithstanding such re‐entry or cancellation, the liability of the subtenant for rent due hereunder shall not be extinguished for the balance of the rental period, and Subtenant shall make good to sublessor any deficiency arising from a re‐entry and re‐letting of the Subleased Premises at a reduced rental. Further, Subtenant at its sole option may accelerate the unpaid rent for the unexpired portion of the lease, giving credit for any proceeds from the Tenant all damages it incurs by reason re‐letting in whole or in part of the breach including premises and improvements by Sublessor to others. Subtenant will be liable to Sublessor for all court costs and reasonable attorney’s fees in the event Subtenant shall become in default and Sublessor incurs court costs of recovering the Leased Premises, solicitors’ and/or attorney’s fees (on a substantial indemnity basis) and including the worth at the time in obtaining possession of the terminationpremises or in the enforcement of any covenant, of the excesscondition or agreement herein contained, if anywhether through legal proceedings or otherwise, of the amount of Rent and charges equivalent whether or not any such legal proceedings be prosecuted to Rent required to be paid under 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 Terma final judgment. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional RentAdditionally, all of which will subtenant shall be deemed to be accruing on in default hereunder if:
A. If the Subtenant shall make an assignment of its assets for the benefit of creditors, or if the Subtenant shall file a day-to-day basisvoluntary petition in bankruptcy, will immediately become due and payable as accelerated Rent, or if an involuntary petition in bankruptcy or for receivership be instituted against the Subtenant and the Landlord may same be not dismissed within thirty (30) days of the filing therefor, or if the Subtenant be adjudged bankrupt, then and in any of said events this lease shall immediately distrain cease and terminate at the option of the Sublessor with the same force and effect as though the date of said event was the day herein fixed for that accelerated Rent together with any arrearsexpiration of the term of this lease.
B. The Subtenant abandons the property by the removal of all of subtenant’s personal property and subtenant’s failure to occupy the property for a period in excess of 14 days.
Appears in 1 contract
Sources: Sublease Agreement
Default. 16.1 Rights o(c)f In the Landlord
(a) The Landlord will be entitled to event of any breach of this lease by Lessee, then Lessor besides other rights or remedies he may have, shall have consistent with California law the immediate right of re-enter the Leased Premises entry and may remove all persons and property from the Leased Premises and the premises, such property may be sold or disposed of by the Landlord as it considers advisable or may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects Lessee. Should Lessor elect to re-enter the Leased Premises enter, as provided in this Articleherein provided, or if it takes should he take possession pursuant to legal proceedings or pursuant to any notice provided for by Lawlaw, it he may either terminate this Lease lease or it he may from time to time, without terminating this Leaselease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises re-let said premises or any part of them thereof for the such term or terms (which may be for a term extending beyond the Termterm of this lease) and at a rent such rental or rentals and upon those such other terms, covenants terms and conditions as Lessor in his sole discretion may deem advisable with the right to make alterations and repairs to said premises; upon each such re-letting (a) Lessee shall be immediately liable to pay to Lessor, in addition to any indebtedness other than rent due hereunder, the cost and expenses of such re-letting and of such alterations and repairs, incurred by Lessor, and the amount, if any, by which the Landlord rent reserved in its discretion considers advisable. Upon each reletting, this lease for the Rent period of such re-letting (up to be not beyond the term of this lease) exceeds the amount agreed to be paid as rent for the demised premises for such period on such re-letting; or (b) at the option of Lessor rents received by the Landlord such Lessor from the reletting, will such re-letting shall be applied first first, to the payment of any indebtedness indebtedness, other than Rent rent due under this Lease hereunder from the Tenant Lessee to the LandlordLessor; second second, to the payment of any costs and expenses of the reletting including brokerage fees such re-letting and solicitors’ fees and the costs of the such alterations and repairsrepair; third third, to the payment of Rent rent due and unpaid under this Lease; hereunder and the residue, if any, will shall be held by the Landlord Lessor and applied as in payment of future Rent rent as it becomes the same may become due under this Leaseand payable hereunder. If Lessee has been credited with any rent to be received by such re-letting under option (a), and such rent shall not be promptly paid to Lessor by the Rent new tenant, or of such rentals received from the reletting such re-letting under option (b) during any month is be less than that to be paid during that month by the Tenant under this LeaseLessee hereunder, the Tenant will Lessee shall pay the deficiency, which will any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly in advance on or before the first (1st) day of each monthmonthly. No such re-entry or taking possession of the Leased Premises said premises by the Landlord will Lessor shall be construed as an election on its his part to terminate this Lease lease unless a written notice of that such intention is be given to Lessee or unless the Tenanttermination thereof be decreed by a court of competent jurisdiction. Despite Notwithstanding any reletting such re-letting without termination, the Landlord Lessor may at any time afterwards thereafter elect to terminate this Lease lease for the such previous breach. If the Landlord Should Lessor at any time terminates terminate this Lease lease for any breach, in addition addition, to any other remedies it remedy he may have, it he may recover from the Tenant Lessee all damages it incurs he may incur by reason of the breach such breach, including the costs cost of recovering the Leased Premisespremises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, such termination of the excess, if any, any of the amount of Rent rent and charges equivalent to Rent required to be paid under rent reserved in this Lease lease for the remainder of the stated Term term over the then reasonable rental value of the Leased Premises premises for the remainder of the stated Term. All term, all of the mentioned which amounts will shall be immediately due and payable by the Tenant from Lessee to the LandlordLessor.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Real Property Lease (Cerus Corp)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Lessee does not pay any rent or other sum payable by Lessee pursuant to this lease and such default continues for a period of ten (10) days after written notice is given to Lessee (provided, however, that no written notice shall be entitled required if Lessor has previously given written notice of failure to pay rent during the then current calendar year), or if Lessee shall fail to perform any other covenant, agreement, or obligation of Lessee pursuant to this lease and such default continues for thirty (30) days after written notice thereof is given to Lessee, or if Lessee should become bankrupt or insolvent or any debtor proceedings are taken by or against Lessee, or if Lessee vacates or attempts to vacate the Premises, then Lessor shall have the following rights and remedies:
(i) Lessor may terminate this lease by written notice to Lessee, in which event this lease, all rights of Lessee, and all duties of Lessor shall immediately cease and terminate, and Lessor may re-enter and take possession of the Leased Premises and Premises, remove all persons and property from the Leased Premises and the store such property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost of, and for the account of, Lessee and enjoy the Premises free of Lessee's estate pursuant to this lease, without prejudice, however, to any and all rights of action against Lessee that Lessor may have for rent, damages, or breach of this lease, in respect of which Lessee shall remain and continue liable notwithstanding such termination;
(ii) Lessor shall have the right to re-enter the Premises and remove all persons and property from the Premises and store such property in a public warehouse or elsewhere at the cost of, and for the account of Lessee, without terminating this lease. Lessor shall have the Tenant, all right to take such action without service of notice except as may be expressly required herein or by applicable law and without resort to legal process (unless required by law) and without the Landlord being deemed guilty of trespass or being becoming liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) occasioned thereby. If the Landlord Lessor elects to re-enter the Leased Premises as provided in aforesaid, Lessor may, at any time thereafter, elect to terminate this Article, lease by giving written notice to Lessee of such election. Whether or if it not Lessor elects to re-enter the Premises or takes possession of the Premises pursuant to legal proceedings or pursuant to any notice provided required by law, Lessor may, at its option, re-let the Premises or any portion thereof for by Lawthe benefit of Lessee for such Term or Terms (whether shorter or longer than the Term of this lease) and at such rental and upon such other Terms and conditions as Lessor, it may either terminate this Lease in its sole discretion, deems advisable, and, at the expense of Lessee, Lessor shall have the right to make such repairs or it may from time alterations to time, without terminating this Lease, the Premises as agent of the Tenant, make those alterations and repairs which are Lessor deems necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and re-let same. Provided this lease has not been terminated by Lessor, upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent such re-letting all rentals actually received by Lessor from such re-letting applicable to the Landlord from the reletting, will unexpired Term of this lease shall be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second as follows: First, to the payment of any costs and expenses of the reletting such re-letting, including costs incurred by Lessor for brokerage fees, legal fees and solicitors’ fees and the costs of the alterations and repairsrepairs to the Premises; third Second, to the payment of Rent any indebtedness other than rent due and hereunder from Lessee; Third, to payment of any unpaid under portion of rent then due. On the scheduled expiration date of this Lease; and lease, Lessor shall pay the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each monthLessee. No such re-entry or taking of possession of the Leased Premises by the Landlord will Lessor shall be construed or shall operate as an election on its part by Lessor to terminate this Lease lease unless a written notice of that intention termination is given by Lessor to the Tenant. Despite any reletting without terminationLessee, the Landlord may at any time afterwards elect to terminate or this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant lease is terminated by an order or decree of a court of competent jurisdiction.
(iii) All rent (annual rent and all damages it incurs by reason payment of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basisadditional rent reasonably ascertainable) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated then current Term over shall become due and payable, at the then reasonable rental value option of Lessor; or,
(iv) Lessor may lock up the Premises and preclude Lessee's access thereto. Lessee grants to Lessor a security interest in all of Lessee's property located in the Premises, and agrees to execute and deliver such financing statements and other instruments as may be necessary to perfect such security interest;
(b) In addition to all remedies specified in this lease, Lessor shall have all remedies available pursuant to applicable law.
(c) No re-entry, taking possession of, or repair of the Leased Premises for by Lessor, termination of this lease or any other action taken by Lessor as a result of any default of Lessee shall relieve Lessee of any of its liabilities or obligations hereunder which arose prior to or by reason of such termination, whether or not the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordPremises are re-let.
(d) The full amount All remedies of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will Lessor shall be cumulative. Election by Lessor to exercise any remedy shall not prevent or be deemed a waiver of Lessor's right to be accruing on a day-to-day basisthereafter exercise any other remedy.
(e) Lessee agrees to pay upon demand all costs, will immediately become due fees and payable as accelerated Rentexpenses (including, without limitation, court costs and the Landlord may immediately distrain for that accelerated Rent together with any arrearsreasonable attorney's fees) incurred by Lessor in enforcing this lease.
Appears in 1 contract
Default. 16.1 Rights o(c)f It is hereby further expressly agreed and declared as follows :-
(1) If the rent, Management and Air-Conditioning Charges, Rates and/or any other charges/outgoings payable by the Tenant hereunder or any part thereof payable by the Tenant hereunder shall be unpaid for three (3) days after the same shall become payable (whether legally or formally demanded or not) or if the Tenant shall fail or neglect to observe or perform any of the agreements, stipulations or conditions herein contained and on the Tenant’s part to be observed and performed or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if any petition shall be filed for the winding up of the Tenant or if the Tenant shall otherwise become insolvent or make or attempt to make any composition or arrangement with creditors or shall suffer a receiver to be appointed or shall suffer any execution to be levied on the Premises or otherwise on the Tenant’s goods or if the Tenant persistently fails to pay the rent as and when it falls due, then and in any such case it shall be lawful for the Landlord at any time thereafter to re-enter on the Premises or any part thereof in the name of the whole whereupon this Agreement shall absolutely cease and determine and the Deposit paid pursuant to Section (XI) hereof shall be absolutely forfeited to the Landlord
(a) The but without prejudice to any right of action by the Landlord will in respect of any breach non-observance or non-performance of any of the agreements, stipulations and conditions herein contained and on the Tenant’s part to be observed and performed. Without prejudice to the Landlord’s right to forfeit the Deposit absolutely as aforesaid, the Landlord shall at its sole discretion to choose not to forfeit the Deposit but to deduct all loss and damage thereby incurred from the Deposit in which event the Tenant shall as a condition precedent to the continuation of the tenancy, deposit with the Landlord the amount so deducted and if the Tenant shall fail so to do, the Landlord shall forthwith be entitled to re-enter the Leased Premises and remove all property from to determine this Agreement in which event the Leased Premises and the property Deposit may be sold or disposed of forfeited to the Landlord as hereinbefore provided. All costs and expenses incurred by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account demanding payment of the Tenant, all without service of notice or resort to legal process rent and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
other charges aforesaid (b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If if the Landlord elects to re-enter demand) or the Leased Premises as provided in this Article, or if it takes possession pursuant extent of any loss to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord arising out of this Clause shall be paid by the Tenant on a full indemnity basis and shall be recoverable from the Tenant as a debt in addition to the Deposit so forfeited as aforesaid or, if the Landlord exercises its discretion considers advisable. Upon each relettingright to deduct the Deposit, the Rent received be deductible by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be Deposit held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month hereunder.
(2) A written notice served by the Tenant under this Lease, Landlord on the Tenant will pay in manner hereinafter mentioned to the deficiency, which will be calculated and paid monthly in advance on or before effect that the first (1st) day Landlord thereby exercises the power of each month. No re-entry or taking possession herein contained shall be a full and sufficient exercise of such power without physical entry on the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d3) The full amount Acceptance of rent or any other act or omission by the Landlord shall not be deemed to operate as a waiver by the Landlord of any right to proceed against the Tenant in respect of any breach, non-observance or non-performance by the Tenant of any of the current monthagreements, stipulations and conditions herein contained and on the Tenant’s instalment part to be observed and performed.
(4) It is hereby further declared and agreed that irrespective of Minimum Rent whether rent is tendered to the Landlord by the Tenant or by some other person or corporation, rent shall be deemed to have been tendered by and Additional Rent together with on behalf of the next three Tenant and no tenancy shall be created between the Landlord and such other person or corporation tendering the rent, whether by the Landlord’s accepting such rent or otherwise.
(35) months’ instalments In addition and without prejudice to the Landlord’s rights under this Agreement, in the event of Minimum Rent the Tenant failing to pay the rent, Management and Additional RentAir-Conditioning Charges, Rates and/or other charges/outgoings or money payable by the Tenant hereunder or committing any breach of this Agreement the Landlord may, and the Tenant hereby specifically authorises the Landlord, including but not limited to, to disconnect or discontinue the supply of services to the Premises and/or to the Tenant such as electricity, chilled water, lift services and other services to the Premises until the rent and all charges payable by the Tenant hereunder shall have been paid in full or the breach shall have been remedied, and the Landlord shall not be liable for any loss, damage or injury or loss of which will business or profit caused to the Tenant or any other person in connection therewith.
(6) For the purpose of these presents any act, default, neglect or omission of any servant, agent or licensee (as hereinbefore defined) of the Tenant shall be deemed to be accruing on a day-to-day basisthe act, will immediately become due and payable as accelerated Rentdefault, and neglect or omission of the Tenant.
(7) For the purposes of distress for rent in terms of Part III of the Landlord may immediately distrain and Tenant (Consolidation) Ordinance (Chapter 7) and of these presents, the rent payable in respect of the Premises shall be and be deemed to be in arrears if not paid in advance at the times and in manner hereinbefore provided for that accelerated Rent together with any arrearspayment thereof.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property Except as may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as otherwise provided in this Articlethe paragraph above entitled “Rules and Regulations”, if the Lessee does not make the payments when due and such default exists for a period of sixty (60) days or more, or if it takes possession pursuant Lessee fails to legal proceedings or pursuant perform any other provisions of this lease which is to any notice provided for be performed by LawLessee, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be such default exists for a term extending beyond period of thirty (30) days or more, then upon thirty (30) days written notice as to such continued default, the TermLessor may declare this lease terminated if such default is not cured within such thirty (30) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisableday period. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without such termination, the Landlord Lessor without further notice or process of law may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may enter into said premises and again have, it may repossess, and enjoy the same as if this lease had not been made, and thereupon this lease and everything herein contained on the part of the Lessor to be done and performed shall cease, terminate, and be void, without prejudice to the right of Lessor to retain all payments heretofore made and to recover from the Tenant Lessee all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at payments due up to the time of such entry. Upon any such termination of this lease, all membership rights of Lessee in Lessor shall terminate and all payments made by Lessee to Lessor for a Membership Certificate shall be retained by Lessor. Upon termination of this lease, if all payments are paid in full, the terminationLessee shall have the absolute right to remove Lessee’s mobile home which is located upon said lot, provided that the premises are restored to a neat and clean condition. Upon any termination of this lease for whatever reason, the Lessor may issue a new Membership Certificate and Proprietary Lease for said lot upon such terms and conditions as determined by a majority of the excessBoard of Directors of Lessor, if anysubject to any restrictions or limitations set forth in this lease, the Plan, or the Articles of the amount Incorporation or By-Laws of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the LandlordLessor.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Proprietary Lease
Default. 16.1 Rights o(c)f 19.1 If there shall be an Event of Default (even if prior to the Lease Commencement Date), then Landlord shall have the right, at its sole option, to terminate this Lease. In addition, with or without terminating this Lease, Landlord may re-enter, terminate Tenant's right of possession and take possession of the Premises. The provisions of this Article shall operate as a notice to quit, and Tenant hereby waives any other notice to quit or notice of Landlord
(a) The Landlord will be entitled 's intention to re-enter the Leased Premises or terminate this Lease. Landlord may proceed to recover possession of the Premises under applicable Laws, or by such other proceedings, including re-entry and remove all property from the Leased Premises and the property possession, as may be sold applicable. If Landlord elects to terminate this Lease and/or elects to terminate Tenant's right of possession, everything contained in this Lease on the part of Landlord to be done and performed shall cease without prejudice, however, to Tenant's liability for all Base Rent, additional rent and other sums specified herein. Whether or disposed not this Lease and/or Tenant's right of by possession is terminated, Landlord shall have the right, at its sole option, to terminate any renewal or expansion right contained in this Lease and to grant or withhold any consent or approval pursuant to this Lease in its sole and absolute discretion. If an Event of Default has occurred under this Lease and Tenant has vacated the Premises, and if Landlord has terminated this Lease as it considers advisable a result of such Event of Default, then Landlord shall thereafter use reasonable efforts to relet the Premises; provided, however, that Tenant understands and agrees that Landlord's shall have no duty to relet the Premises before leasing other space in the Building. Tenant hereby expressly waives, for itself and all persons claiming by, through or under it, any right of redemption, re-entry or restoration of the operation of this Lease under any present or future Law, including any such right which Tenant would otherwise have in case Tenant shall be dispossessed for any cause, or in case Landlord shall obtain possession of the Premises as herein provided. Landlord may be stored in a public warehouse relet the Premises or elsewhere at any part thereof, alone or together with other premises, for such term(s) (which may extend beyond the cost and date on which the Lease Term would have expired but for the account Event of Default) and on such terms and conditions (which may include any concessions or allowances granted by Landlord) as Landlord, in its sole but reasonable discretion, may determine, but Landlord shall not be liable for, nor shall Tenant's obligations hereunder be diminished by reason of, any failure by Landlord to relet all or any portion of the Premises or to collect any rent due upon such reletting. Whether or not this Lease and/or Tenant's right of possession is terminated or any suit is instituted, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being Tenant shall be liable for any loss Base Rent, additional rent, damages or damage other sum which may be occasioned.
due or sustained prior to such default, and for all costs, fees and expenses (bincluding attorneys' fees and costs, brokerage fees, expenses incurred in placing the Premises in first-class rentable condition, advertising expenses, and any concessions or allowances granted by Landlord) The incurred by Landlord may without notice re-enter and take in pursuit of its remedies hereunder and/or in recovering possession of the Leased Premises as though and renting the Premises to others from time to time. Tenant also shall be liable for additional damages which at Landlord's election shall be either: (a) an amount equal to the Base Rent and additional rent due or any occupant or occupants which would have become due from the date of the Leased Event of Default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises was may be rented (other than any additional rent received by Landlord as a result of any failure of such other person to perform any of its obligations to Landlord), which amount shall be computed and payable in monthly installments, in advance, on the first day of each calendar month following the Event of Default and continuing until the date on which the Lease Term would have expired but for the Event of Default, it being understood that separate suits may be brought from time to time to collect any such damages for any month(s) (and any such separate suit shall not in any manner prejudice the right of Landlord to collect any damages for any subsequent month(s)), or were holding over Landlord may defer initiating any such suit until after the expiration of the Lease Term without any right whatever, (in which event such deferral shall not be construed as a waiver of Landlord's rights as set forth herein and this Landlord's cause of action shall be deemed not to have accrued until the expiration of the Lease Term) and the Term will be terminated.
(c) If the it being further understood that if Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may bring suits from time to timetime prior to reletting the Premises, Landlord shall be entitled to its full damages through the date of the award of damages without terminating regard to any Base Rent, additional rent or other sums that are or may be projected to be received by Landlord upon reletting of the Premises; or (b) an amount equal to the difference between (i) all Base Rent, additional rent and other sums due or which would be due and payable under this LeaseLease as of the date of the Event of Default through the end of the scheduled Lease Term, and (ii) the fair market value rental of the Premises over the same period (net of all expenses (including attorneys' fees) and all vacancy periods reasonably projected by Landlord to be incurred in connection with the reletting of the Premises), as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the determined by Landlord in its discretion considers advisable. Upon each relettingsole and absolute discretion, which difference shall be discounted at a rate equal to one (1) whole percentage point above the Rent received by discount rate in effect on the date of payment at the Federal Reserve Bank nearest the Building, and which resulting amount shall be payable to Landlord from the relettingin a lump sum on demand, will be applied first to the it being understood that upon payment of any indebtedness other than Rent due such liquidated and agreed final damages, Tenant shall be released from further liability under this Lease from the Tenant with respect to the Landlord; second period after the date of such payment, and that Landlord may bring suit to the payment collect any such damages at any time after an Event of Default shall have occurred. Tenant shall pay all expenses (including attorneys' fees) incurred by Landlord in connection with or as a result of any costs Event of Default whether or not a suit is instituted. The provisions contained in this Section shall be in addition to, and expenses shall not prevent the enforcement of, any claim Landlord may have against Tenant for anticipatory breach of this Lease (including, the reletting including brokerage fees and solicitors’ fees right of injunction and the costs right to invoke any remedy allowed at law or in equity as if reentry, summary proceedings and other remedies were not provided for herein). Nothing herein shall be construed to affect or prejudice Landlord's right to prove, and claim in full, unpaid rent accrued prior to termination of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the Rent termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant's right of possession.
19.2 All rights and remedies of Landlord set forth in this Lease are cumulative and in addition to all other rights and remedies available to Landlord at law or in equity, including those available as a result of any anticipatory breach of this Lease. The exercise by Landlord of any such right or remedy shall not prevent the concurrent or subsequent exercise of any other right or remedy. No delay or failure by Landlord or Tenant to exercise or enforce any of its respective rights or remedies or the other party's obligations (except to the extent a time period is specified in this Lease therefor) shall constitute a waiver of any such or subsequent rights, remedies or obligations. Neither party shall be deemed to have waived any default by the other party unless such waiver expressly is set forth in a written instrument signed by the party against whom such waiver is asserted. If Landlord waives in writing any default by Tenant, such waiver shall not be construed as a waiver of any covenant, condition or agreement set forth in this Lease except as to the specific circumstances described in such written waiver.
19.3 If Landlord shall institute proceedings against Tenant and a compromise or settlement thereof shall be made, then the same shall not constitute a waiver of the same or of any other covenant, condition or agreement set forth herein, nor of any of Landlord's rights hereunder. Neither the payment by Tenant of a lesser amount than the monthly installment of Base Rent, additional rent or of any sums due hereunder nor any endorsement or statement on any check or letter accompanying a check for payment of rent or other sums payable hereunder shall be deemed an accord and satisfaction. Landlord may accept the same without prejudice to Landlord's right to recover the balance of such rent or other sums or to pursue any other remedy. Notwithstanding any request or designation by Tenant, Landlord may apply any payment received from the reletting during Tenant to any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each monthpayment then due. No re-entry by Landlord, and no acceptance by Landlord of keys from Tenant, shall be considered an acceptance of a surrender of this Lease.
19.4 If Tenant fails to make any payment to any third party or taking possession of the Leased Premises to do any act herein required to be made or done by the Tenant, then Landlord will be construed as an election on its part to terminate this Lease unless a may, after written notice to Tenant, but shall not be required to, make such payment or do such act. The taking of that intention such action by Landlord shall not be considered a cure of such default by Tenant or prevent Landlord from pursuing any remedy it is given otherwise entitled to in connection with such default. If Landlord elects to make such payment or do such act, then all expenses incurred by Landlord, plus interest thereon at the Default Rate from the date incurred by Landlord to the date of payment thereof by Tenant. Despite , shall constitute additional rent due hereunder.
19.5 If Tenant fails to make any reletting payment of Base Rent, additional rent or any other sum on or before the date such payment is due and payable (without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition regard to any other remedies it may havegrace period), it may recover from then Landlord shall have the right to impose upon Tenant all damages it incurs by reason in writing a late charge of the breach including the costs of recovering the Leased Premises, solicitors’ fees five percent (on a substantial indemnity basis5%) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent such payment. In addition, such payment and charges equivalent such late fee shall bear interest at the Default Rate from the date such payment or late fee, respectively, became due to Rent required the date of payment thereof by Tenant. Such late charge and interest shall constitute additional rent due hereunder without any notice or demand.
19.6 If more than one natural person or entity shall constitute Tenant, then the liability of each such person or entity shall be joint and several. If Tenant is a general partnership or other entity the partners or members of which are subject to personal liability, then the liability of each such partner or member shall be paid under this Lease for the remainder joint and several. No waiver, release or modification of the stated Term over obligations of any such person or entity shall affect the then reasonable rental value obligations of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordany other such person or entity.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Office Lease Agreement (Wells Real Estate Fund Xi L P)
Default. 16.1 Rights o(c)f If Tenant shall fail to pay the base rent ▇▇ ▇▇y additional rent as provided within this Lease or shall fail to perform any of the covenants and agreements required under this Lease, or if Tenant shall vacate or abandon the leased premises prior to the expiration of the term of this Lease or suffer the lease to be taken under any writ of execution, or if a petition to bankruptcy, insolvency or for reorganization is filed by or against Tenant, or if Tenant shall make an assignment for the benefit of creditors, then in any of such events, Landlord may deem Tenant to be in default under this Lease and if such default is not remedied to Landlord
's satisfaction within fifteen (a15) The days after written notice of such default is delivered to Tenant, Landlord will be entitled to may at its option terminate this Lease and all rents then due and which would become due during the remainder of the term, together with such special damages that Landlord may suffer, shall immediately become due and payable. Landlord shall also have the right of re-enter entry and repossession of the Leased Premises leased premises and may expel Tenant and remove all property from therefrom with the Leased Premises right to sell same and apply the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for proceeds against any loss or damage which may be occasioned.
(b) The amounts due under this Lease. Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, at its option without terminating this Lease, as agent Lease have full right of the Tenant, entry and may make those such reasonable alterations and repairs which are necessary as may be needed in order to relet the Leased Premises leased premises or any part of them for the term or thereof upon such rental, terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that deems advisable, and Tenant shall remain liable to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from deficiency between the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease rent reserved hereunder for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, term and the rental, if any, obtained by Landlord may immediately distrain for that accelerated Rent together with in reletting. The failure of Landlord to relet the premises shall not in any arrearsway release or reduce Tenant's liability.
Appears in 1 contract
Sources: Lease Agreement (Biotel Inc.)
Default. 16.1 Rights o(c)f In case of failure by Tenant to pay any installment of rent or other charges within five (5) days after the same is due, or failure to remedy within ten (10) days after notice of a default by Tenant with respect to any of the other covenants, conditions and agreements contained herein or in any rider or other addendum hereto, or if a petition in bankruptcy is filed by Tenant or if proceedings under any bankruptcy or debtor's relief law shall be filed by Tenant or if proceedings under any bankruptcy or debtor's relief law shall be filed against Tenant, or if Tenant becomes insolvent, or if proceedings are taken by or against Tenant seeking the appointment of a receiver or similar relief, then Landlord may, at its sole option, pursue and utilize the following remedies, all of which are in addition to any other right or rights which Landlord may have under the provisions of this Lease or by law, and which may be pursued cumulatively without any election of remedies.
a. ▇▇▇ to collect past due installments of rent, reserving its right to proceed later for the remaining installments; or
b. Terminate this Lease by written notice to Tenant, and immediately expel Tenant, without, however, waiving Landlord
(a) The 's right to collect all installments of rent and other payments due or owning for the period up to the time Landlord will be entitled regains occupancy. Upon such termination by Landlord, Tenant's personal property in the Leased Premises shall remain subject to Landlord's lien for unpaid rent, and Landlord may forthwith re-enter the Leased Premises and repossess itself thereof, and remove all persons and property from the Leased Premises and the property may be sold or disposed of by the Landlord therefrom, using such means as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all are necessary without service of notice or resort to legal process and without the Landlord being guilty of trespass trespass, forcible entry or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Articledetainer, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to timeother tort; or
c. As Tenant's agent, without terminating this Lease, as agent of the Tenant, make those alterations enter upon and repairs which are necessary in order to relet rent the Leased Premises at the best price obtainable by reasonable effort, with or without advertising, and by private negotiations and for any part of them term Landlord deems proper. Tenant shall be liable to Landlord for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residuedeficiency, if any, will be held between the rental due hereunder and the total rental applicable to the Lease obtained by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Leaseon reletting, the Tenant will pay the deficiency, which will be calculated and paid monthly after deducting Landlord's expenses in advance on or before the first (1st) day of each month. No re-entry or taking possession of restoring the Leased Premises by the Landlord will be construed as an election on its part and all costs incident to terminate this Lease unless a written notice of that intention is given such re-letting, including without limitation, advertising costs, reasonable legal fees and brokerage commissions. The total rental applicable to the Tenant. Despite term obtained by Landlord on such re-letting shall be the property of the Landlord, and Landlord shall not be liable to Tenant for any reletting without terminationexcess thereof over the rental reserved hereunder, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition rights to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the such excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable being hereby waived by the Tenant to the LandlordTenant.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The In the event Tenant fails to pay any rental due hereunder or fails to keep and perform any of the other terms or conditions hereof, or otherwise breaches this Lease or defaults hereunder, time being of the essence, or in the event of the taking by execution or judgment or other process of law of all or any part of the Tenant's interest in this Lease, then ten (10) business days after written notice of default from Landlord, Landlord will be entitled may, if such default has not been corrected, resort to re-any and all legal remedies or combination of remedies which Landlord may desire to assert including, but not limited to one or more of the following: (1) lock the doors of the Leased Premises and exclude Tenant therefrom; (2) retain or take possession of any property on the Leased Premises pursuant to Landlord's statutory lien; (3) enter the Leased Premises and remove all persons and property from therefrom; (4) declare this Lease at an end and terminated; (5) sue ▇▇▇ the rent due and to become due under this Lease; (6) sue ▇▇▇ any damages sustained by Landlord; and (7) continue this Lease in effect and relet the Leased Premises on such terms and conditions as Landlord may deem advisable with Tenant remaining liable for the Base Monthly Rent and other sums due hereunder plus the reasonable cost of obtaining possession of the Leased Premises and of any repairs and alterations necessary to prepare the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at Leased Premises for reletting, and the cost and for the account of the reletting. No action of Landlord shall be construed as an election to terminate this Lease unless written notice of such intention be given to Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The If Landlord may without shall default in performing its obligations under this Lease, Tenant shall give Landlord written notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverdeficiency, and this Lease Landlord shall have a 13 14 reasonable time to correct the same, and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Articleif not corrected within a reasonable time and such breach is a material breach, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it Tenant may either terminate this Lease or take such other legal steps to which it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordentitled.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (Business Resource Group)
Default. 16.1 Rights o(c)f the Landlord
(a) The Landlord will If Subtenant shall be entitled to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed in default because of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account nonpayment of the Tenantany Base Rent, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant Additional Rent or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by Subtenant hereunder beyond any applicable notice and cure periods set forth in the Tenant Lease for payment defaults by Sublandlord thereunder, or if Subtenant shall be in default in any other respect hereunder and such default shall not be fully and completely cured by Subtenant within thirty (30) days after written notice thereof by Sublandlord (provided, however, that if such default cannot be cured completely within such thirty (30) day period and Subtenant, within such thirty (30) day period, has commenced to cure such default and thereafter diligently proceeds to cure such default, within a reasonable amount of time under the circumstances, it being expressly understood that a "reasonable amount of time under the circumstances" shall not extend beyond any time that Overlandlord shall have the right to terminate the Lease as a result of such default by Subtenant), or if Subtenant shall be adjudged a bankrupt, or shall make an assignment for creditors, or if the interest of Subtenant herein shall be sold under execution or other legal process, it shall be lawful for Sublandlord to enter into said Leased Premises and again have, repossess and enjoy the same as if this Sublease had not been made, and thereupon this Sublease, and everything herein contained on the part of the Sublandlord to be done and performed, shall cease and be utterly void, without prejudice, however, to the Landlord.
(d) The full amount right of Sublandlord to recover all rent and other amounts due or to become due under this Sublease. In the current month’s instalment event of Minimum Rent and Additional Rent together a termination of this Sublease by Sublandlord in accordance with the next three (3) months’ instalments foregoing provisions of Minimum Rent and Additional Rentthis Section 6, all Subtenant authorizes Sublandlord to record a Notice of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsTermination of Sublease.
Appears in 1 contract
Sources: Sublease (Usa Detergents Inc)
Default. 16.1 Rights o(c)f In the event of any breach of this Lease by Tenant which continues for ten (10) days, Landlord
(a) The Landlord will be entitled , without notice to the Tenant, besides any other rights or remedies it may have by law or otherwise, shall have the immediate right of re-enter the Leased Premises entry and may remove all persons and property from the Leased Premises and the Premises. Such property may be sold or disposed of by the Landlord as it considers advisable or may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of the Tenant, all without service of notice or resort to legal process and without the . Should Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects elect to re-enter the Leased Premises as provided in this Articleherein provided, or if it takes should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by Lawlaw, it Landlord may either terminate this Lease or it may may, from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased said Premises or any part of them thereof for the such term or terms (which may be for a term extending beyond the Termterm of this Lease) and at a rent such rental or rentals and upon those such other terms, covenants terms and conditions which the as Landlord in its the exercise of Landlord's sole discretion considers may deem advisable, with the right to make alterations and repairs to the Premises. Upon each relettingsuch reletting (a) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due herein, the Rent cost and expenses of such reletting and of such alterations and repairs incurred by Landlord, and the amount, if any, by which the rent reserved in this Lease for the period of such reletting (up to but not beyond the term of this Lease) exceeds the amount agreed to be paid as rental for the Premises for such period of such reletting; or (b) at the option of Landlord rentals received by the Landlord from the reletting, will such reletting shall be applied first first, to the payment of any indebtedness indebtedness, other than Rent rent due under this Lease herein from the Tenant to the Landlord; second second, to the payment of any costs and expenses of the such reletting including brokerage fees and solicitors’ fees and the costs of the such alterations and repairs; third third, to the payment of Rent rent due and unpaid under this Leaseherein; and the residue, if any, will shall be held by the Landlord and applied as in payment of future Rent rent as it becomes the same may become due under this Leaseand payable herein. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Should Landlord at any time terminates terminate this Lease for any breach, in addition to any other remedies it remedy Landlord may have, it Landlord may recover from the Tenant all damages it incurs Landlord may incur by reason of the breach such breach, including the costs cost of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent rent reserved and charges equivalent to Rent required to be paid under charged in this Lease for the remainder of the stated Term over the then reasonable rental value term, all of the Leased Premises for the remainder of the stated Term. All of the mentioned which amounts will shall be immediately due and payable by the along with costs of collection and attorneys' fees from Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrearsshall have no obligation to relet.
Appears in 1 contract
Default. 16.1 Rights o(c)f In the event that Tenant shall fail to pay any rent when due and the same shall remain unpaid for a period of thirty (30) days, or share be in default under any other material provisions of this Lease for a period of thirty (30) days after notice of such default, or shall file a voluntary petition in bankruptcy or make an assignment for benefit of creditors, or shall be adjudicated a bankrupt in any involuntary bankruptcy proceeding, or shall vacate or abandon the Premises, then Landlord may elect by written notice to Tenant to terminate the Tenant's right to possession only without terminating the Lease, and Landlord may, at Landlord
(a) The Landlord will be entitled to re-'s option, enter into the Leased Premises and remove all property take and hold possession thereof without terminating the Lease or releasing the Tenant from Tenant's obligations to pay the Leased rent hereunder for the full stated term. In any such event, Landlord may in its sole discretion, relet the Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and to others for the account of Tenant upon such terms as Landlord shall determine, and in connection therewith, Landlord may make alterations, repairs and decorate the Premises to the extent Landlord deems necessary or desirable. and Tenant shall. upon demand. pay the cost thereof together with Landlord's expense of reletting. If any such rentals collected by Landlord for Tenant's account are not sufficient to pay the full amount of all rents reserved in this Lease, all without service Tenant shall pay Landlord the deficiency upon demand. Landlord shall also have the right to elect at any time after default or at any time after Landlord has terminated Tenant's right to possession only, to cancel and terminate this Lease by serving written notice on Tenant of notice such election, and to pursue any remedy at law or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which in equity that may be occasioned.
available to Landlord. All installments of rent not paid by Tenant when due hereunder shall bear interest at the rate of ten percent (b10%) The per annum until paid. AR other payments which Landlord may without make by virtue of Tenant's default under the terms and conditions of this Lease on behalf of Tenant shall be payable upon demand and. if not paid upon demand, shall bear interest from the date such payments are made at the rate of ten percent (10%) per annum. No waiver by Landlord of any breach hereunder shall be construed to be a waiver of any other or future breach. No receipt of money by Landlord from Tenant after notice re-enter and take of default, or after the termination of this Lease, or after the commencement of any suit or after final judgment of possession of the Leased Premises as though Premises, shall reinstate, continue or extend the Tenant or any occupant or occupants term of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time affect any notice, demand or suit. The rights and remedies hereby created are cumulative and the use of one remedy shall not be taken to time, without terminating this Lease, as agent of exclude or waive the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first right to the payment use of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordanother.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease Agreement (Glasstech Inc)
Default. 16.1 Rights o(c)f If Tenant shall fail to make any rental payment as aforesaid, or shall vacate or abandon the Landlord
Demised Premises during the term hereof, or fail to take possession and operate its business, or break or violate any of the within covenants, conditions, agreements or rules and regulations, and if such breach be not corrected within ten (a10) The days after notice by Landlord will to Tenant of such breach, then and in any of the said events , the whole sum to be entitled to re-enter paid as rental throughout the Leased Premises and remove all property from entire term, of this Lease may, at the Leased Premises and the property may be sold or disposed option of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost become immediately due and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whateverpayable, and this Lease and all things herein contained shall, at Landlord's option, cease and determine and shall operate as a Notice to Quit, any other Notice to Quit being hereby expressly waived. Landlord shall have the Term will be terminated.
(c) If right, at its option, to take possession of the Landlord elects to re-enter Demised Premises and let the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, same as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) Tenant and at a rent Tenant's risk and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each monthTenant's default. No re-entry by Landlord shall relieve Tenant from liability for the difference between the rent herein reserved and the net rent actually received by Landlord during the term remaining after such default occurs, or taking from any other obligation of Tenant under the terms hereof. Nothing in this paragraph shall deem to waive any other right or remedy of the Landlord. Tenant shall reimburse Landlord's legal fees. If Tenant shall fail to make any rental payments as aforesaid, or shall vacate or abandon the demised Premises during the term hereof, or fail to take possession within twenty (20) days of the Commencement Date and operate its business, or break or violate any of the within covenants, conditions, agreements or rules or regulations, and if such breach be not corrected within thirty (30) days after notice by Landlord to Tenant of such breach, excepting any monetary defaults, then and in any of the said events, the whole sum to be paid as rental throughout the entire term of this lease, may, at the option of the Landlord become immediately due and payable, and this Lease and all things herein contained shall, at Landlord's option, cease and determine and shall operate as a Notice to Quit, any other Notice to Quit being hereby expressly waived. Landlord shall have the right, at its option, to take possession of the Leased Demised Premises and let the same as Agent of Tenant and at Tenant's risk and Tenant's default. No re-entry by Landlord shall relieve Tenant from liability for the difference between the rent herein reserved and the net rent actually received by Landlord will be construed as an election on its part during the term remaining after such default occurs or from any other obligation of Tenant under the terms hereof. Nothing in this paragraph shall deem to terminate waive any other right or remedy of the landlord. Tenant shall reimburse Landlord's reasonable legal fees. Notwithstanding anything in this Lease unless a written notice of that intention is given section to the Tenant. Despite contrary, Tenant shall have thirty (30) days to cure any reletting without termination, the Landlord may at non-monetary defaults and ten (10) days to cure any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordmonetary defaults.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f the Landlord
(a) The On the occurrence of an Event of Default:
(i) the Landlord will be entitled to may re-enter the Leased Premises and expel all Persons and remove all property from the Leased Premises and the Premises. Such property may be removed and sold or disposed of by the Landlord in such manner as it considers the Landlord in its sole and absolute discretion deems advisable or it may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being considered guilty of trespass or being becoming liable for any loss or damage which may be occasionedoccasioned thereby including any such loss or damage caused by the negligence of the Landlord or its servants and agents. If the Landlord sells such property, the Landlord may retain all proceeds received from such sale for its own account, but the Landlord will apply such proceeds against the damages suffered by the Landlord as a result of such re-entry. Despite the foregoing, the Landlord shall not sell such property for 5 Business Days following the date of its re-entry and the Tenant shall be entitled to remove such property from the Premises during such 5 day period under the Landlord’s supervision; and
(ii) the full amount of the current month’s Rent together with the next 3 month’s Rent becomes immediately due and payable as accelerated Rent.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Lawlaw, the Landlord may either:
(i) terminate this Lease. The Landlord may effect such termination by written notice to Tenant (a “Termination Notice”), it may either terminate being understood and agreed to by the Tenant that actual possession of the Premises shall not be required to effect a termination of this Lease or it and that the delivery of a Termination Notice to the Tenant alone shall be sufficient. Such Termination Notice may, in the Landlord’s sole discretion, permit the Tenant to remain on the Premises as a tenant at will, which tenancy at will may from be terminated at any time by either party without any prior notice. The Tenant agrees that, if Landlord serves a Termination Notice which, among other things, permits Tenant to timeremain in possession of the Premises as a tenant at will, this Lease will thereupon be terminated and the Tenant shall be a tenant at will and that the Landlord may re-enter the Premises at any time thereafter without further notice; or
(ii) as agent for the Tenant and without terminating this Lease, as agent of the Tenant, make those any alterations and repairs which are the Landlord, in its sole and absolute discretion, deems necessary in order to relet re-let the Leased Premises Premises, or any part of them thereof, as agent for the Tenant for such term or terms (which may be for a term extending beyond the Term) and at a such rent and upon those such other terms, covenants and conditions which as the Landlord in its sole and absolute discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No such re-entry or taking possession of the Leased Premises letting all rent received by the Landlord will be construed applied as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.follows:
Appears in 1 contract
Sources: Lease Agreement (Ehave, Inc.)
Default. 16.1 Rights o(c)f EasyLink acknowledges that but for this Agreement it would be in default under the Landlord
Leases and that, upon default under this Agreement or upon further default under the Leases, Fleet may immediately exercise any and all rights provided to Fleet under the Leases and applicable law, including, without limitation, an action on the Forbearance Note against EasyLink. In the event EasyLink shall not comply with any of the forbearance terms and conditions set forth herein or defaults under one of the Leases, Fleet shall no longer be required to forbear enforcement rights and shall be afforded all remedies as stated in the Lease. EasyLink understands and agrees that Fleet has not waived any defaults, that nothing herein shall be construed as any such waiver, and that, upon any non-compliance with any term or provision set forth herein, Fleet may immediately exercise all rights and remedies available to Fleet under the Leases and applicable law. EasyLink understands and agrees that no notice or cure periods are available, or will be given, with respect to the occurrence or reoccurrence of a default under the Leases, or to any non-compliance by EasyLink with the terms and conditions set forth herein other than as set forth in this Agreement and in the event of any such occurrence, reoccurrence, or non-compliance the forbearance described in this letter will immediately terminate and the rights and remedies of Fleet under the Leases will once again be applicable. Fleet's forbearance shall not constitute (a) The Landlord will be entitled a waiver of Fleet's right to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort hereafter enforce its remedies with respect to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
default; (b) The Landlord may without notice re-enter and take possession an election of the Leased Premises as though the Tenant remedies; or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for a waiver by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment Fleet of any indebtedness other than Rent due rights or remedies available to it under this Lease from applicable laws and/or the Tenant Leases. No delay or failure of Fleet to exercise any right, power or privilege hereunder shall affect such right, power or privilege or preclude the Landlord; second to later exercise thereof, nor shall any single or partial exercise thereof preclude any further exercise thereof or the payment exercise of any costs and expenses further right, power or privilege. This Agreement does not establish a course of dealing between the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordparties.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f Tenant hereby agrees that in case Tenant shall default in making any payment due hereunder or in performing any of the other agreements, terms and conditions of this Lease, or if any proceeding is commenced by or against Tenant in bankruptcy or for appointment of a receiver, or if Tenant becomes insolvent or makes a general assignment for the benefit of creditors, then, in any such event, Landlord
(a) The Landlord will be entitled , in addition to all other rights and remedies available to Landlord, by law or by other provisions hereof, may, with process of law, re-enter immediately into the Premises and remove all persons and property therefrom, and, at Landlord's option, annul and cancel this Lease as to all future rights of Tenant, and Tenant hereby expressly waives the service of any notice in writing of intention to re-enter as aforesaid. Tenant further agrees that in case of any such termination or re-entry the Leased obligations of Landlord hereunder shall cease but the obligation of Tenant to pay Base Rent, Additional Rent (as defined in Section 31 below) and other sums which may become due hereunder shall continue for the then unexpired portion of the Term, and that Tenant will indemnify the Landlord against all loss of rents and other damage which Landlord may incur by reason of such termination or re-entry, including, but not limited to, costs of restoring and repairing the Premises and remove putting the same into rentable condition, costs of renting the Premises to another tenant, loss or diminution of rents and other damage which Landlord may incur by reason of such termination or re-entry, and all property from the Leased Premises reasonable attorneys' fees and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored expenses incurred in a public warehouse or elsewhere at the cost and for the account enforcing any of the Tenant, all without service terms of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during Neither acceptance of rent by Landlord, with or without knowledge of breach, nor failure of Landlord to take action on account of any month is less than that breach hereof or to enforce its rights hereunder shall be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day deemed a waiver of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may haveand absent written notice or consent, it may recover from the Tenant all damages it incurs by reason of the said breach including the costs of recovering the Leased Premises, solicitors’ fees (on shall be a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordcontinuing one.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f Breach by Seller of any of its representations and warranties in this Contract or failure of either Party to promptly and completely perform any obligation under this Contract shall constitute default. If the Landlord
Companies or Seller considers the other Party (athe “Defaulting Party”) to be in default under this Contract, such Party (the “Non- Defaulting Party”) shall give the Defaulting Party prompt written notice thereof, describing the particulars of such default. The Landlord will Defaulting Party shall thereafter have thirty (30) Days from the receipt of said notice in which to remedy such default. If the default is not cured, the Non-Defaulting Party may, without prejudice to any other right or remedy of such Party in respect of such default, immediately terminate this Contract by written notice to the Defaulting Party. Any termination shall be without prejudice to accrued rights, including without limitation the right of either Party to damages arising from such breach or prior breaches hereof. All rights and remedies hereunder are independent of each other and election of one remedy shall not exclude another. The prevailing Party in any action shall be entitled to re-enter the Leased Premises recover its attorneys’ fees and remove all property costs from the Leased Premises other Party. Notwithstanding the foregoing, if Seller’s default is not Delivering Biodiesel as required by this Contract, Seller’s time to cure shall be five (5) Days from the Companies’ notice of default. Without limiting any other right or remedy, if Seller does not cure the default in such time by Delivering compliant Biodiesel to the Companies and Seller fails to provide alternative arrangements reasonably approved by Buyer, the property Companies may be sold or disposed of by the Landlord immediately acquire substitute Biodiesel from another supplier (“Cover Supplies”), and, except as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as otherwise provided in this ArticleContract, or if it takes possession pursuant Seller shall be liable to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them Companies for the term or terms (which may be for a term extending beyond difference in cost between the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord fuel acquired from the reletting, will be applied first to other supplier and the payment of any indebtedness other than Rent due price the Companies would have paid Seller under this Lease from contract for the Tenant to same amount of fuel Delivered at the Landlord; second to same time as the payment of any replacement fuel, plus all reasonable costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held incurred by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly Companies in advance on or before the first obtaining such cover (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord“Cover Costs”).
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Supply Contract for Biodiesel Fuel
Default. 16.1 Rights o(c)f If the Landlord
(a) The Landlord will LESSEE shall default in the payment in any of the installments of rent as herein provided, or breach any of the terms, conditions or provisions herein contained, or, during the term of this lease, shall file a voluntary petition in bankruptcy, shall make an assignment for the benefit of creditors or shall be adjudicated bankrupt; if a receiver shall be appointed for LESSEE'S business; or if LESSOR deems itself insecure, LESSOR may at its election terminate this Agreement without notice to LESSEE and shall thereupon be entitled to re-the immediate possession of any and all vehicles in LESSEE'S possession hereunder. In the event this Agreement shall be so terminated, LESSEE shall not be released from any liability to LESSOR for LESSEE'S failure to make any of the payments required by this Agreement or for LESSEE'S failure or inability to perform the conditions of this Agreement, and LESSEE hereby waives all claims for injury suffered through or loss caused by such repossession. Upon default, the balance of the installments of rent, to the end of this lease or any existing extension of it, shall, without notice or demand by the LESSEE, at once become due and payable; and in addition thereto, the LESSEE hereby authorizes and empowers the LESSOR to enter its premises or any other place where the Leased Premises leased vehicle(s) may be found, forcibly if necessary, to take possession and carry away and remove all property from the Leased Premises and the property may be sold such vehicle(s), with or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without thereby terminate the Landlord being guilty LESSEE'S right to retention and use of trespass such vehicle(s). In the event any legal proceedings shall be instituted by LESSOR against LESSEE to recover any sums due or being liable to become due hereunder and/or for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take possession the repossession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatevervehicle(s) leased hereunder, and this Lease and the Term will be terminated.
(c) If the Landlord elects LESSEE shall pay to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage LESSOR reasonable attorneys' fees and solicitors’ fees and the sand costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordrepossession.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Automobile Lease Agreement
Default. 16.1 Rights o(c)f If the Landlord
rent and/or management and/or air-conditioning and/or any other charges payable under this Agreement shall be unpaid for seven days after the same shall become payable (awhether demanded or not) The or if the Tenant shall fail or neglect to observe or perform any of the agreements stipulations or conditions herein contained and on the Tenant’s part to be observed and performed or if the Tenant shall become bankrupt or being a corporation shall go into liquidation or if any petition shall be filed for the winding up of the Tenant or if the Tenant shall otherwise become insolvent or make any composition or arrangement with creditors or shall suffer any execution to be levied on the Premises then and in any such case it shall be lawful for the Landlord will be entitled at any time thereafter to re-enter on the Leased Premises or any part thereof in the name of the whole whereupon this Agreement shall absolutely cease and remove all property from the Leased Premises and the property may be sold or disposed terminate but without prejudice to any right of action by the Landlord as it considers advisable in respect of any outstanding breach or may be stored in a public warehouse non-observance or elsewhere at the cost and for the account non-performance of any of the agreements stipulations and conditions herein contained and on the Tenant, ’s part to be observed and performed and to the Landlord’s right to deduct all without service of notice or resort to legal process loss and damage thereby incurred from the deposit paid by the Tenant in accordance with Section VIII hereof and without prejudice to the Landlord’s right of forfeiture thereof. Notwithstanding the foregoing and without prejudice to the Landlord’s rights under this Agreement, the Landlord being guilty shall be at liberty to disconnect all electricity, air-conditioning and water supplies to the Premises provided 3 days’ notice has been given to the Tenant of trespass or being liable the Landlord’s intention to do so and in so doing the Landlord shall not be held responsible for any loss or damage which may be occasioned.
(b) The to person or property sustained by the Tenant directly or indirectly as a consequence of Landlord may without notice exercising such right. All cost and expenses incurred by the Landlord of and incidental to the disconnection and the subsequent re-enter and take possession connection of the Leased electricity air-conditioning and water supplies to the Premises as though shall be paid by the Tenant and shall be recoverable from the Tenant as a debt or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received deductible by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be deposit paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlordaccordance with Section VIII hereof.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Default. 16.1 Rights o(c)f the LandlordA. The following shall constitute "Events of Default" for purposes of this Lease:
(ai) The Tenant shall fail to pay any installment of rent or other sum due Landlord will on or before the date such sum was due and payable; or
(ii) Tenant shall fail to observe or perform any other of Tenant's obligations under this lease and such failure shall not be entitled corrected within thirty (30) days after written notice thereof provided however, that if the default is of a nature which cannot be cured within such thirty (30) day period, the time within which to re-enter the Leased Premises cure shall be reasonably extended so long as Tenant shall commence to cure within such thirty (30) day period and remove all thereafter diligently and expeditiously proceeds to complete such cure; or
(iii) Tenant shall file for relief under federal or state bankruptcy laws or be declared bankrupt or insolvent according to law, or, if any assignment shall be made of Tenant's property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account benefit of the Tenantcreditors,
B. Upon the occurrence of any of the foregoing Events of Default, all without service Landlord shall have the right at any time thereafter, to declare the term of this lease ended, effective upon the giving of notice or resort of such termination to legal process and without Tenant. Upon the giving of notice of the exercise of such right of termination, Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice shall also have the right to re-enter and take possession of the Leased Premises as though and to remove Tenant's signs and other property and to store the same at Tenant's expense without prejudice to any remedies which might be otherwise be available under this Lease or by law. Notwithstanding any such termination, Tenant or any occupant or occupants shall remain fully liable to Landlord for all of the Leased Premises was or were holding over after the expiration obligations of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises Tenant as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for Lease. Tenant shall indemnify and hold Landlord harmless from all damages incurred by Law, it may either terminate Landlord as a result of the termination of this Lease or it may from time due to timeTenant's default including without limitation all loss of rents and additional rent and any attorneys' fees, without terminating court costs, brokerage fees paid in connection with this Lease, as agent and any costs and expenses incurred by Landlord in connection with re-letting the Premises to another tenant. All payments of the TenantBase Rent and additional rent shall be paid in monthly installments by Tenant on the first day of each month as the same would have become due under the terms of this Lease had the lease term not been terminated and any suit brought to collect the amount of the deficiency for any month shall not prejudice in any way the rights of Landlord to collect the deficiency for any subsequent month by similar proceedings. Landlord upon termination of this Lease due to a Default of Tenant or at any time thereafter, make those alterations and repairs which are necessary shall have the right, in order lieu of collecting its actual damages payable in installments as above provided, to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other termsrecover from Tenant liquidated damages, covenants and conditions which the Landlord in its discretion considers advisable. Upon each relettingpayable on demand, the Rent received by the Landlord from the reletting, will be applied first equal to the payment then present value (discounted at the current prime rate) of any indebtedness other than Rent due the excess of the amounts which would have been payable under this Lease from the Tenant date of such demand to the Landlord; second to the payment of any costs and expenses end of the reletting including brokerage fees and solicitors’ fees and period which would otherwise have constituted the costs balance of the alterations and repairs; third to the payment term of Rent due and unpaid under this Lease; , over the actual cash value of the rents received (in advance) for the Premises for the same period. For this purpose, in computing the amount of additional rent, the amounts to be included for real estate taxes, operating expenses and the residue, if any, will be held other amounts required by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that Lease to be paid during that month by the Tenant under this Leaseshall be deemed, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of for each month. No re-entry or taking possession of the Leased Premises by the Landlord will , to be construed as an election on its part equal to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, 1/12th of the amount of Rent the item (in the aggregate) for the twelve (12) months preceding the date of demand. Such election shall not diminish or impair Landlord's remedies hereunder for periods prior to the date of the exercise of such election.
C. In case this Lease is terminated due to an Event of Default, Landlord may (i) re-let the Premises or any part or parts thereof, either in the name of Landlord or otherwise, for a term or terms which may at Landlord's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the term of this Lease and charges equivalent may grant concessions or free rent to Rent required the extent that Landlord considers advisable and necessary to re- let the same and (ii) may make such alterations, repairs and decorations in the Premises as Landlord in its sole judgment considers advisable and necessary for the purpose of re-letting the Premises; and such re-letting or the making of such alterations, repairs and decorations shall not operate or be construed to release Tenant from liability hereunder as aforesaid. Landlord shall in no event be liable in any way whatsoever for failure to re-let the Premises, or, in the event that the Premises are re-let, for failure to collect the rent under such re-letting. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed, or in the event of Landlord obtaining possession of the Premises.
D. If Tenant shall fail or default, after reasonable notice thereof, to observe or perform any of the conditions or covenants on Tenant's part to be paid observed or performed under any of the provisions in any article of this Lease lease, Landlord, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the remainder account of and at the stated Term over the then reasonable rental value expense of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will Tenant and any sums expended by Landlord in remedying any such default shall be immediately due and payable by the Tenant to the LandlordTenant.
(d) The full amount of E. In the current month’s instalment of Minimum Rent and Additional Rent together with event Tenant fails to pay any sums to Landlord on or before the next three (3) months’ instalments of Minimum Rent and Additional Rentdate the same was due hereunder, all of which will Landlord shall be deemed entitled to be accruing charge Tenant interest on a day-to-day basis, will immediately become any such unpaid sums from the date the same were due and payable as accelerated Rent, at the rate of 1 1/12% per month compounded monthly. Any such interest charge for late payment shall be added to and constitute part of the next installment payment of Base Rent due under this Lease. In the event Tenant fails to pay rent for more than two (2) months or if more than two (2) of Tenant's checks are returned for insufficient funds during any consecutive twelve (12) month period then Landlord may immediately distrain for that accelerated Rent together with any arrearsshall have the right to require Tenant to make all future payments by treasurer's or cashier's checks or by certified checks.
Appears in 1 contract
Default. 16.1 Rights o(c)f In the Landlordevent of any default by Lessee, Lessor shall have the following remedies, in addition to all other rights and remedies provided by any law or otherwise provided in this Lease, to which Lessor may resort cumulatively, or in the alternative:
A. Lessor may, at Lessor’s election, keep this Lease in effect and enforce by an action at law or in equity all of its rights and remedies under the Lease, including (i) the right to recover the rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required of Lessee or perform Lessee’s obligations and be reimbursed by Lessee for the cost thereof with interest at twelve percent (12%) per annum from the date the sum is paid by Lessor until Lessor is reimbursed by Lessee, and (iii) the remedies of injunctive relief and specific performance to compel Lessee to perform its obligations under this Lease.
▇. ▇▇▇▇▇▇ may, at Lessor’s election, terminate this Lease by giving Lessee written notice of termination, in which event this Lease shall terminate on the date set forth for termination in such notice. Any termination under this subparagraph shall not relieve Lessee from its obligation to pay any sums then due Lessor or from any claim against Lessor for damages or Monthly Rent. In no event shall any one or more of the following actions by Lessor, in the absence of a written election by Lessor to terminate this Lease, constitute a termination of this Lease:
(a1) The Landlord will be entitled Appointment of a receiver or keeper in order to re-enter the Leased Premises and remove all property from the Leased Premises and the property may be sold or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.protect Lessor’s interest hereunder;
(b2) The Landlord may without notice re-enter and take possession Consent to any subletting of the Leased Premises as though or assignment of this Lease by Lessee, whether pursuant to the Tenant provisions hereof or otherwise; or
(3) Any other action by Lessor or Lessor’s agents intended to mitigate the adverse effects of any occupant or occupants breach of this Lease by Lessee, including without limitation any action taken to maintain and preserve the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order action taken to relet the Leased Premises or any part of them portions thereof, for the term account of Lessee and in the name of Lessee.
C. In the event Lessee breaches this Lease and abandons the Leased Premises, the Lease shall not terminate unless Lessor gives Lessee written notice of its election to so terminate this Lease. No act by or terms on behalf of Lessor intended to mitigate the adverse effect of such breach, including those described by subparagraphs B(l), (which may be for a term extending beyond the Term2) and at (3) immediately preceding, shall constitute a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisabletermination of Lessee’s right to possession unless Lessor gives Lessee written notice of termination. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under Should Lessor not terminate this Lease from the Tenant to the Landlord; second to the payment of any costs by giving Lessee written notice, Lessor may enforce all its rights and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid remedies under this Lease; and , including the residue, if any, will be held by right to recover the Landlord and applied as payment of future Rent rent as it becomes due under the Lease as provided in California Civil Code Section 1951.4, as in effect on the effective date of this Lease.
D. In the event Lessor terminates this Lease, Lessor shall be entitled, at Lessor’s election, to damages in an amount as set forth in California Civil Code Section 1951.2 as in effect on the effective date of this Lease. If For purposes of computing damages pursuant to said Section 1951.2, (i) twelve percent (12%) interest per annum shall be used where permitted, and (ii) rent due under this Lease shall be prorated on a monthly basis where necessary to compute such damages. Such damages shall include without limitation:
(1) The worth at the Rent received from time of award of the reletting during any month is less than amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Lessee proves could be reasonably avoided, 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 (1%); and
(2) Any other amount necessary to be paid during that month compensate Lessor for all detriment proximately caused by the Tenant Lessee’s failure to perform Lessee’s obligations under this Lease, or which in the Tenant will pay ordinary course of things would be likely to result therefrom, including, without limitation, the deficiencyfollowing:
(i) expenses for cleaning, which will repairing or restoring the Leased Premises; (ii) expenses for altering, remodeling or otherwise improving the Leased Premises for the purpose of reletting, including installation of leasehold improvements (whether such installation be calculated funded by a reduction of rent, direct payment or allowance to a new tenant, or otherwise); (iii) broker’s fees, advertising costs and paid monthly other expenses of reletting the Leased Premises; (iv) costs of carrying the Leased Premises, such as taxes, insurance premiums, utilities, and security precautions; (v) expenses in advance on retaking possession of the Leased Premises; and (vi) attorneys’ fees and court costs incurred by Lessor in retaking possession of the Leased Premises and in re-leasing the Leased Premises or before otherwise incurred as a result of Lessee’s default.
E. Nothing in this paragraph shall limit Lessor’s right to indemnification from Lessee as provided in paragraph 15. In the first event Lessor fails to perform any of its obligations under this Lease and fails to cure such default within thirty (1st30) days after written notice from Lessee specifying the nature of such default where such default could reasonably be cured within said thirty (30) day period, or fails to commence such cure within said thirty (30) day period and thereafter continuously with due diligence prosecute such cure to completion where such default could not reasonably be cured within said thirty (3.0) day period, then Lessee shall have the following remedies only:
A. Lessee may proceed in equity or at law to compel Lessor to perform its obligations and/or to recover damages proximately caused by such failure to perform (except to the extent Lessee has waived its right to damages resulting from injury to person or damage to property as provided herein).
B. Lessee, at its option, may cure any default of each monthLessor at Lessor’s cost. No re-entry If Lessee at any time by reason of Lessor’s default reasonably pays any sum or taking does any act that requires the payment of any sum, the sum paid by Lessee shall be immediately due from Lessor to Lessee at the time the sum is paid, and shall bear interest at twelve percent (12%) per annum from the date the sum is paid by Lessee until Lessee is reimbursed by Lessor.
C. Lessee waives the provisions of Sections 1932(1), 1941 and 1942 of the California Civil Code and/or any similar or successor law regarding Lessee’s right to terminate this Lease or to make repairs and deduct the expenses of such repairs from the rent due under the Lease. Lessee hereby waives any right of redemption or relief from forfeiture under the laws of the State of California, or under any other present or future law, in the event Lessee is evicted or Lessor takes possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable any default by the Tenant to the LandlordLessee.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
Appears in 1 contract
Sources: Lease (Viasystems Group Inc)
Default. 16.1 Rights o(c)f If Lessee shall fail to pay to Lessor the Landlord
rent and/or other sums of money payable to Lessor as and when due and payable hereunder and such default shall continue for a period of ten (a10) The Landlord will days after Lessor has given Lessee written notice of such default, or if Lessee shall fail to comply with any other provisions or conditions of this Lease agreement, upon its part to be entitled kept and performed, and such default shall continue for a period of thirty (30) days after written notice thereof shall be given to re-enter Lessee by Lessor, (provided however, that if such default cannot through the exercise of due diligence, be cured within thirty (30) days and if Lessee promptly commences the cure, the thirty (30) day period shall be extended as reasonably required to effect the cure) or if Lessee shall be adjudged bankrupt, or shall make an assignment for the benefit of creditors, or if a receiver of any property of Lessee in or upon said Leased Premises or for all or part of Lessees' interest hereunder be appointed in any action, suit or proceeding, by or against Lessee and such adjudication, assignment or appointment shall not be vacated or annulled within ninety (90) days, or if the interest of Lessee in the Leased Premises and remove all property from the Leased Premises and the property may shall be sold under execution, or disposed other legal process, it shall be lawful for Lessor to enter upon said premises, and again have, repossess and enjoy the same as if this Lease had not been made, and everything herein contained on the part of Lessor to be done and performed shall cease and determine, and Lessor may, at its option, declare this Lease terminated. The foregoing rights are without prejudice, however, to the right of Lessor to recover from Lessee all damages incurred by the Landlord Lessor as it considers advisable or a result of Lessee's breach and additionally Lessor may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenant, all without service of notice or resort to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take retake possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either terminate this Lease or it may from time to time, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the Landlord will be construed as an election on its part to terminate this Lease unless a written notice of that intention is given to the Tenant. Despite any reletting without termination, the Landlord may at any time afterwards elect to terminate this Lease for the previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the said Leased Premises for the remainder of said term for the stated Term. All highest rent reasonably obtainable and may recover from Lessee any deficiency between the amount so obtained and the rent herein reserved plus all costs incurred by Lessor as a result of Lessee's default, including without limitation reasonable attorneys' fees, brokerage commissions (pro rated through the balance of the mentioned amounts term); provided, however, Lessor shall be obligated in such event to make full and diligent effort to mitigate its damages by reletting said Leased Premises for the best rent reasonably obtainable; and Lessor may pursue any or all rights and remedies in equity or at law, the foregoing rights and remedies set forth being by way of example only and not by way of limitation or restriction. Notwithstanding the foregoing to the contrary, if Lessee, on two (2) occasions in any twelve (12) consecutive month period, fails to pay any rent within ten (10) days after the same is due and notice thereof from Lessor, Lessee will be in default under this Lease during the twelve (12) consecutive month period immediately following the second such time Lessee fails to pay rent within ten (10) days after it is due and payable by without the Tenant necessity of Lessor giving Lessee written notice of such failure to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together pay. [*] omitted, confidential material, which material has been filed separately with the next three (3) months’ instalments of Minimum Rent Securities and Additional Rent, all of which will be deemed Exchange Commission pursuant to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain request for that accelerated Rent together with any arrearsconfidential treatment.
Appears in 1 contract
Sources: Lease Agreement (Amazon Com Inc)
Default. 16.1 Rights o(c)f The occurrence of any of the Landlord
following shall constitute a default by Tenant: (ai) failure to pay any rent or other sum payable hereunder within three (3) business days of written notice from Landlord of failure to make such payment when due; (ii) abandonment of the Premises; or (iii) failure to perform any other term, covenant or condition of this lease if the failure to perform is not cured within thirty (30) days after notice thereof has been given to Tenant (provided that if such default cannot reasonably be cured within thirty (30) days, Tenant shall not be in default of this lease if Tenant commences to cure the default within the thirty (30) day period and diligently and in good faith continues to cure the default). The Landlord will be entitled notice referred to re-enter in (iii) above shall specify the Leased Premises and remove all property from the Leased Premises alleged default and the property may applicable lease provision and shall demand that Tenant perform the provisions of this lease within the applicable period of time and no such notice shall be sold deemed a forfeiture or disposed termination of by this lease unless Landlord so elects in the Landlord as it considers advisable notice. No notice shall be required in the event of failure to pay any rent or may be stored other sum or in a public warehouse the event of abandonment or elsewhere at the cost and for the account vacation of the Premises. In the event of a default by Tenant, all without service of notice then Landlord, in addition to any other rights and remedies at law or resort in equity, shall have the right either to legal process and without the Landlord being guilty of trespass or being liable for any loss or damage which may be occasioned.
(b) The Landlord may without notice re-enter and take terminate Tenant's rights to possession of the Leased Premises as though the Tenant or any occupant or occupants of the Leased Premises was or were holding over after the expiration of the Term without any right whatever, and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter the Leased Premises as provided in this Article, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by Law, it may either thereby terminate this Lease or it may lease or, from time to timetime and without termination this lease, without terminating this Lease, as agent of the Tenant, make those alterations and repairs which are necessary in order to relet the Leased Premises or any part of them thereof for the account and in the name of Tenant for such term or and on such terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the as Landlord in its sole discretion considers may deem advisable, with the right to make alterations and repairs to the Premises. Upon each relettingShould Landlord elect to keep this lease in full force and effect, Landlord shall have the right to enforce all of Landlord's rights and remedies under this lease, including but not limited to the right to recover the installments of monthly rent and Common Area Charges as they become due, and to relet the Premises. If Landlord relets the Premises, then Tenant shall pay to Landlord, as soon as ascertained, the Rent costs and expenses incurred by Landlord in such reletting and in making alterations and repairs. Rentals received by the Landlord landlords from the reletting, will such reletting shall be applied first (i) to the payment of any indebtedness indebtness due hereunder, other than Rent due under this Lease monthly rent, from the Tenant to the Landlord; second (ii) to the payment of the coast of any costs repairs necessary to return to the Premises to good conditions, normal wear and expenses tear excepted, including the cost of alterations and the cost of storing any of Tenant's property left on the Premises ant the time of the reletting including brokerage fees reletting; and solicitors’ fees and the costs of the alterations and repairs; third (iii) to the payment of Rent monthly rent due and unpaid under this Lease; and the hereunder. The residue, if any, will shall be held by the Landlord and applied as in payment of future Rent rent or damages in the event of termination as it becomes the same may become due under and payable hereunder and the balance, if any at the end of the term of this Leaselease, shall be paid to Tenant. If Should the Rent monthly rent and Common Area Charges received from the time to time from such reletting during any month is be less than that agreed to be paid during that month by the Tenant under this Leasehereunder, the Tenant will shall pay the deficiency, which will such deficiency to Landlord. Such deficiency shall be calculated and paid monthly in advance on or before the first (1st) day of each monthmonthly. No re-entry or taking possession such reletting of the Leased Premises by the Landlord will shall be construed as an election on its part to terminate this Lease lease unless a written notice of that such intention is given to Tenant or unless the Tenanttermination hereof is decreed by a court of competent jurisdiction. Despite Notwithstanding any such reletting without termination, the Landlord may at any time afterwards thereafter elect to terminate this Lease lease for the such previous breach, provided it has not been cured. If the Should Landlord at any time terminates terminate this Lease lease for any breach, breach in addition to any other remedies remedy it may have, it shall have the immediate right of entry and may recover remove all persons and property from the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased PremisesPremises and, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will be immediately due and payable by the Tenant to the Landlord.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.in addi-
Appears in 1 contract
Default. 16.1 Rights o(c)f In the event of default in any of the covenants or conditions herein, Landlord may assert any remedies provided to an aggrieved landlord by law, without limiting the generality of the foregoing, Landlord
, at its option, shall have any one or all of the following remedies which are cumulative and not exclusive: (a) The Landlord will be entitled may declare the Lease forfeited, but such declaration or forfeiture shall not terminate Tenant's duty to pay rentals and additional rent hereunder, nor waive any other rights of Landlord unless Landlord specifically so states in writing: (b) Landlord may re-enter the Leased Premises and remove all property from the Leased Premises persons and the property may be sold property, including that of Tenant or disposed of by the Landlord as it considers advisable or may be stored in a public warehouse or elsewhere at the cost and for the account of the Tenantany third persons therefrom, all without service of notice or resort to legal process and without the Landlord being guilty of any manner of trespass or being liable for conversion, but any loss or damage which may be occasioned.
such re-entry shall not terminate Tenant's duty to pay rentals and additional rent hereunder nor waive any other rights of Landlord unless Landlord specifically so states in writing: (bc) The Landlord may without notice re-enter and take resume possession of the Leased Premises as though and relet the same for the account of Tenant, who shall make good any deficiency: (d) Landlord may recover all arrearages of rent and additional rent hereunder: (e) Landlord may declare the entire amount of the rent and additional rent hereunder, which would have become due and payable during the term of this Lease, to be due and payable immediately, in which event, Tenant agrees to pay the same at once, together with all rents and additional rents theretofore due, to Landlord at the address specified herein or any occupant hereunder; provided, however, that such payments shall not constitute a penalty or occupants forfeiture or liquidated damages, but shall merely constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment in advance of the rent for the remainder of the term: (f) Tenant, in addition to rentals and additional rent hereunder, shall be liable for all damages and expenses which Landlord has suffered by reason of Tenant's default: including, but not limited to, damage to the Leased Premises (which shall be measured at Landlord's option by landlord's cost to repair the same or by the difference in the market value of the Leased Premises was or were holding over before and after the expiration such damage), cost of the Term without any right whateverreletting. (e.g., and this Lease and the Term will be terminated.
(c) If the Landlord elects to re-enter advertising the Leased Premises for lease, preparation of a new lease agreement, etc.), attorney fees, cost of court, cost of repossession and other special or consequential damages: (g) Landlord shall have, in addition to any statutory liens, the right to seize and possess, as provided security for all sins due hereunder from Tenant, all the goods, wares, merchandise, chattels, implements, fixtures, tools and other personal property which are or may be put upon the teased Premises and Landlord shall have a lien upon an such property which may be possessory but shall not be required to be. Tenant hereby waives all exemptions in connection with such property, which could otherwise be available to it. Landlord shall give Tenant ten (10) days written notice of any default herein. for the purpose of the foregoing. Tenant shall be deemed to be in default under this ArticleLease if Tenant:
(1) has failed to pay any installment of rent or other amount when due. Whether or not such payment shall have been demanded: (2) fails to perform or comply with any of the other conditions or agreements expressed or implied herein and fails to remedy such lack of compliance within thirty (30) days after written notice from Landlord of such default; (3) abandons, vacates or does not occupy the teased Premises for fourteen (1/4) consecutive days; and (4) liquidates or ceases to exist, admits insolvency, seeks relief under any law for the relief of debtors, makes an assignment for the benefit of creditors or is the subject of a voluntary or involuntary petition in bankruptcy or receivership, or in the event of any like occurrence which, in the sole and absolute judgment of Landlord, evidences the serious financial insecurity of Tenant or if it takes possession the estate hereby created shall be levied upon or taken by execution or process of law, then and in any such event, regardless of any waiver or consent to any earlier event or events of default. In the event that any court or governmental authority shall limit any amount, which Landlord may be entitled to recover pursuant to legal proceedings the terms hereof, Landlord shall be entitled to recover the maximum amount permitted under law. Nothing herein contained shall be deemed to limit or pursuant to any notice provided for by Law, it may either terminate this Lease or it may restrict Landlord's recovery from time to time, without terminating this Lease, as agent Tenant of the Tenantmaximum amount permitted under law or of any other sums or damages which Landlord way be entitled to so recover in addition to the damages set forth herein, make those alterations and repairs which are necessary in order Nothing contained herein shall be deemed to require Landlord to relet the Leased Premises or to take any part of them for the term or terms (which may be for a term extending beyond the Term) and at a rent and upon those other terms, covenants and conditions which the Landlord in its discretion considers advisable. Upon each reletting, the Rent received by the Landlord from the reletting, will be applied first action with retard to the payment of any indebtedness other than Rent due under this Lease from the Tenant to the Landlord; second to the payment of any costs and expenses of the reletting including brokerage fees and solicitors’ fees and the costs of the alterations and repairs; third to the payment of Rent due and unpaid under this Lease; and the residue, if any, will be held by the Landlord and applied as payment of future Rent as it becomes due under this Lease. If the Rent received from the reletting during any month is less than that to be paid during that month by the Tenant under this Lease, the Tenant will pay the deficiency, which will be calculated and paid monthly in advance on or before the first (1st) day of each month. No re-entry or taking possession of the Leased Premises by the and Landlord will shall not be construed as an election on its part liable for any failure to terminate this Lease unless a written notice of that intention is given relet, collect rent, or take any other action with regard to the Tenantteased Premises after termination pursuant to the terms hereof. Despite Tenant hereby waives any reletting without terminationright of redemption, the Landlord which Tenant may at any time afterwards elect to terminate have by reason of Tenant's default or eviction hereunder. The parties hereto expressly agree that this Lease for and the previous breachestate created hereby shall not continue or inure to the benefit of any assignee, receiver or trustee in bankruptcy except at the option of Landlord. If In addition to other remedies provided in this Lease, Landlord shall be entitled, to the Landlord at extent permitted by applicable law, to injunctive relief in case of the violation, or attempted or threatened violation, of any time terminates of the covenants, agreements, conditions or provisions of this Lease for Lease, or to a decree compelling performance of any breachof. The other covenants, in addition agreements, conditions or provisions of this Lease, or to any other remedies it may have, it may recover from remedy allowed to Landlord at law or in equity. Tenant hereby expressly agrees that the Tenant all damages it incurs by reason of the breach including the costs of recovering the Leased Premises, solicitors’ fees (on a substantial indemnity basis) and including the worth at the time of the termination, of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid under this Lease provided for herein constitute just compensation for the remainder of the stated Term over the then reasonable rental value of the Leased Premises for the remainder of the stated Term. All of the mentioned amounts will loss or damages which may be immediately due actually sustained by Landlord and payable by the Tenant to the Landlordthat such damages are just and reasonable.
(d) The full amount of the current month’s instalment of Minimum Rent and Additional Rent together with the next three (3) months’ instalments of Minimum Rent and Additional Rent, all of which will be deemed to be accruing on a day-to-day basis, will immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for that accelerated Rent together with any arrears.
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