Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances. (B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof. (C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy. (D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Lease Agreement (Zentalis Pharmaceuticals, Inc.), Lease Agreement (Zentalis Pharmaceuticals, LLC)
Default. (A) After any termination If BUYER is in default hereunder, or, on or before the date of closing as set forth herein, indicates that BUYER is unable or unwilling to perform and SELLER stands ready to perform SELLER's obligations, SELLER's sole remedy shall be the right to terminate this Agreement by written notice to BUYER or BUYER's attorney and retain the down payment as reasonable liquidated damages for BUYER's inability or unwillingness to perform. It is the intention of the parties hereto freely to make advance provision on the date of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, Agreement for such event in order (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon avoid controversy, delay and be paidexpense, and (b) OWNER to specify now a reasonable amount agreeable to both for compensation to the SELLER for losses which may elect not be readily ascertainable or quantifiable, such as any of the following which might be necessary to receive damages calculated place SELLER in accordance with Article 16(b)the position SELLER would have been in had BUYER made timely performance: costs of carrying, maintaining, insuring and protecting the property; loss of interest income on the proceeds; loss of optimum market time, value and conditions; the uncertainty, delay, expense and inconvenience of finding a substitute buyer; additional commissions, fees, taxes and borrowing expenses to meet obligations entered into in anticipation of performance. In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, event and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right upon SELLER's written notice of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitationtermination, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount Premises shall be free of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement any claims or interest of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions BUYER therein by virtue of this Article: (a) will not constitute or Agreement. If SELLER defaults hereunder, BUYER shall have such remedies as BUYER shall be deemed entitled to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, including, but not limited to, specific performance. However, failure to comply by the SELLER as a result of encumbrances or defects in title shall be governed by the provisions of Paragraph “6” of this Agreement and all failure to comply as a result of risk of loss shall be governed by Paragraph “11” of this Agreement. The foregoing notwithstanding, a delay in the closing occasioned by the SELLER, which results in either the loss of the same may be exercised at one time BUYER’S mortgage commitment or different times, concurrently or in any order an adverse change in the sole discretion terms of OWNER, such commitment shall entitle BUYER to rescind this Agreement and the exercise SELLER shall forthwith refund all sums heretofore paid by the BUYER on account of the purchase price, whereupon all rights and liabilities of the parties hereto by reason of this Agreement shall terminate. In no event shall the closing, or any one remedy will not operate as a waiver or preclude extension thereof, take place later than four (4) weeks from the exercise date of any other remedy.
(D) Notwithstanding anything closing set forth in Paragraph 4 hereof, subject to the contrary in provisions of Paragraphs 6 and 11 of this LeaseAgreement. In the event closing has not taken place by the end of said four (4) week period, TENANT shall have, after receiving a notice from OWNER regarding a through no fault of the non-monetary delaying party, the delaying party shall be deemed in default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Residential Real Estate Sales Agreement, Residential Real Estate Sales Agreement
Default. (A) After If Tenant fails to pay any termination 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 pursuant required under this Lease to any be observed and performed by Tenant within 15 days after Landlord shall have given notice to Tenant of the provisions hereoffailure of Tenant to observe and perform the same, includingor if Tenant abandons or vacates the Premises during the continuance of this Lease, without limitationor if Tenant makes an assignment for the benefit of creditors or enters into a composition agreement with its creditors, pursuant to summary proceedings or otherwiseif 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) declare this Lease to be in default, in which event this Lease shall immediately cease and terminate, and Landlord may possess and enjoy the Premises as though this Lease had never been made, without prejudice, however, to any and all sums rights of action when Landlord may have against Tenant for rent and other charges payable by TENANT Tenant hereunder up (both past due and future rent due Landlord and past due and future charges payable by Tenant), damages, or breach of covenant, in respect to the time of which Tenant shall remain and continue liable notwithstanding such termination shall become due thereupon and be paid, and termination; or
(b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises Premises, or any part thereof, for such term or if terms and on such conditions, as Landlord deems appropriate for and on behalf of Tenant, for the demised premises are so relethighest rental reasonably attainable in the judgment of Landlord, which reletting shall not be considered as a surrender or its failure to collect acceptance back of the Premises or a termination of this 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, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages plus any expenses incurred by reason of Landlord in connection with such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Leasereletting, including, without limitation, the right expenses of any repairs or alterations Landlord deems necessary or appropriate to collect damages as calculated under Article 16(b) as stated above, constitute a fair make in connection with such reletting and all sums expended for brokerage commissions and reasonable attorneys' fees, but Landlord shall be under no duty to relet the Premises; or
(c) declare the whole amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) other charges which would otherwise have been paid by Tenant over the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount lease term to be immediately due and payable, without prejudice, however, to any and all other rights of all action which Landlord may have against Tenant for past due rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and other charges payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated by Tenant hereunder, damages or a penalty; (b) will apply breach of covenant, in respect to which Tenant shall remain and continue liable notwithstanding any contrary provision of Landlord's election to proceed under this Lease; and clause (c) will be in addition to). In the event that a bankruptcy or insolvency proceeding is filed by or against Tenant, and not limitor if a court of competent jurisdiction or other governmental authority approves a petition seeking a reorganization, any arrangement, composition or other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent similar relief with respect to Tenant, or appoints a default trustee, receiver or liquidator of Tenant or of all, or substantially all, of Tenant's property or affairs, or assumes custody or control of all, or substantially all, of the nature specified property or affairs of 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 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 clause “(iii)” hereof.
(C) The remedies granted to OWNER favor of Landlord in the event of TENANT’s default or non-compliance are deemed amount equal to be cumulative one year's future rent and in addition that an amount equal to all other remedies attainable at law 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 in equity, assumption and all rent will be currently and continually paid on a timely basis commencing with the first day of the same may be exercised at one time or different times, concurrently or in any order in month following the sole discretion 60th day of OWNER, the assignment and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyassumption.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. (A) After any termination Section 1. Subject to the provisions of this Article XIV, this Lease pursuant 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 any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable be performed by TENANT hereunder up to the time of such termination shall become due thereupon and be paidTenant, and (b) OWNER may elect that if at any time any Rent, taxes, assessments, charges, insurance premiums, utilities charges or any other monies required to receive damages calculated in accordance with Article 16(b). In either eventbe paid by Tenant hereunder, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, shall be in arrears and unpaid for a period of five (5) days after notice in writing thereof shall have been given by Landlord to Tenant, or if defaults shall be made or suffered in the demised premises are so relet, performance or its failure to collect observance of any of the rent under such reletting, and no refusal other covenants or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right conditions of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right and if Tenant fails to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement commence action to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon eliminate such default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, within thirty (30) days after notice in writing thereof shall have been given by Landlord to cure Tenant, Landlord shall have the right, at its election, to terminate this Lease or to enter upon the Leased Premises and take immediate possession thereof. If Landlord shall elect to so terminate this Lease, then Landlord may recover from Tenant: (a) the worth at the time of award of any unpaid Rent which had been earned at the time of such non-monetary termination; plus (b) the worth at the time of the 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 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 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 (rather than except as hereinafter otherwise provided) and the fifteen 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 (1510) days specified 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 Article 17(1))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; provided that if (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 cure canadjudication, appointment, assignment, petition, application, execution or attachment shall not be completed set aside, vacated, discharged or bonded within such thirty (30) day perioddays after the issuance of the same, TENANT then an event of default hereunder shall become effective, and Landlord shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure the rights and remedies provided for herein. Notwithstanding the foregoing, however, so long as the cure 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 commenced 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 such thirty (30) day period 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 is diligently pursued to completion. Furthermorethence forward this Lease shall become void for all intents and purposes whatsoever subject, notwithstanding anything however, to the contrary in Article 17(2)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, TENANT shall have a however, that Landlord may at any time before the expiration of such period of seven thirty (730) 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 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 fact that Tenant may have brought suit and recovered judgment against Landlord shall not impair its right to cause termination of this Lease.
Section 5. If Landlord does not receive Rent or any other payment within three (3) business days of 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, or any other amount payable by Tenant hereunder is not received by Landlord within thirty (30) days after notice written invoice by Landlord, it shall bear interest at the rate of ten percent (10%) per annum from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)due date until paid.
Appears in 2 contracts
Default. (A) After If Tenant shall continue in default in payment of any termination rental or other sum of money becoming due hereunder for a period of ten days after the due date therefor; or, if Tenant shall default in the performance of any other covenant of this Lease pursuant 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 provisions hereofassets of Tenant; or, includingif Tenant makes an assignment for the benefit of creditors, without limitationor petitions for or enters into an arrangement for the benefit of creditors; or, pursuant to summary proceedings if Tenant shall vacate or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet abandon the demised premises or any substantial part thereof, or if 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 shall have the right and option to terminate this Lease and shall have the immediate right of re-entry to remove all persons and property from the demised premises are so reletand dispose of or store such property as it sees fit, all without resort to legal process and without being deemed guilty of trespass. Landlord may relet the premise or its failure to collect a portion of the rent under such relettingpremises for any reasonable use, and no refusal or failure Landlord shall be entitled to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination recover from Tenant an amount equal to the maximum allowed by any statute or rule amount of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER all rents reserved under this Lease, includingless the net rent, without limitationif any, collected by the Landlord on reletting the demised premises. Net rent collected on reletting by the Landlord shall be computed by deducting from the gross rent collected all expenses incurred by the Landlord in connection with the reletting 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 right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all monthly rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during paid by the term; Tenant shall (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions purposes of this Article: (asection) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything sum equal to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than average total rent for the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)immediate preceding six months.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. If any rent payable by Tenant to landlord shall be and remain ------- unpaid for more than fifteen (A15) After any termination of this Lease pursuant to days after the same is due and payable, or if Tenant shall violate or default any of the provisions hereofother covenants, includingagreements, without limitationstipulations, or conditions herein, and such violation or default shall continue for a period of thirty (30) days after written notice of such violation or default, then it shall be optional for Landlord to declare this Lease forfeited and said term ended, and to re-enter the Demised Premised pursuant to summary proceedings law, to remove all persons or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon personal property including furniture therefrom and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an reentry of forfeiture; but not withstanding such re-entry, Tenant shall remain liable for any rent or damages which may be due or sustained prior thereto and Tenant shall pay the amount equal to the maximum allowed by any statute or rule of law in effect rent reserved under this lease at the time when, and governing times herein stipulated for payment of rent for the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement balance of the term, less any amount received by Landlord during such period from others to whom the Demised Premises may be rented on such terms and conditions and at such rentals as Landlord in its sole discretion shall deem proper, but OWNERLandlord shall use its best effort to re-lease the Demised Premises at market rates. If Landlord shall pay any moneys or incur any expenses including any reasonable attorney's fees in correction of violation of covenants herein set forth the amounts so paid or incurred shall, solely for TENANT’S convenienceat Landlord's option and on notice to Tenant, has permitted said amount be considered additional rentals payable by Tenant with the first installment of rental thereafter to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition topayable, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time collected or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyenforced by Landlord.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Office Lease (Cais Internet Inc), Office Lease (Cais Internet Inc)
Default. (Aa) After any termination It shall be a default and breach of this Lease pursuant by either party if it fails to perform or observe any of the provisions hereofterm, includingcondition, without limitation, pursuant to summary proceedings covenant or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are obligation required to be proved, whether performed or not such amount be greater, equal to, or less than observed by it under the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute Lease for a fair and reasonable amount period of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary after written notice given by the party claiming default (rather than the fifteen (15except as otherwise provided in Section 16(b) days specified in Article 17(1)below); provided provided, however, that if the term, condition, covenant or obligation to be performed is of such cure a nature that the same cannot reasonably be completed performed within such thirty (30) day period, TENANT then it shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure be a default or breach of this Lease, so long as the party receiving the notice of default commences efforts to perform or observe the term, condition, covenant or obligation in question, and thereafter diligently undertakes to complete performance or observation as reasonably soon as possible. In the event of a default of Tenant under the terms of this Lease that is not timely cured, Landlord may pursue any and all remedies hereunder, at law or in equity against Tenant, including, without limitation, injunction, suit for damages, exercise of self-help rights to perform the Tenant’s obligations or duties hereunder and invoice Tenant for the costs incurred by Landlord in performing same (plus interest at ten percent [10%] per annum or the maximum rate permitted under applicable law, whichever is less), or right to terminate this Lease.
(b) Notwithstanding the foregoing, the following shall be considered an default of Tenant under this Lease default and no notice of default shall be required from Landlord and no cure period shall apply prior to Landlord exercising its available remedies for the following Tenant defaults (except as otherwise stated below):
(i) Failure of Tenant to carry insurance as required by the Tenant in Section 13;
(ii) Failure of Tenant to enforce third parties’ obligations to carry required insurance and provide indemnities pursuant to Third Party Indemnity and Insurance required by Landlord under this Lease, provided Tenant shall have a ten (10) day period after such third-party’s entry and/or use of the Premises and/or Tenant Improvements (or applicable portion thereof) to cure such failure (no notice of default required from Landlord);
(iii) Tenant will be in default of this Lease if it causes or permits obstructions to break the continuity of the trail within the Premises and such default is commenced not cured within such thirty (30) day period days after Landlord provides notice to Tenant; provided that if circumstances require (as determined in the sole and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary reasonable discretion of Landlord) Landlord may provide Tenant additional time in Article 17(2), TENANT shall have a period excess of seven thirty (730) days after notice from OWNER in which to cure any such default and restore continuity of the trail, but in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER no event shall Tenant be entitled to impose the late charge and interest as applicable in accordance with Article 53(A)more than ninety (90) days to cure such default.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. (A) After any termination The Company shall be in default under this Note upon the occurrence of this Lease pursuant to any of the provisions hereoffollowing events:
2.1 The Company fails to timely perform any of its obligations under, includingor otherwise breaches any covenants or warranties of this Note;
2.2 Any statement, without limitationrepresentation, pursuant or warranty made by the Company or its agents to summary proceedings Holder shall prove to have been false or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination materially misleading when made; and/or,
2.3 The Company shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofinsolvent, or if the demised premises are so reletunable to meet its obligations as they become due, or shall file or have filed against it, voluntarily or involuntarily, a petition under the United States Bankruptcy Code or shall procure or suffer the appointment of a receiver for any substantial portion of its failure to collect the rent properties, or shall make an assignment for benefit of creditors, or shall initiate or have initiated against it, voluntarily or involuntarily, any act, process, or proceedings under such reletting, and no refusal any insolvency law or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any other statute or rule law providing for the modifications or adjustment of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Leaseof creditors. UPON ANY EVENT OF DEFAULT, includingHOLDER MAY DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE OF THIS NOTE AND ALL ACCRUED UNPAID INTEREST IMMEDIATELY DUE, without limitationWITHOUT NOTICE, the right to collect damages as calculated under Article 16(b) as stated aboveAND THE COMPANY AGREES TO PAY SUCH AMOUNT IMMEDIATELY IN SUCH EVENT. IN THE EVENT OF DEFAULT, constitute a fair and reasonable amount of damages in the circumstances.
THE COMPANY AGREES TO PAY ALL OF HOLDER'S COSTS OF COLLECTION, INCLUDING ATTORNEY'S FEES; THIS SHALL INCLUDE LEGAL EXPENSES FOR THE BANKRUPTCY PROCEEDINGS OR INSOLVENCY PROCEEDINGS (B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2INCLUDING EFFORTS TO MODIFY OR VACATE ANY AUTOMATIC STAY OR INJUNCTION), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)COURT COSTS, APPEALS, POST-JUDGEMENT COLLECTION EXPENSES AND ANY OTHER AMOUNT PROVIDED BY LAW. THE PARTIES INTEND THIS PROVISION TO BE GIVEN THE MOST LIBERAL CONSTRUCTION POSSIBLE AND TO APPLY TO ANY CIRCUMSTANCES IN WHICH SUCH PARTY REASONABLY INCURS EXPENSES. NO DELAY OR OMISSION ON THE PART OF ANY HOLDER HEREOF IN EXERCISING ANY RIGHT OR OPTION HEREIN GIVEN TO SUCH HOLDER SHALL IMPAIR SUCH RIGHT OR OPTION OR BE CONSIDERED AS A WAIVER THEREOF OR ACQUIESCENCE IN ANY DEFAULT HEREUNDER. THE COMPANY HEREBY WAIVES ANY APPLICABLE STATUtE OF LIMITATIONS, PRESENTMENT, DEMAND FOR PAYMENT, PROTEST AND NOTICE OF DISHONOR.
Appears in 2 contracts
Sources: Convertible Note (Championlyte Holdings Inc), Convertible Note Agreement (Championlyte Holdings Inc)
Default. 19.1 If there shall be an Event of Default (A) After 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. Landlord may proceed to recover possession of the Premises under applicable Laws, or by such other proceedings, including re-entry and possession, as may be applicable. Whether or not this Lease and/or Tenant’s right of possession is terminated, Landlord shall have the right, at its sole option, to terminate any termination 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 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 under it, any right of redemption, re-entry or restoration of the operation of this Lease pursuant to 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 provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination Premises as herein provided. Landlord shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal use commercially reasonable efforts to relet the demised premises Premises or any part thereof, alone or if together with other premises, for such term(s) (which may extend beyond the demised premises are so reletdate 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 or its failure any portion of the Premises or to collect the any rent under due upon such reletting. Whether or not this Lease and/or Tenant’s right of possession is terminated or any suit is instituted, Tenant shall be liable for any Base Rent, additional rent, damages or other sum which may be due or sustained prior to such default, and no refusal for all costs, fees and expenses (including 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 failure allowances granted by Landlord) incurred by Landlord in pursuit of its remedies hereunder and/or in recovering possession of the Premises and renting the Premises to relet others from time to collect rent time. Tenant also shall affect TENANT’s liability be liable for additional damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination in an amount equal to the maximum allowed Base Rent and additional rent due or which would have become due from the date of Tenant’s default through the remainder of the Lease Term, less the amount of rental, if any, which Landlord receives during such period from others to whom the Premises may be rented (other than any additional rent received by Landlord as a result of any statute 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 rule Landlord may defer initiating any such suit until after the expiration of law in effect at the time when, and governing the proceedings Lease Term (in which event such deferral shall not be construed as a waiver of Landlord’s rights as set forth herein and Landlord’s cause of action shall be deemed not to have accrued until the expiration of the Lease Term) and it being further understood that if Landlord elects to bring suits from time to time prior to reletting the Premises, Landlord shall be entitled to its full damages through the date of the award of damages without regard to any Base Rent, additional rent or other sums that are or may be projected to be proved, received by Landlord upon reletting of the Premises. Tenant shall pay all expenses (including attorneys’ fees) incurred by Landlord in connection with or as a result of any Event of Default whether or not such amount be greater, equal to, or less than the amounts referred to hereina suit is instituted. TENANT agrees that the rights and remedies afforded to OWNER under The provisions contained in this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will Section 19.2 shall be in addition to, and shall not limitprevent 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 Tenant is required, pursuant to any provision hereof to take any action upon the termination of the Lease Term, then Landlord shall be entitled, and Tenant shall be required, to take such action also upon the termination of Tenant’s right of possession.
19.3 All rights and remedies available to OWNER pursuant to of Landlord set forth in this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other rights and remedies attainable available to Landlord at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise including those available as a result of any one anticipatory breach of this Lease. The exercise by Landlord of any such right or remedy will shall not operate as a waiver prevent the concurrent or preclude the 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.
(D) 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 anything 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 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 contrary 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 this Leasewriting a late charge of five percent (5%) of the amount of such payment. In addition, TENANT such payment and such late fee shall havebear 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 receiving Landlord’s written demand.
19.7 As security for the performance of Tenant’s obligations, Tenant grants to Landlord a notice from OWNER regarding lien upon and a non-monetary defaultsecurity interest in Tenant’s existing or hereafter acquired personal property, thirty (30) days 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 cure such non-monetary default (rather than the all rights of distraint available under applicable law. Within fifteen (15) days specified in Article 17(1)); provided that if after request from time to time, Tenant shall execute, acknowledge and deliver to Landlord a financing statement and any other document evidencing or establishing such cure cannot lien and security interest which may be completed within requested by Landlord. During the pendency of an Event of Default, Tenant appoints Landlord as Tenant’s attorney-in-fact to execute any such thirty (30) day perioddocument for Tenant. In addition, TENANT Landlord shall have such additional time the right, at Landlord’s sole option, to file in any jurisdiction a copy of this Lease (as needed (but executed by Tenant) as a financing Table of Contents statement. During any period that Tenant is in default under this Lease, Tenant shall not more than an additional one hundred twenty (120) days) to complete such cure so long as sell, transfer or remove from the cure is commenced within such thirty (30) day period and is diligently pursued to completion. FurthermorePremises any of the aforementioned tangible property without Landlord’s prior written consent, notwithstanding anything to unless the contrary in Article 17(2), TENANT same shall have a period be promptly replaced with similar items of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)comparable value.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Dendreon Corp)
Default. If Tenant shall default in the payment of any Rent when due and shall fail to cure such default within ten (A10) After days of due date, or if Tenant shall default in the performance of any termination other covenant or condition of this Lease pursuant and shall fail to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of cure such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, within thirty (30) days to cure after Landlord gives Tenant written notice thereof (unless such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot reasonably be completed cured within such thirty (30) day perioddays and in such case, TENANT Tenant shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) commenced to complete such cure so long as the cure is commenced said default within such said thirty (30) day 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, without prejudice to any other right or remedy which it may have hereunder or at law, may re-enter the Leased Premises, or dispossess Tenant, any legal representative of Tenant or other occupant of the Leased Premises as 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 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 is diligently pursued to completion. FurthermoreLandlord at its option may rent the Leased Premises for a term, notwithstanding anything or terms, which may be shorter or longer than the balance of the term hereof, in which event or events Landlord shall apply any moneys collected first to the contrary in Article 17(2), TENANT shall have a period expense of seven (7) days after notice from OWNER in which resuming or obtaining possession of and re-letting the Leased Premises and second to cure any default in the payment of fixed rent the Rent due and to become due to Landlord hereunder, and Tenant shall be and remain liable for any deficiency. Should Landlord fail to exercise any remedy it may have for default of Tenant, such failure shall not be deemed to be a waiver of Landlord’s rights to exercise such remedy it may have for default at a later time or additional rent The foregoing does not limit for subsequent defaults, or other wise to insist upon strict compliance with the right terms hereof. In the event of OWNER to impose the late charge default, Tenant shall be further liable for Landlord’s costs, fees and interest as applicable in accordance with Article 53(A)expenses, including reasonable attorneys’ fees.
Appears in 2 contracts
Sources: Lease Agreement (CURO Group Holdings Corp.), Lease Agreement (CURO Group Holdings Corp.)
Default. 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) After days after written notice from Landlord of Tenant's failure to make such payments shall constitute a default ("Event of Default") hereunder by ▇▇▇▇▇▇.
12.2 Upon the occurrence of an Event of Default under Section 12.1, Landlord may terminate this lease upon written notice 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 termination such property remaining in the Demised Premises thereafter in the manner provided by law.
12.3 In the event Landlord terminates the 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 this Lease pursuant to any obtaining possession of and re-letting the provisions hereofDemised 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 lease, 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 the Lease Term shall be terminated pursuant to summary proceedings the provisions of this Article XII, then the tenant named herein shall not be liable for the payment of any rent or otherwise, (a) all sums payable by TENANT hereunder up for the performance or observance of any agreements or conditions to be performed or observed which become due or arise after the date of such termination or with respect to periods following such termination unless at or about the time of such termination Landlord shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal have offered to the maximum allowed by any statute or rule of law in effect at tenant named herein a lease for the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that Lease Term upon the provisions of this Article: (a) will not constitute or be deemed lease contained to be liquidated damages or thereafter performed by the parties hereunder; the tenant named herein shall have a penalty; (b) will apply notwithstanding any contrary provision period of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days after receipt of such offer to cure accept such non-monetary default (rather than offer. If the fifteen (15) days specified in Article 17(1)); provided that if tenant named herein shall accept ▇▇▇▇▇▇▇▇'s offer for such cure cannot be completed a lease within such said thirty (30) day perioddays, TENANT then such lease shall have such additional time as needed be deemed to mitigate Landlord's damages and Landlord waives all its claims under Section 12.2(b) and (but not more than an additional one hundred twenty (120c) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything hereinabove with respect to the contrary in Article 17(2)aforesaid termination.
12.5 Landlord shall not have any lien, TENANT 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 have a period of seven (7) days after notice from OWNER in which to cure any default in the not then be paying rent under this lease shall demand payment of fixed rent from Tenant, or any other amount payable to Tenant under this lease, alleging his or its right to receive such rent or additional 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 person to whom Tenant shall then be paying rent The foregoing does not limit or shall otherwise receive evidence satisfactory to Tenant of the right of OWNER the person making the demand. The withholding of rent, or any other amount payable by Tenant under this Lease, by Tenant pending the determination of the right of the party making the demand shall not be deemed to impose be a default on the late charge and interest as applicable in accordance with Article 53(A)part of Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Basic Us Reit Inc), Lease (Basic Us Reit Inc)
Default. (Aa) After In the event Tenant fails to pay any termination of this Lease pursuant rental due hereunder or fails to keep and perform any of the provisions other material terms or conditions hereof, includingor otherwise breaches this Lease or defaults hereunder, without limitationtime being of the essence, pursuant to summary proceedings or otherwise, (a) in the event of the taking by execution or judgment or other process of law of all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if of the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law Tenant's interest in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, then ten (10) days after receipt of written notice of default from Landlord, 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, without limitation, but not limited to one or more of the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges thatfollowing: (i1) its agreement lock the doors of the Leased Premises and exclude Tenant therefrom; (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 fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into become due under this Lease; (ii6) sue ▇▇▇ any damages sustained by Landlord; and (7) continue this Lease in effect and relet the aggregate amount 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 all rent and additional rent are due and payable in full at the commencement obtaining possession of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full Leased Premises and timely payment of any rent repairs and additional installmentsalterations necessary to prepare the Leased Premises for reletting, and the entire unpaid balance cost of 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. No payment by Tenant or receipt by Landlord of a lesser amount than the aggregate amount of all rent Monthly Base Rent and additional rent for the then remainder of the term (as originally reserved) will immediately become other sums due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or hereunder shall be deemed to be liquidated damages other than on account of the earliest rent or a penalty; (b) will apply notwithstanding other sums due, nor shall any contrary provision of this Leaseendorsement or statement on any check or accompanying any check or payment be deemed an accord and satisfaction; and (c) will be in addition to, and not limit, Landlord may accept such check or payment without prejudice to Landlord's right to recover the balance of such rent or other sum or pursue any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary provided in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than . Notwithstanding the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything foregoing to the contrary in Article 17(2)contrary, TENANT shall have a period the abandonment of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).Leased
Appears in 2 contracts
Sources: Lease (Integrated Information Systems Inc), Lease (Integrated Information Systems Inc)
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable If any Underwriter shall default in its obligation to purchase the Designated Securities which it has agreed to purchase under the Pricing Agreement relating to such Designated Securities, Representatives may in their discretion arrange for themselves or another party or other parties to purchase such Designated Securities on the terms contained herein. If within thirty-six hours after such default by TENANT hereunder any Underwriter the Representatives do not arrange for the purchase of such Designated Securities, then the Company and the Guarantor shall be entitled to a further period of thirty-six hours within which to procure another party or other parties satisfactory to the Representatives to purchase such Designated Securities on such terms. In the event that, within the respective prescribed period, the Representatives notify the Company that they have so arranged for the purchase of such Designated Securities, or the Company notifies the Representatives that it has so arranged for the purchase of such Designated Securities, the Representatives or the Company shall have the right to postpone the Time of Delivery for such Designated Securities for a period of up to five full business days, in order to effect any changes that in the time opinion of such termination shall become due thereupon counsel for the Company and the Guarantor or counsel of the Underwriters may be paidnecessary in the Registration Statement or the Prospectus as amended or supplemented, or in any other documents or arrangements, and the Company and the Guarantor agree to file promptly any amendments or supplements to the Registration Statement or the Prospectus that effects any such changes. The term “Underwriter” as used in this Agreement shall include any person substituted under this Section with like effect as if such person had originally been a party to the Pricing Agreement with respect to such Designated Securities;
(b) OWNER may elect If, after giving effect to receive damages calculated any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or Underwriters by the Representatives and the Company, as provided in accordance with Article 16(b). In either eventsubsection (a) above, OWNER the aggregate principal amount of such Designated Securities which remains unpurchased does not exceed one-eleventh of the aggregate principal amount of the Designated Securities, then the Company and the Guarantor shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Designated Securities which such Underwriter agreed to purchase under the Pricing Agreement relating to such Designated Securities and, in addition, to require each non-defaulting Underwriter to purchase its pro rata share (based on the principal amount of Designated Securities which such Underwriter agreed to purchase under such Pricing Agreement) of the Designated Securities of such defaulting Underwriter or Underwriters for which such arrangements have not be liable in any way whatsoever been made; but nothing herein shall relieve a defaulting Underwriter from liability for its failure default; and
(c) If, after giving effect to any arrangements for the purchase of the Designated Securities of a defaulting Underwriter or refusal Underwriters by the Representatives and the Company and the Guarantor as provided in subsection (a) above, the aggregate principal amount of Designated Securities which remains unpurchased exceeds one-eleventh of the aggregate principal amount of the Designated Securities, as referred to relet the demised premises or any part thereofin subsection (b) above, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent Company shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice not exercise the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law described in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; subsection (b) will apply notwithstanding any contrary provision above to require non-defaulting Underwriters to purchase Designated Securities of this Lease; and (c) will be in addition toa defaulting Underwriter or Underwriters, and not limit, any other rights and remedies available then the Pricing Agreement relating to OWNER pursuant to this Lease and otherwise (includingsuch Designated Securities shall thereupon terminate, without limitation, those regarding additional rent reserved under this Lease) upon a default in liability on the fully and timely payment part of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or any non-compliance are deemed defaulting Underwriter, the Company or the Guarantor, except that the Company, the Guarantor and the Underwriters will continue to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in liable for the payment of fixed rent or additional rent The foregoing does not limit expenses as provided in Section 7 hereof and the right of OWNER to impose the late charge indemnity and interest as applicable contribution agreements in accordance with Article 53(A)Section 9 hereof; but nothing herein shall relieve a defaulting Underwriter from liability for its default.
Appears in 2 contracts
Sources: Underwriting Agreement (Telecom Italia S P A), Underwriting Agreement (Telecom Italia S P A)
Default. (A) After any termination If Lessee should be in breach or default of this Lease pursuant to or violate any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time terms and conditions of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofthis Lease, or if the demised premises are so reletLessee should assign or hypothecate this Lease or sublet the Demised Premises in a manner not provided by this Lease or otherwise dispose of the whole or any part of 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 failure estate or effects for the benefit of creditors, or if a receiver of Lessee’s property shall be appointed, or if this Lease shall by operation of law, devolve upon or pass to collect anyone other than the rent under such relettingLessee, then this Lease shall thereupon, by virtue of this express stipulation expire and terminate, at the sole option of the Lessor, and no refusal or failure to relet to collect rent the Lessor may, at any time thereafter re-enter said premises and shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove have and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and possess all of the same Lessor’s former estate, and without such re-entry, may be exercised at one time or different times, concurrently or in any order recover possession thereof in the sole discretion manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or 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 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 OWNERor violate any of the Lessee’s obligations set forth in the Lease and fail to cure such breach, and the exercise of any one remedy will not operate as a waiver default or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, violation within thirty (30) days to cure written notice of such nonbreach from the Lessor, 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-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT enter said premises and shall have and possess all of the Lessor’s former estate, and without such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default re-entry may recover possession thereof in the payment of fixed manner prescribed by the statutes relating to summary process; it being understood that no demand for rent or additional rent The foregoing does not limit the 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 or all right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)any such demand or such re-entry is hereby expressly waived by Lessee.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. (Aa) After 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 to Tenant shall be 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 cure within said thirty (30) day period and thereafter diligently prosecutes such cure to completion. Any Notice of Default hereunder shall specify the 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 Premises. Such property 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's.
(i) The 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 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 proves could have been reasonably avoided;
(iii) The worth at the time of award of the amount by which all unpaid rent for the balance of the term of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to after the time of award exceeds the amount of such termination shall become due thereupon and rental lose that Tenant proves could be paid, and reasonably avoided; and
(biv) OWNER may elect All other amounts necessary to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever compensate Landlord for its failure or refusal to relet all the demised premises or any part thereof, or if the demised premises are so relet, or its detriment proximately caused by Tenant's failure to collect perform its obligations under this Lease or which in the rent under such reletting, and no refusal or failure ordinary course of things would be likely to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunderresult therefrom. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect The "worth at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than of award" of the amounts referred to hereinin 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. TENANT agrees that The "worth at the rights 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 remedies afforded to OWNER under (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 limitation, provisions pertaining to the right increase of such Monthly Rent and additional rent from time to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount time during the term of damages in the circumstancesthis Lease.
(Bc) TENANT acknowledges that: (i) its agreement Should Landlord, following any breach or default of this Lease by Tenant, elect to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into keep this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable Lease in full at the commencement force and effect, for so long as Landlord does not terminate Tenant's right to possession of the termPremises (notwithstanding the fact Tenant may have abandoned the Premises), but OWNERthen Landlord, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of besides all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable Landlord may have at law or in equity, and shall have the right to enforce all of Landlord's rights and remedies under this Lease, including but not limited to the same 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 and thereby terminate this Lease for any previous breach or 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 sublet the Premises or any part thereof for such term and at such rent and upon such other terms as Landlord in its reasonable discretion may 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 such subletting (i) Tenant shall be exercised at one time or different timesimmediately liable to pay to Landlord, concurrently or in any order in addition to indebtedness other than rent due hereunder, the sole discretion coat of OWNERsuch subletting and of such alterations and repairs, 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 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 hereunder: and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same becomes due hereunder. If 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 such subletting under option (ii) during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No taking possession of the Premises by Landlord, shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Tenant. Notwithstanding any such subletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. At Landlord's option and application, a receiver for Tenant shall be appointed to take possession or the Premises and to exercise of Landlord 'a right to sublet the Premises for Tenant and to apply any one remedy will not operate rent collected from the Premises as a waiver or preclude the exercise of any other remedyprovided herein.
(De) Notwithstanding anything As used in this Paragraph 24, the one half (1/2) of the "excess rent" (as defined in Paragraph 13(c)) that is payable to Landlord shall not be deemed, in any way, to offset Landlord's damages herein. Landlord's damages, however, will be offset, as provided in this Paragraph 24, to the contrary extent that Landlord collects (so provided in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a nonParagraph 13(c)) the one-monetary default, thirty half (301/2) days of "excess rent" that is otherwise payable to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(ATenant under Paragraph 13(c).
Appears in 2 contracts
Sources: Lease (Montgomery Realty Group Inc), Lease (Montgomery Realty Group Inc)
Default. (A) After any termination The Company shall be in default under this Note upon the occurrence of this Lease pursuant to any of the provisions hereoffollowing events:
2.1 The Company fails to timely perform any of its obligations under, includingor otherwise breaches any covenants or warranties of this Note;
2.2 Any statement, without limitationrepresentation, pursuant or warranty made by the Company or its agents to summary proceedings Holder shall prove to have been false or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination materially misleading when made; and/or,
2.3 The Company shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofinsolvent, or if the demised premises are so reletunable to meet its obligations as they become due, or shall file or have filed against it, voluntarily or involuntarily, a petition under the United States Bankruptcy Code or shall procure or suffer the appointment of a receiver for any substantial portion of its failure to collect the rent properties, or shall make an assignment for benefit of creditors, or shall initiate or have initiated against it, voluntarily or involuntarily, any act, process, or proceedings under such reletting, and no refusal any insolvency law or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any other statute or rule law providing for the modifications or adjustment of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Leaseof creditors. UPON ANY EVENT OF DEFAULT, includingHOLDER MAY DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE OF THIS NOTE AND ALL ACCRUED UNPAID INTEREST IMMEDIATELY DUE, without limitationWITHOUT NOTICE, the right to collect damages as calculated under Article 16(b) as stated aboveAND THE COMPANY AGREES TO PAY SUCH AMOUNT IMMEDIATELY IN SUCH EVENT. IN THE EVENT OF DEFAULT, constitute a fair and reasonable amount of damages in the circumstances.
THE COMPANY AGREES TO PAY ALL OF HOLDER'S COSTS OF COLLECTION, INCLUDING ATTORNEY'S FEES; THIS SHALL INCLUDE LEGAL EXPENSES FOR THE BANKRUPTCY PROCEEDINGS OR INSOLVENCY PROCEEDINGS (B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2INCLUDING EFFORTS TO MODIFY OR VACATE ANY AUTOMATIC STAY OR INJUNCTION), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)COURT COSTS, APPEALS, POST-JUDGMENT COLLECTION EXPENSES AND ANY OTHER AMOUNT PROVIDED BY LAW. THE PARTIES INTEND THIS PROVISION TO BE GIVEN THE MOST LIBERAL CONSTRUCTION POSSIBLE AND TO APPLY TO ANY CIRCUMSTANCES IN WHICH SUCH PARTY REASONABLY INCURS EXPENSES. NO DELAY OR OMISSION ON THE PART OF ANY HOLDER HEREOF IN EXERCISING ANY RIGHT OR OPTION HEREIN GIVEN TO SUCH HOLDER SHALL IMPAIR SUCH RIGHT OR OPTION OR BE CONSIDERED AS A WAIVER THEREOF OR ACQUIESCENCE IN ANY DEFAULT HEREUNDER. THE COMPANY HEREBY WAIVES ANY APPLICABLE STATUE OF LIMITATIONS, PRESENTMENT, DEMAND FOR PAYMENT, PROTEST AND NOTICE OF DISHONOR.
Appears in 2 contracts
Sources: Convertible Note (Advantage Capital Development Corp), Convertible Note (Advantage Capital Development Corp)
Default. (A) After any termination Upon the occurrence and during the continuation of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, following events (“Event of Default”): (a) all sums payable by TENANT hereunder up the Mortgagor shall fail to perform or observe any agreement or other obligation to the time of Mortgagee hereunder and such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall failure is not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the cured within fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as after the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything Mortgagee sends written notice to the contrary in Article 17(2)Mortgagor (“Cure Period”) ; (b) any of the Mortgaged Property shall be sold, TENANT mortgaged, transferred, leased or otherwise disposed of without the Mortgagee’s prior written consent and such circumstances are not cured within the Cure Period; (c) the Mortgaged Property or any portion thereof shall have a period 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 seven (7) days after notice from OWNER in which to cure any default Default under and as defined in the payment of fixed rent Loan Documents or additional rent The foregoing does not limit the right of OWNER Mortgagge shall otherwise become entitled to impose realize upon the late charge Mortgagged Property under the Loan Documents or any other agreement between the Mortagee and interest as applicable the Mortgagor or the Debtor and the Mortgagee; the Mortgagee may, without regard to whether the Indebtedness is then due, immediately foreclose the mortgage created hereunder in accordance with Article 53(Aapplicable laws and regulations and/or, to the greatest extent permitted by applicable laws, dispose of the whole or any part of 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 registration of such Purchaser as owner of the Mortgaged Property and (ii) fulfill any and all obligations arising from or in connection with the transfer of the Mortgaged Property to the Purchaser. The proceeds from any sale of the Mortgaged Property shall, after deduction of all costs and expenses incurred by the Mortgagee in making such sale, be applied to the repayment of the Indebtedness and all other obligations, costs and expenses owing to the Mortgagee hereunder, under the Loan Documents or otherwise, whether or not then due, and/or may be held in whole or in part by the Mortgagee pending the expiry of any contingent liability undertaken by the 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 the Contingent Obligations, the Mortgagor or the Debtor shall immediately pay to the Mortgagee the balance thereof.
Appears in 2 contracts
Sources: Loan Agreement (SemiLEDs Corp), Loan Agreement (SemiLEDs Corp)
Default. (A) After any termination of this Lease pursuant to any of In the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, event that: AND BANKRUPTCY
(a) all sums payable by TENANT hereunder up to The LESSEE shall default in the time payment of any installment of rent or other sum herein specified and such termination default shall become due thereupon and be paid, and continue for ten (10) days after written notice thereof; or
(b) OWNER may elect to receive damages calculated The LESSEE shall default in accordance with Article 16(b). In either eventthe observance or performance of any other of the LESSEE's covenants, OWNER agreements, or obligations hereunder and such default shall not be liable in corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any way whatsoever assignment shall be made of LESSEE's property for its failure or refusal the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to relet re-enter and take complete possession of the demised premises or any part thereofleased premises, or if to declare the demised premises are so relet, or its failure to collect the rent under such relettingterm of this lease ended, and no refusal remove the LESSEE's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or failure to relet to collect other default. The LESSEE shall indemnify the LESSOR against all loss of rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice and other payments which the right of OWNER to prove and obtain as liquidated damages LESSOR may incur by reason of such termination an amount equal to during the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement residue of the term. If the LESSEE shall default, but OWNERafter reasonable notice thereof, solely for TENANT’S convenience, has permitted said amount in the observance or performance of any conditions or covenants on LESSEE's part to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment observed or performed under or by virtue of any rent and additional installmentsof the provisions in any article of this lease, the entire unpaid balance LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the aggregate amount of all rent and additional rent LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent money in connection therewith, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations insured, with interest at the rate of six (6) per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)rent.
Appears in 2 contracts
Sources: Commercial Lease (Dynasil Corp of America), Commercial Lease (Dynasil Corp of America)
Default. (A) After any termination of this Lease pursuant to any of If the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, Lessee either:
(a) all sums payable by TENANT hereunder up Shall fail to the time pay to Lessor any installment of such termination shall become due thereupon and be paidrent due, and such default shall continue for ten (10) days after receipt of written notice from Lessor; or
(b) OWNER Shall fail to comply with any other covenant or obligation on its part to be performed hereunder and shall fail within forty five (45) days after receipt by Lessee from Lessor of written notice specifying the nature of such default, either to cure such default or in good faith and with reasonable diligence to commence remedy of such default, then in either such event Lessor may elect to receive damages calculated at its option either:
(i) Terminate the possession and right of possession of Lessee, and in accordance with Article 16(b). In either event, OWNER such case Lessee shall not be liable for and shall pay the Lessor damages in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to any rent past due on the maximum allowed by any statute or rule date of law in effect at such termination; or
(ii) Take possession of said property and rent the time whensame as agent for and for the account of the Lessee, and governing the proceedings in which such damages are case the Lessee shall be liable for and shall pay to be provedthe Lessor the difference between the rent herein stipulated and the amount, whether or not such amount be greaterif any, equal to, or less than for which the amounts referred Lessor is able to herein. TENANT agrees that re-rent said property;
(iii) Terminate this Lease Agreement and take possession of the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstancesproperty.
(Bc) TENANT acknowledges that: If the Lessee shall be adjudged to be bankrupt or shall make as assignment for the benefit of creditors, or if a receiver of the property of the Lessee in or upon said leased premises be appointed in any action (accept a stockholder dispute), suit or proceedings by or against the Lessee, voluntarily or involuntarily, then in such event Lessor may at its option either:
(i) its agreement Terminate the possession and right of possession of Lessee, and in such case Lessee shall be liable for and shall pay the Lessor damages in an amount equal to fully and timely pay all any rent and additional rent is a material inducement for OWNER to enter into this Leasepast due on the date of such termination; or
(ii) Take possession of said property and rent the aggregate amount of all rent same as agent for and additional rent are due and payable in full at for the commencement account of the termLessee, but OWNERin which case the Lessee shall be liable for an shall pay to the Lessor the difference between the rent herein stipulated and the amount, solely if any, for TENANT’S convenience, has permitted which the Lessor is able to re-rent said amount to be payable in equal monthly installments during the term; property,
(iii) upon default in the full Terminate this Lease Agreement and timely payment of any rent and additional installments, the entire unpaid balance take possession of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofproperty.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Form 10 K, Lease Agreement (Pc Connection Inc)
Default. Each of the following shall be deemed to be an event of default by Tenant and a breach by Tenant hereunder:
(Aa) After the filing by or against Tenant or any termination assignee or guarantor of this Lease in any court pursuant to any statute either of the provisions hereofUnited States or of any state, includingof a petition in bankruptcy or insolvency or a petition for reorganization or for the appointment of a receiver or trustee of all or a portion of the property of Tenant or such assignee or guarantor or the making by Tenant or such assignee or guarantor of an assignment for the benefit of creditors, without limitation, or the petitioning for or entering into an arrangement pursuant to summary proceedings any statute either of the United States or otherwiseof any state by Tenant or such assignee or guarantor or the taking of this Lease under any post-judgment writ of execution or attachment, (a) all sums payable by TENANT hereunder up to or the time issuance of any post-judgment, execution or attachment against Tenant or such termination shall become due thereupon and be paidassignee or guarantor or any of their property, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either eventor the dissolution or liquidation or commencement of any action or proceeding for the dissolution or liquidation of Tenant or such assignee or guarantor, OWNER provided, however, that Tenant shall not be liable deemed to be in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages default hereunder by reason of such termination an amount equal the filing of any petition for reorganization under Chapter 11 of the Bankruptcy Act if, and for so long as (x) Tenant shall pay to the maximum allowed by any statute or rule of law in effect at the time Landlord, as, when, and governing in the proceedings in which such damages are amount(s) due and payable pursuant to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under terms of this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair all Rent and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully Additional Rent which shall accrue and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demandprior to the filing of such petition and all Rent which shall accrue and become due and payable subsequent to the filing of such petition, and (y) Tenant shall operate its business in the Premises in the same manner as it had been operated prior to the filing of such reorganization petition, and (z) Tenant shall, in all other respects, pay all other sums and perform all other duties and obligations on its part to be paid and performed under this Lease; and TENANT agrees that or
(b) the provisions passing of this Article: Lease to or the devolution of this Lease upon any person, firm or entity other than Tenant or a permitted assignee or subtenant, whether by operation of law or otherwise; or
(ac) will not constitute the Leased Premises being abandoned within the meaning of Section 83.05 of the Florida Statutes; or
(d) the Leased Premises becoming vacant or deserted at any time prior to the first anniversary of the Commencement Date and remaining so for ten (10) or more consecutive days; or
(e) the Leased Premises becoming vacant or deserted at any time subsequent to the first anniversary of the Commencement Date and remaining so for thirty (30) or more days; or
(f) default by Tenant in the payment of all Rent or any part thereof as and when same is due, or in the making of any other payment herein provided for and the continuation of such default for a period of five (5) days after Landlord shall have given Tenant a written notice specifying the default in question, provided however that if Tenant shall fail, refuse or neglect, for any reason, to pay any portion of any Rent or other sum due hereunder on more than two (2) occasions in any period of twelve (12) consecutive months during the term of this Lease, then, notwithstanding that such prior defaults shall have been cured within the period after notice provided in this SubParagraph 32 (f), any further similar default during such twelve (12) month period shall be deemed to be liquidated damages deliberate and shall constitute a material event of default hereunder with respect to which no notice or a penaltygrace period shall be granted or available to Tenant; or
(bg) will apply notwithstanding any contrary provision default by Tenant in the performance of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available duty, obligation, covenant, or agreement on Tenant’s part to OWNER pursuant to be performed under this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a the continuation of such default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, for thirty (30) days after Landlord shall have given to cure Tenant a written notice specifying the nature of such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); default, provided however that if said default shall be of such cure a nature that it cannot reasonably be completed cured or remedied within such said thirty (30) day period, TENANT the same shall not be deemed an event of default if Tenant shall have commenced, in good faith, the curing or remedying of such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced default within such thirty (30) day period and is shall thereafter continuously and diligently pursued proceed therewith to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (Omnicomm Systems Inc)
Default. In the event Lessee shall fail (Aa) After to make any termination of this Lease pursuant 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 provisions hereofagreement herein other than the agreement to pay rent, includingand shall fail to cure such agreements within ten (10) days after written notice from Lessor, without limitationthe Lessor, pursuant to summary proceedings 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 otherwiseresulting from the abandonment or a breach or default other than a default in the payment of rent; or
c. Resume possession and re-lease and re-rent the Premises for the remainder of the Lease term for the account of Lessee and recover from Lessee, (a) all sums payable by TENANT hereunder up to at the end of the Lease term or at the time each payment of rent becomes due under this Lease, as the 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 termination shall become due thereupon re-leasing or re-renting and be paidthe collection of rent and the cost of all repairs or renovations reasonably necessary in connection with the re-leasing or re-renting, and (b) OWNER 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 abandonment or a breach or default other than a default in the payment of rent. Landlord’s Remedies. Upon the happening of any one or more of the aforementioned defaults, Landlord may elect to receive damages calculated in accordance with Article 16(b). In either eventdeclare the entire rent for the balance of the term of the Lease, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure due and payable forthwith without regard to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greaterpossession shall have been surrendered to or taken by Landlord, equal to, or less than and to bring an action for the amounts referred to hereinrecovery thereof. TENANT agrees that In the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement event of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment occurrence of any rent and additional installments, the entire unpaid balance one or more of the aggregate amount of all rent and additional rent for aforementioned defaults, Landlord shall also have the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be right, in addition to, and not limit, to any other rights and remedies available remedies, to OWNER pursuant to terminate this Lease and otherwise by giving Tenant notice to end the term of this Lease at the expiration of five (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (75) days after notice 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 provisions of this Lease including the obligation to pay Minimum rent, Percentage Rent, its share of Common Area Expenses, contributions to the Fund and any and all other amounts due hereunder shall survive and continue. Any and all sums due under this Lease from OWNER in which Lessee to cure any default in Lessor and not paid on the payment of fixed rent or additional rent The foregoing does not limit due date shall bear interest from the right of OWNER to impose due date at the late charge and interest as applicable in accordance with Article 53(A)maximum rate allowed by law until fully paid.
Appears in 2 contracts
Sources: Lease Agreement (Summit Financial Services Group Inc), Lease Agreement (Summit Financial Services Group Inc)
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up Subject to the time rights of such termination shall become due thereupon and be paidCoBank under the CoBank Security Documents, and (b) OWNER upon the occurrence of a Default, National Beef may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure redeem from Pledgor or refusal to relet the demised premises or any part thereof, or if the demised premises are sell so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement much of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount Collateral as necessary to be payable in equal monthly installments during satisfy the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise Obligations (including, without limitation, those regarding additional rent reserved any amounts necessary to satisfy Pledgor’s obligations under this Lease) upon a default in the fully and timely payment CoBank Loan Documents), providing any such redemption or sale shall be after an appraisal of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default Fair Value of the nature specified in clause “(iii)” hereof.
(C) The Collateral as determined pursuant to Exhibit I hereto and the redemption or sale shall not be at a price less than the Fair Value. No rights and remedies granted of National Beef expressed hereunder are intended to OWNER in be exclusive of any other right or remedy under the event of TENANT’s default Cattle Agreement, but every such right or non-compliance are deemed to remedy shall be cumulative and shall be in addition to all other rights and remedies attainable herein conferred, or conferred upon National Beef under the Cattle Agreement or now or hereafter existing at law or in equity, and all equity or by statute. No delay on the part of the same may be exercised at one time or different times, concurrently or National Beef in any order in the sole discretion of OWNER, and the exercise of any one right or remedy will not 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 exercise of any other right or remedy. No action of National Beef permitted hereunder shall impair or affect the rights of National Beef in and to the Collateral.
(Di) Notwithstanding anything The Pledgor agrees that, in any sale of any of the Collateral when a Default shall have occurred and be continuing, subject to the contrary rights of CoBank under the CoBank Security Documents, National Beef is authorized to comply with any limitation or restriction in this Leaseconnection with such sale as is necessary in order to avoid any violation of applicable law or the Operating Agreements (including, TENANT 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 havenot 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 receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT Default shall have occurred and be continuing, and upon written request from National Beef, to (A) deliver to National Beef such additional time information concerning Pledgor or the Collateral as needed National Beef shall reasonably request in connection with the sale of all or any portion of the Collateral, which information shall not contain any untrue statement of a material fact or 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 any such sale. Without limiting the foregoing paragraph, if National Beef decides to exercise its right to sell all or any of the 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 obligation to undertake, a public offering of any pledged securities.
(c) For the purpose of carrying out the terms of this Agreement, Pledgor appoints National Beef, or any other person whom National Beef may designate, as attorney in fact, effective from the occurrence 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 more than 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 liable for any act or omission nor for any error of judgment or mistake of facts or law. This power, being coupled with an additional one hundred twenty (120) days) to complete such cure so long interest, is irrevocable until this Agreement is terminated as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)herein provided.
Appears in 2 contracts
Sources: Pledge Agreement (U. S. Premium Beef, LLC), Membership Interest Purchase Agreement (Leucadia National Corp)
Default. If said rent or any part thereof shall at any time be in arrears and unpaid for ten (A10) After days after written notice from Landlord or if said Tenant or its successors shall fail to keep and perform any termination of the covenants, agreements, or conditions of this Lease pursuant on its part to 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 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, or if the Tenant should be adjudicated bankrupt, or if the interest of the provisions hereofTenant in said premises shall be sold under execution or other legal process, includingthe Landlord may enter in and upon said premises and again have and repossess and enjoy the same as if this Lease had not been made and, thereupon this Lease and everything contained herein on the part of said Landlord to be kept and performed shall cease and determine and be utterly void, without limitationprejudice, pursuant however, to summary proceedings the right of the Landlord to recover from said Tenant or otherwise, (a) its successors all sums payable by TENANT hereunder rent due up to the time of such termination entry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by the Tenant, shall become due thereupon be equivalent in every respect to actual entry by the Landlord. In case of any such default by said Tenant and be paidentry by said Landlord, said Landlord may relet said premises at Tenant's cost (including but not limited to brokers and attorneys fees) for the remainder of said term for the highest rent obtainable, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b)recover from said Tenant any deficiency between the amount so obtained and the amount of rent hereinbefore reserved. In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER litigation regarding a non-monetary said default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot Tenant shall be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)responsible for Landlord's reasonable attorney's fees.
Appears in 2 contracts
Sources: Lease Agreement (Retail Ventures Inc), Lease Agreement (Retail Ventures Inc)
Default. Failure to make timely payment as provided in paragraph 3 above shall result in all charges on the account being deemed past due. Whether or not expressed in any quotation or invoice, all sums past due shall bear an interest charge at the rate of one and one-half percent (A1.5%) After any termination of this Lease pursuant per month until paid in full. In addition, CUSTOMER agrees to reimburse and pay RELIANCE for all expenses, costs, and attorney’s fees (including in-house counsel fees) incurred or expended by RELIANCE in enforcing any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT its rights hereunder up to the time of such termination shall become and/or collecting any past due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be provedsums, whether or not such amount be greater, equal to, or less than the amounts referred to hereinsuit is commenced. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute 6. PURCHASE ORDERS: Issuance of a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or purchase order by CUSTOMER shall be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision and acceptance of this Lease; RELIANCE’S terms and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermoreconditions contained herein, notwithstanding anything to the contrary in Article 17(2)CUSTOMER’S purchase order documents. CUSTOMER acknowledges and agrees that issuance of a purchase order creates no burden on the part of RELIANCE or verify its accuracy or validity, TENANT and goods or services that are provided to CUSTOMER pursuant to a purchase order shall have a period be the full responsibility and obligation of seven CUSTOMER. 7. SHORTAGES AND/OR DEFECTIVE OR DAMAGED GOODS: Any alleged shortages and/or defective or damaged goods received by CUSTOMER in connection herewith must be reported in writing by CUSTOMER to RELIANCE within five (75) days after notice from OWNER delivery of said goods. Delivery of goods shall be subject to normal variations in which to cure any default weight, color, size, quantities, etc., as are standard in the trade. After such five (5)-day period, CUSTOMER shall be deemed to have irrevocably accepted the goods, if not previously accepted. After such acceptance, CUSTOMER shall have no right to reject the goods for any reason or to revoke acceptance. CUSTOMER hereby agrees that such five (5)-day period is a reasonable amount of time for such inspection and revocation. 8. CANCELLATION AND RETURNS: CUSTOMER may not cancel any order of goods without RELIANCE’s express, written consent. Any cancellation so authorized shall be subject to a cancellation charge of 20% at RELIANCE’s sole discretion. Unused goods, processed material or specially manufactured materials not normally carried in RELIANCE’s inventory may not, under any circumstances, be returned. The amount of credit, if any, allowed to CUSTOMER for returned goods shall be at the sole discretion of RELIANCE. Under no circumstances will RELIANCE be responsible for consequential damages. 9. GOVERNING LAW AND VENUE: CUSTOMER agrees that for and in consideration of RELIANCES’s extension of credit, this agreement is to be construed under the laws of the State of Texas, and that if legal action is brought to enforce this agreement, that Bexar County, Texas, shall be the exclusive jurisdiction and legal venue for said action, unless RELIANCE initiates said legal action concurrently against other parties to enforce statutory remedies (such as mechanic’s lien, stop notices, payment bonds, etc.) in connection with a debt incurred by CUSTOMER; in such case, the jurisdiction and legal venue will be determined by the requirements of fixed rent the Texas civil code or additional rent The foregoing does not limit code of civil procedure in order for RELIANCE to enforce such statutory rights. 10. ASSIGNMENT: No right or interest in this agreement shall be assigned by CUSTOMER without the right written permission of OWNER to impose RELIANCE, and no delegation of any obligation owed or of the late charge and interest as applicable in accordance with Article 53(A)performance of any obligation by CUSTOMER shall be made without written permission of RELIANCE. 11.
Appears in 2 contracts
Sources: Credit Application and Agreement, Credit Application and Agreement
Default. (A) After any termination of this Lease pursuant to any of If and whenever the provisions hereofRent hereby reserved, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, will not be paid on the day appointed for payment thereof, whether demanded or if the demised premises are so reletnot, or its failure 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 collect be kept, observed, or performed, or in case the rent under Premises will be vacated or remain unoccupied for 5 days, or if, without the written consent of 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 relettingcase 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 no refusal enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. Whenever the Landlord is entitled to re-enter the Premises it may, at its option and without limiting its other remedies, terminate the Lease. If this Lease is so terminated, the Landlord, to the extent permitted by law, may immediately repossess the Premises, sell or failure to relet to collect rent shall affect TENANTdispose of such Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein as the Landlord considers appropriate, or store any of the Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein in a public warehouse or elsewhere at the cost of the Tenant, all without service of notice, without legal proceedings, and without liability for loss or damage and wholly without prejudice to the rights of the Landlord to recover arrears of Rent or damages for any default by the Tenant of its obligations or otherwise hereunder. Nothing herein contained shall limit agreements under this Lease or of any term or condition of this Lease, and wholly without prejudice to the right rights of OWNER the Landlord to prove and obtain as liquidated recover from the Tenant damages for loss of Rent suffered by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (includinghaving been prematurely terminated, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNERincluding prospective damages, and the exercise of any one remedy will not operate as Landlord reserves a waiver or preclude the exercise of any other remedy.
right to claim all costs (D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving including legal fees on a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2full indemnity basis), TENANT shall have a period of seven (7) days after notice losses, damages, and expenses arising from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Tenant’s breach.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. Whenever a Default shall be existing, all Secured Obligations may (A) After notwithstanding any termination of this Lease pursuant to any provisions thereof), at the option of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paidLender, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either eventwithout demand or notice of any kind, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such relettingdeclared, and no refusal or failure to relet to collect rent thereupon immediately shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove become, due and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time whenpayable, and governing the proceedings in which such damages are Lender may exercise from time to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of time any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease it under applicable law and otherwise (includingmay, without limitationnotice except as specified below, those regarding additional rent reserved under this Lease) upon a default in the fully sell, lease, assign, and timely payment deliver, or grant options to purchase, or otherwise dispose of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default all or any part of the nature specified in clause “(iii)” hereof.
(C) The remedies granted Collateral, at such place or places as the Lender may determine, at public or private sale, it being agreed that the purchaser, lessee, assignee, or recipient of all or any part of the Collateral so disposed of at any public or private sale may thereafter hold the same absolutely free from any claim or right of Debtor of whatsoever kind, including any right of redemption, and any obligation to OWNER in see to the event application of TENANT’s default any part of the purchase money paid therefor or any liability for the misapplication or non-compliance are deemed application thereof; and the Lender may, without notice or publication, adjourn any public or private sale or cause the same to be cumulative adjourned from time to time by announcement at the time and in addition to all other remedies attainable at law or in equityplace fixed for such sale, and all of such sale may be made at any time or place to which the same may be exercised at one time or different times, concurrently or in any order in so adjourned. The parties hereto hereby agree that the sole discretion duties of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything Lender pursuant to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days UCC will be deemed to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure satisfied so long as the cure is commenced within such thirty (30) day period and is diligently pursued requirements of this Section 6 are satisfied in connection with any disposition of Collateral pursuant to completionthis Agreement. FurthermoreDebtor agrees, notwithstanding anything in case of Default, to assemble, at its expense, all Collateral at a convenient place acceptable to the contrary in Article 17(2)Lender. Any notification of intended disposition of any of the Collateral required by law, TENANT shall have a period of seven be deemed reasonably and properly given if given at least five (75) days after notice from OWNER in which before such disposition. Any proceeds of any disposition by the Lender of any of the Collateral may be applied by the Lender to cure any default in the payment of fixed rent expenses in connection with the Collateral, including reasonable attorneys’ fees and legal expenses, and any balance of such proceeds shall be applied by the Lender (i) first, to the payment of such of the Secured Obligations, and in such order of application, as the Lender may from time to time elect; (ii) second, to the payment to whosoever may be lawfully entitled to receive the same or additional rent The foregoing does not limit as a court of competent jurisdiction may direct, of any surplus then remaining from such proceeds; and (iii) if any balance is remaining, to the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Debtor.
Appears in 2 contracts
Sources: Security Agreement (Idt Spectrum, Inc.), Security Agreement (Idt Spectrum, Inc.)
Default. (A) After any termination of this Lease pursuant to any of In the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, event that:
(a) all sums payable by TENANT hereunder up to The LESSEE shall default in the time payment of any installment of rent or other sum herein specified and such termination default shall become due thereupon and be paid, and continue for ten (10) days after written notice thereof; or
(b) OWNER may elect to receive damages calculated The LESSEE shall default in accordance with Article 16(b). In either eventthe observance or performance of any other of the LESSEE'S covenants, OWNER agreements, or obligations thereunder and such default shall not be liable in corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any way whatsoever assignment shall be made of LESSEE'S property for its failure or refusal the benefit of creditors, then the LESSOR shall have the right thereafter, while such default continues, to relet re-enter and take complete possession of the demised premises or any part thereofleased premises, or if to declare the demised premises are so relet, or its failure to collect the rent under such relettingterm of this lease ended, and no refusal remove the LESSEE'S effects, without prejudice to any remedies which might be otherwise used for arrears of rent or failure to relet to collect other default. The LESSEE shall indemnify the LESSOR against all loss of rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice and other payments which the right of OWNER to prove and obtain as liquidated damages LESSOR may incur by reason of such termination an amount equal to during the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement residue of the term, but OWNERprovided however the LESSOR shall be required to take reasonable steps to mitigate its loss. If the LESSEE shall default, solely for TENANT’S convenienceafter reasonable notice thereof, has permitted said amount in the observance or performance of any conditions or covenants on LESSEE'S part to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment observed or performed under or by virtue of any rent and additional installmentsof the provisions in any article of this lease, the entire unpaid balance LESSOR, without thereby waiving such default, may remedy such default for the account and at the expense of the aggregate amount of all rent and additional rent LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent money in connection therewith, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations incurred, with interest at the rate of ten (10) per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)rent.
Appears in 2 contracts
Sources: Lease Agreement (Aderis Pharmaceuticals Inc), Lease Agreement (Aderis Pharmaceuticals Inc)
Default. (A) After 10.1 Subtenant acknowledges that certain services to be rendered to the Premises are to be rendered by Overlandlord under the Over▇▇▇▇▇. ▇▇ything in this Sublease to the contrary notwithstanding, if there exists a breach by Sublandlord of any termination of its obligations under this Sublease and, concurrently, a corresponding breach by Overlandlord under the Over▇▇▇▇▇ ▇▇ its obligations under the Over▇▇▇▇▇ ▇▇▇sts, then and in such event, Subtenant's sole remedy against Sublandlord in the event of any breach of obligations under this Sublease shall be the right to pursue a claim in the name of Sublandlord against Overlandlord, and Sublandlord agrees that it will, at Subtenant's expense, cooperate with Subtenant in the pursuit of such claim.
10.2 Anything contained in any provisions of this Lease pursuant Sublease to the contrary notwithstanding, Subtenant agrees, for the benefit of both Sublandlord and Overlandlord, with respect to the Premises, to comply with and remedy any default claimed by Overlandlord under the Over▇▇▇▇▇ ▇▇▇ caused by Subtenant, within the period allowed to Sublandlord as tenant under the Over▇▇▇▇▇, ▇▇en if such time period is shorter that the period otherwise allowed in the Over▇▇▇▇▇, ▇▇e to the fact that notice of default from Sublandlord to Subtenant is given after the corresponding notice of default from Overlandlord. Sublandlord agrees to forward to Subtenant, upon receipt thereof by Sublandlord, a copy of each notice of default received by Sublandlord in its capacity as tenant-under the Over▇▇▇▇▇. ▇▇btenant agrees to forward to Sublandlord, upon receipt thereof, copies of any notices received by Subtenant with respect to the-Premises from Overlandlord or from any governmental authorities. Sublandlord and Subtenant each agree to indemnify and hold the other harmless from and against all claims, penalties and expenses, including reasonable attorneys' fees, based upon any uncured default by such party during the term hereof and its performance of those terms, covenants and provisions of the Over▇▇▇▇▇ ▇▇▇ch are or shall be applicable to such party.
10.3 Subtenant acknowledges that upon breach of any provisions of this Sublease by Subtenant, any rights or options granted to Subtenant under this Sublease or the Over▇▇▇▇▇ ▇▇▇ating to expansion, renewal, or any other equity option, shall immediately terminate and shall not be exercisable for the remainder of the Sublease term. If and whenever there shall occur any event of default of this Sublease, beyond any applicable cure period, Sublandlord may, at Sublandlord's option, in addition to any other remedy or right given under the Over▇▇▇▇▇ ▇▇ by law or equity, do any one or more of the following:.
(a) Terminate this Sublease without notice to Subtenant, in which Subtenant shall immediately surrender possession of the Premises to Sublandlord;
(b) Terminate Subtenant's right to possession of the Premises under this Sublease without terminating the Sublease itself, by written notice to Subtenant in which event Subtenant shall immediately surrender possession of the Premises to Sublandlord
(c) Enter upon and take possession of the Premises and expel or remove Subtenant and any other occupant therefrom, with or without having terminated this Sublease;
(d) Alter locks and other security devices at the Premises with or without having terminated this Sublease or Subtenant's right to possession under the Sublease;
(e) Enter upon the Premises by force if necessary without being liable for prosecution or any claim for damages therefor, and do whatever Subtenant is obligated to do under the terms of this Sublease; and Subtenant agrees to reimburse Sublandlord on demand for any direct or indirect expenses which Sublandlord or Overlandlord may incur in thus effecting compliance with Subtenant's obligations under this Sublease, and Subtenant further agrees that Sublandlord shall not be liable for any damages resulting to Subtenant from such action;
(f) Accelerate all rental payments due under the Sublease for the. remainder of the Sublease Term. Sublandlord shall use reasonable diligence to relet the Premises after such default by Subtenant, and the net proceeds of such reletting (after deducting reasonable expenses) shall be credited against the amount due under the Sublease.
10.4 It is hereby expressly stipulated by Sublandlord and Subtenant that any of the provisions hereof, above listed actions including, without limitation, termination of this Sublease, termination of Subtenant's right to possession, and re-entry by Sublandlord, will not affect the obligations of Subtenant for the unexpired Sublease Term, including the obligations to pay unaccrued monthly rentals and other charges provided in this Sublease for the remaining portion of the Sublease Term. If an event of default occurs, and is not cured within -the applicable cure period, if any, Sublandlord is entitled and is hereby authorized, without notice to Subtenant, to enter upon the Premises by use of a master key, a duplicate key, or other peaceable means, and to change, alter, and/or modify the door locks on all entry doors of the Premises, thereby permanently excluding Subtenant, and its officers, principals, agents, employees, and representatives therefrom. In the event that Sublandlord has either terminated Subtenant's right to possession of the Premises pursuant to summary proceedings the foregoing provisions of this Sublease, or otherwisehas terminated the Sublease by reason of Subtenant's default, (a) all sums payable by TENANT hereunder up Sublandlord shall not thereafter be obligated to provide Subtenant with a key to the time Premises at any time; provided, however, that in any such instance, during Sublandlord's normal business hours and at the convenience of such termination shall become due thereupon and be paidSublandlord, and upon the written request of Subtenant accompanied by such written waiver and releases as the Sublandlord may require, Sublandlord will escort Subtenant or its, authorized personnel to the Premises to retrieve any personal belongings or other property of Subtenant. If Sublandlord elects to exclude Sub tenant from the Premises without permanently repossessing the Premises or terminating the Sublease pursuant to the foregoing provisions of this Sublease, the Sublandlord (bat any time prior to actual permanent repossession or termination) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable obligated to provide Subtenant a key to re-enter the Premises until such time as all delinquent rental and other amounts due under this Sublease have been paid in full (and all other defaults, if any, have been completely cured to Sublandlord's satisfaction), and Sublandlord has been given assurance reasonably satisfactory to Sublandlord evidencing Subtenant's ability to satisfy its remaining obligations under this Sublease. During any way whatsoever for its failure or refusal to relet such temporary period of exclusion, Sublandlord will, during Sublandlord's regular business hours, and at Sublandlord's convenience, upon written request by Subtenant accompanied by such waivers and releases as the demised premises or any part thereofSublandlord may require, or if the demised premises are so relet, escort Subtenant or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal authorized personnel to the maximum allowed by any statute Premises to retrieve personal belongings of Subtenant or rule its employees. This remedy of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will Sublandlord shall be in addition to, and not limitin lieu of, any of its other rights and remedies set forth in this Sublease, the Over▇▇▇▇▇, ▇▇ otherwise available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable Sublandlord at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise .
10.5 Exercise by Sublandlord of any one remedy will or more remedies hereunder granted or otherwise available shall not operate as a waiver be deemed to be an acceptance or preclude surrender of the Premises by Subtenant, whether by agreement or by operation of law, it being understood that such surrender can be effected only by the written agreement of Sublandlord and Subtenant. No such alteration of locks or other security devices and no removal or other exercise of dominion by Sublandlord over the property of Subtenant or others at the Premises shall be deemed unauthorized or constitute a conversion, Subtenant hereby consenting, after any event of default, to the aforesaid exercise of dominion over Subtenant's property within the Premises. All claims for damages by reason of such re-entry and/or repossession and/or alteration of locks or other remedysecurity devices are hereby waived, as are all claims for damages by reason of any distress warrant, forcible detainer proceedings, sequestration proceedings or other legal process. Subtenant 'agrees that any re-entry by Sublandlord may be pursuant to a judgment obtained in forcible detainer proceedings or other legal proceedings without the necessity for any legal proceedings, as Sublandlord may elect, and Sublandlord shall not be liable in trespass or otherwise.
(D) Notwithstanding anything to the contrary in 10.6 Neither Subtenant nor Sublandlord shall be liable for consequential damages caused by such party's default under this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Sublease.
Appears in 2 contracts
Sources: Sublease Agreement (Wink Communications Inc), Sublease Agreement (Wink Communications Inc)
Default. 14.1 If Tenant shall be in default in the payment of rental or any other charges provided for herein and such default shall continue for a period of five (A5) After any termination days after written notice from Landlord to Tenant, or if Tenant shall be in default in the performance of this Lease pursuant to any of the provisions hereofother covenants, includingpromises or agreements herein contained for Tenant to be kept and performed and such default shall continue for thirty (30) days after Landlord shall have notified Tenant in writing of the existence of such default, or if Tenant is adjudicated a bankrupt, or if a receiver is appointed for Tenant’s property, including Tenant’s interest in the Leased Premises, and such receiver is not removed within thirty (30) days after appointment, or if, whether voluntarily or involuntarily, Tenant takes advantage of any debtor relief proceeding under present or future law whereby the rent, or any part thereof, is or is proposed to be reduced or payment thereof deferred, or if Tenant makes an assignment for the benefit of creditors, or if the Leased Premises or Tenant’s effects or interest therein shall be levied upon or attached under process against Tenant, not satisfied or dissolved within thirty (30) days from such levy or attachment, or if Tenant abandons the Leased Premises, then, and in any or all said events, Tenant shall be deemed to have breached this Lease and Landlord shall have the right at its option, without limitation, pursuant limitation of any other rights available to summary proceedings Landlord at law or otherwise, in equity to:
(a) Enter upon and take possession of the Leased Premises as Tenant’s agent without terminating this Lease, and use commercially reasonable efforts to re-let the Leased Premises upon such rental and for such term as Landlord deems proper. Tenant shall obligated to pay Landlord all sums payable by TENANT hereunder due and owing up to the time of such termination re-letting and upon the reletting shall further become immediately liable and indebted to Landlord and shall then upon demand promptly pay to Landlord the costs and expenses of such reletting, including any alterations or decorations required in connection therewith, plus the difference between the amount of the rent actually collected and received from the Leased Premises and the rental due thereupon and be paid, and under this Lease for the residue of the term herein provided remaining after the taking of possession by Landlord; or
(b) OWNER Forthwith cancel and terminate this Lease by notice in writing to Tenant; and if such notice shall be given, all rights of Tenant to the use and occupancy of said Leased Premises shall terminate as of the date set forth in such notice and Tenant will at once surrender possession of the Leased Premises to Landlord and remove all of Tenant’s effects therefrom, and Landlord may elect forthwith re-enter the premises and repossess itself thereof, and Landlord shall be entitled to receive as liquidated damages calculated in accordance and not as a penalty a sum equal to all rent and other sums then due and owing together with Article 16(b)all sums which would fall due hereunder through the balance of the lease term had this Lease not been terminated reduced by the fair market rental value of the Leased Premises for the same period. In either event, OWNER No termination of this Lease prior to the normal expiration thereof shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet affect Landlord’s right to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal period prior to the maximum allowed by termination thereof.
14.2 Landlord shall be entitled to collect from Tenant reasonable attorney fees and court costs incurred in enforcing any statute or rule obligation of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER Tenant under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable 14.3 If Landlord shall be in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance term or covenant of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon said default shall continue for a default in the fully and timely payment period of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days after written notice thereof from Tenant to Landlord, then Landlord shall be in default of the terms and conditions of this Lease and Tenant have such rights as are available under applicable law upon such a default and, in addition, the right, but not the obligation, to cure such non-monetary default (rather than said defaults on Landlord’s behalf at Landlord’s cost. In the fifteen (15) days specified event Tenant incurs any cost or expense in Article 17(1)); provided that if such cure cannot be completed performing any obligation on Landlord’s behalf Landlord shall, within such thirty (30) day perioddays of such demand pay such sums to Tenant. Notwithstanding the above, TENANT Tenant shall not have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)terminate this Lease upon a default by Landlord.
Appears in 2 contracts
Sources: Lease Agreement (Vera Bradley, Inc.), Lease Agreement (Vera Bradley, Inc.)
Default. Failure to make timely payment as provided in paragraph 3 above shall result in all charges on the account being deemed past due. Whether or not expressed in any quotation or invoice, all sums past due shall bear an interest charge at the rate of one and one-half percent (A1.5%) After any termination of this Lease pursuant per month until paid in full. In addition, CUSTOMER agrees to reimburse and pay RELIANCE for all expenses, costs, and attorney’s fees (including in-house counsel fees) incurred or expended by RELIANCE in enforcing any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT its rights hereunder up to the time of such termination shall become and/or collecting any past due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be provedsums, whether or not such amount be greater, equal to, or less than the amounts referred to hereinsuit is commenced. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute 6. PURCHASE ORDERS: Issuance of a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or purchase order by CUSTOMER shall be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision and acceptance of this Lease; RELIANCE’S terms and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermoreconditions contained herein, notwithstanding anything to the contrary in Article 17(2)CUSTOMER’S purchase order documents. CUSTOMER acknowledges and agrees that issuance of a purchase order creates no burden on the part of RELIANCE or verify its accuracy or validity, TENANT and goods or services that are provided to CUSTOMER pursuant to a purchase order shall have a period be the full responsibility and obligation of seven CUSTOMER. 7. SHORTAGES AND/OR DEFECTIVE OR DAMAGED GOODS: Any alleged shortages and/or defective or damaged goods received by CUSTOMER in connection herewith must be reported in writing by CUSTOMER to RELIANCE within five (75) days after notice from OWNER delivery of said goods. Delivery of goods shall be subject to normal variations in which to cure any default weight, color, size, quantities, etc., as are standard in the trade. After such five (5)-day period, CUSTOMER shall be deemed to have irrevocably accepted the goods, if not previously accepted. After such acceptance, CUSTOMER shall have no right to reject the goods for any reason or to revoke acceptance. CUSTOMER hereby agrees that such five (5)-day period is a reasonable amount of time for such inspection and revocation. 8. CANCELLATION AND RETURNS: CUSTOMER may not cancel any order of goods without RELIANCE’s express, written consent. Any cancellation so authorized shall be subject to a cancellation charge of 15% at RELIANCE’s sole discretion. Unused goods, processed material or specially manufactured materials not normally carried in RELIANCE’s inventory may not, under any circumstances, be returned. The amount of credit, if any, allowed to CUSTOMER for returned goods shall be at the sole discretion of RELIANCE. Under no circumstances will RELIANCE be responsible for consequential damages. 9. GOVERNING LAW AND VENUE: CUSTOMER agrees that for and in consideration of RELIANCES’s extension of credit, this agreement is to be construed under the laws of the State of Colorado, and that if legal action is brought to enforce this agreement, that El Paso County, Colorado, shall be the exclusive jurisdiction and legal venue for said action, unless RELIANCE initiates said legal action concurrently against other parties to enforce statutory remedies (such as mechanic’s lien, stop notices, payment bonds, etc.) in connection with a debt incurred by CUSTOMER; in such case, the jurisdiction and legal venue will be determined by the requirements of fixed rent the Colorado civil code or additional rent The foregoing does not limit code of civil procedure in order for RELIANCE to enforce such statutory rights. 10. ASSIGNMENT: No right or interest in this agreement shall be assigned by CUSTOMER without the right written permission of OWNER to impose RELIANCE, and no delegation of any obligation owed or of the late charge and interest as applicable in accordance with Article 53(A)performance of any obligation by CUSTOMER shall be made without written permission of RELIANCE. 11.
Appears in 2 contracts
Sources: Credit Application and Agreement, Credit Application and Agreement
Default. (A) After In the event TENANT shall default in the payment of rent or any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all other sums payable by TENANT hereunder up to the time herein and such default shall continue for a period of such termination shall become due thereupon and be paid, and three (b3) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofdays, or if the demised TENANT shall abandon the premises are so reletand remove or attempt to remove therefrom the major portion of its furniture or fixtures, or its failure to collect if the rent under such reletting, and no refusal or failure to relet to collect rent TENANT shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment performance of any rent and additional installments, the entire unpaid balance other covenants or agreements of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a such default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, continue for thirty (30) days to cure such non-monetary default (rather than the or for fifteen (15) days specified 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 Article 17(1)); provided that if such cure cannot addition to any and all other legal remedies and rights, the LANDLORD may declare the entire balance of the rent for the remainder of the term to be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as due and payable and may collect the cure is commenced within such thirty (30) day period same by distress or otherwise and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT 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, without first obtaining a distress warrant, lock up the leased premises in order to protect said interest in the secured property, or the LANDLORD may terminate this Lease and retake possession of the leased premises, or enter the 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 two or 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 seven (7) days after notice from OWNER in which the Lease will be applied at LANDLORD'S discretion towards TENANT'S earliest obligation. TENANT also covenants and agrees to cure any default in pay reasonable attorney's fees and costs and expenses of the payment of fixed LANDLORD, including court costs, if the LANDLORD employs an attorney to collect rent or additional rent The foregoing does not limit enforce other rights of the right LANDLORD herein in event of OWNER to impose any breach as aforesaid and the late charge and interest as applicable in accordance with Article 53(A)same shall be payable regardless of whether collection or enforcement is effected by suit or otherwise.
Appears in 2 contracts
Sources: Sublease Agreement (Eventures Group Inc), Lease Agreement (Total Tel Usa Communications Inc)
Default. In the event Tenant shall be in default in the payment of rent for more than three days (Aafter notice of such default in writing, in accordance with Florida Statutes) After any termination or if Tenant shall continue in default in the observance or performance of this Lease pursuant to any of the provisions hereofterms, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time covenants and conditions hereof after 15 days notice of such termination shall become due thereupon default in writing (via certified mail), Landlord, with legal process, may:
a. Treat this Lease as terminated and be paidresume possession of the Demised Premises and remove all persons and property from the Demised Premises, and (b) OWNER may elect to receive damages calculated store such property in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever a public warehouse or elsewhere at the cost of and for its failure or refusal to the account of Tenant; or
b. Retake possession of the Demised Premises for the account of Tenant and relet the demised premises Demised Premises, or any part thereof, for such term or terms and at such rental and upon such other terms and conditions as the Landlord may deem advisable, in which event the rents received by the Landlord from reletting shall be applied first to the payment of such expense as Landlord may be put to in reentering, and then to the payment of the rent due and to become due 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 demised premises are so reletright to ▇▇▇ Tenant as each installment of rent matures, or accelerate the balance of installments due and ▇▇▇ on the same. No such reentry or taking possession of the Demised Premises by Landlord shall be construed as an election on its failure part to collect terminate this Lease, unless written notice of such intention be given to Tenant, or unless the rent under termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such relettingreletting without termination Landlord may, at any time thereafter, elect to terminate this Lease for any breach, and no refusal or failure in addition to relet to collect rent shall affect TENANT’s liability for any other remedies it may have, it may recover from Tenant all damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages that it may incur by reason of such termination an amount equal to breach including the maximum allowed by any statute or rule cost of law recovering the Demised Premises. Any remedy that Landlord may pursue, as described in effect at the time whenSubsections a, b, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated c above, constitute a fair shall be subject to and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable taken in accordance with Article 53(A)the applicable requirements and provisions of Chapter 83 of the Florida Statutes. In the event Tenant defaults or breaches any of the terms, conditions or promises of Tenant herein contained, and Landlord is put to the necessity 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.
Appears in 2 contracts
Default. It is hereby expressly agreed that should any default occur in the payment of principal or interest as stipulated above and such payment is not made wihtin five (A5) After days of the date such payment is due (provided that no grace period is provided for the payment of principal and interest due on the Maturity Date), or should any termination of this Lease pursuant to other default occur under any of the provisions hereofLoan Documents which is not cured within any applicable grace or cure period, includingthen a default shall exist hereunder, without limitationand in such event the indebtedness evidenced hereby, pursuant to summary proceedings or otherwise, (a) including all sums advanced or accrued hereunder or under any other Loan Document, and all unpaid interest accrued thereon, shall, at the option of Lender and without notice to Borrower, at once become due and payable and may be collected forthwith, whether or not there has been a prior demand for payment and regardless of the stipulated date of maturity. In the event that any payment is not received by TENANT hereunder up Lender on the date when due (subject to the time of such termination applicable grace period), then in addition to any default interest payments due hereunder, Borrower shall become due thereupon and be paid, and (b) OWNER may elect also pay to receive damages calculated Lender a late charge in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to five percent (5.0%) of the maximum allowed by amount of such overdue payment. So long as any statute or rule default exists hereunder, regardless of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not there has been an acceleration of the indebtedness evidenced hereby, and at all times after maturity of the indebtedness evidenced hereby (whether by acceleration or otherwise), interest shall accrue on the outstanding principal balance of this Note at a rate per annum equal to four percent (4.0%) plus the interest rate which would be in effect hereunder absent such amount be greater, equal todefault or maturity, or less than if such increased rate of interest may not be collected under applicable law, then the amounts referred maximum rate or interest, if any, which may be collected from Borrower under applicable law (the "Default Interest Rate"), and such default interest shall be immediately due and payable. Borrower acknowledges that it would be extremely difficult or impracticable to herein. TENANT agrees that the rights determine ▇▇▇▇▇▇'s actual damages resulting from any late payment or default, and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect such late charges and default interest are reasonable estimates of those damages as calculated under Article 16(b) as stated above, and do not constitute a fair and reasonable amount penalty. The remedies of damages Lender in this Note or in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the termLoan Documents, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, shall be cumulative and all concurrent, and may be pursued singly, successively or together in ▇▇▇▇▇▇'s discretion. Time is of the same may be exercised at one time essence of this Note. In the event this Note, or different timesany part hereof, concurrently is collected by or in any order in the sole discretion through an attorney-at-law, ▇▇▇▇▇▇▇▇ agrees to pay all costs of OWNERcollection including, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermorelimited to, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)reasonable attorneys' fees.
Appears in 2 contracts
Sources: Promissory Note (Homes for America Holdings Inc), Promissory Note (Homes for America Holdings Inc)
Default. (A) After In the event of any termination failure of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, Lessee:
(a) all sums payable by TENANT to pay any rent reserved hereunder up to within fifteen (15) days after the time of such termination same shall become due thereupon and be paid, and due; or
(b) OWNER may elect to receive damages calculated perform any other of the terms, covenants or conditions contained in accordance with Article 16(b). In either event, OWNER shall not this Lease to be liable in any way whatsoever for its failure observed or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such relettingperformed by Lessee, and no refusal or failure to relet to collect rent such default shall affect TENANT’s liability continue for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less more than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT after written notice thereof shall have such additional time as needed been mailed to Lessee; or
(but not more than c) if Lessee shall become bankrupt or insolvent, or file any debtor proceeding, or have taken against Lessee in any court pursuant to any statute either of the Untied States or of any State a petition in bankruptcy or insolvency or for reorganization or for appointment to a receiver or trustee of all or any portion of Lessee's property, or if Lessee makes an additional one hundred twenty (120) days) assignment for the benefit of creditors, petitions for or enters into an arrangement, or if Lessee shall abandon the Premises or suffer the Lease to complete such cure so long as the cure is commenced within such thirty (30) day period be taken under any right of execution, then Lessor, without excluding other rights and is diligently pursued to completion. Furthermoreremedies that it may have, notwithstanding anything to the contrary in Article 17(2), TENANT shall have the immediate right of re-entry and may remove all persons and property from the Premises and such property may be removed and stored in a period public warehouse or elsewhere at the cost of seven (7) days after notice and for the account of Lessee, all without resort to legal process and without being deemed guilty of trespass, or becoming liable for any loss or damage which may be occasioned thereby. If Lessor should elect to re-enter as herein provided, or should take possession pursuant to legal proceedings, it may terminate this Lease or it may from OWNER time to time without terminating this Lease make such alterations, and repairs as may be necessary in which order to cure relet the Premises, and relet said Premises for such term and at such rentals as Lessor may deem advisable. In the event of any default in such reletting, all rentals received by Lessor shall be applied first to the payment of fixed any indebtedness other than rent due hereunder from Lessee to Lessor; second, to the payment of any costs and expenses of such reletting, including the expense of alteration and repair; third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be applied by Lessor in payment of future rent due and unpaid hereunder. If such reletting shall yield rentals insufficient for any month to pay the rent due by Lessee hereunder for that month, Lessee shall be liable to Lessor for the deficiency and the same shall be paid monthly. No such re-entry or additional taking possession of Premises by Lessor shall be construed as an election to terminate this Lease unless a written notice of such intention be given to Lessee by Lessor at the time of such re-entry. Notwithstanding such re-entry and reletting without termination, Lessor may at any time thereafter elect to terminate this Lease for such previous breach, in which event it may recover from Lessee damages incurred by reason of such breach, including the cost of recovering the Premises and the difference in value between the rent The foregoing does not limit reserved hereunder for the right remainder of OWNER to impose the late charge term and interest as applicable in accordance with Article 53(A)the reasonable rental value of the Premises for the remainder of the term.
Appears in 2 contracts
Sources: Contract and Lease (Atlantic Integrated Health Inc), Contract and Lease (Atlantic Integrated Health Inc)
Default. (A) After Any act or omission by Subtenant that would constitute a breach or 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 termination covenant or condition set forth herein. In the event of this Lease pursuant to any breach or default by Subtenant hereunder or under the Lease, Sublandlord shall have each and all of the provisions hereofrights and remedies afforded Landlord under the Lease. In addition to the rights or remedies afforded Landlord under the Lease, includingSublandlord 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 limitationbeing liable for damages, pursuant and Subtenant shall thereupon be obligated to summary proceedings 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 otherwisedefault, plus interest thereon at the rate of ten percent (10%) per annum; (ii) terminate this Sublease and Subtenant’s interest in the Premises by giving Subtenant written notice thereof, in which event Subtenant shall pay to Sublandlord the sum of (a) all sums payable by TENANT Rent accrued hereunder up to through the time date of such termination shall become due thereupon and be paidtermination, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at total Rent that Subtenant would have been required to pay for the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement remainder of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the termTerm; (iii) upon default terminate Subtenant’s right to possess the 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 full date of termination of possession, (2) all amounts due from time to time under this Sublease, and timely payment of any rent (3) all Rent and additional installments, other net sums required hereunder to be paid by Subtenant during the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that Term, diminished by any net sums thereafter received by Sublandlord through reletting the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; Premises during such period, after deducting all costs incurred by Sublandlord in reletting the Premises and (civ) will be in addition to, to have any and not limit, any other all rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved now or hereafter afforded a landlord under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofapplicable law.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Default. If Tenant fails to pay Rent on or before the due dates as herein stated (ATIME IS OF THE ESSENCE) After this Lease shall be in default. If Tenant fails to cure such default within fifteen (15) days; or if Tenant shall be in default in performing any termination of the terms, covenants and conditions of this Lease pursuant to any other than the provision requiring the payment of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paidRent, and (b) OWNER may elect fails to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under cure such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, within thirty (30) days after the receipt of written notice of default from Landlord provided that if Tenant shall have diligently commenced such cure within such 30-day period, then such cure period shall be extended for so long as Tenant shall be diligently attempting to cure such non-monetary default, provided further that such aggregate cure period shall not exceed 90 days from the date of Landlord’s written notice of default to Tenant; or if Property shall be abandoned or deserted for forty five (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (12045) days) , or this Lease is assigned to complete such cure so long any other persons, firm, office or corporation, without the permission of Landlord as the cure is commenced within such thirty (30) day period required herein, this Lease, at Landlord’s option, shall expire and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of terminate seven (7) days after Landlord delivers written notice to Tenant of such condition or default and Tenant shall immediately quit and surrender said Property to Landlord. In the event of any such default or breach of performance, Landlord without any further notice or demand of any kind to Tenant, may, with or without terminating the Lease re-enter and forthwith repossess the entire Property and without being liable for trespass or damage shall relet, lease, or demise the Property to another Tenant without any hindrance or prejudice to Landlord’s right to distraint for any past due Rent, and Rent (including without limitation the reasonable costs of repair ad restoration of the Property required due to Tenant’s acts or omissions and Landlord’s reasonable brokerage commissions and reasonable attorneys fees incurred in connection with any such default and reletting), and from OWNER the time of such default or termination until the Property was leased or rented to another tenant, for all of which Tenant shall be responsible to Landlord. From and after any event of default that remains uncured beyond the applicable grace period set forth herein, as provided hereunder, in which addition to cure Landlord’s other rights and remedies hereunder and at law and equity, Landlord may charge Tenant default interest on any default amounts owing to Landlord hereunder at the rate of the Prime Rate of interest as published from time to time in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge Wall Street Journal plus four percent (4%). Landlord’s rights and interest as applicable in accordance with Article 53(A)remedies hereunder are cumulative.
Appears in 2 contracts
Sources: Triple Net Lease Agreement, Triple Net Lease Agreement (Blackbaud Inc)
Default. (A) After any termination The Company shall be in default under this Note upon the occurrence of this Lease pursuant to any of the provisions hereoffollowing events:
2.1 The Company fails to timely perform any of its obligations under, includingor otherwise breaches any covenants or warranties of this Note;
2.2 Any statement, without limitationrepresentation, pursuant or warranty made by the Company or its agents to summary proceedings Holder shall prove to have been false or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination materially misleading when made; and/or,
2.3 The Company shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofinsolvent, or if the demised premises are so reletunable to meet its obligations as they become due, or shall file or have filed against it, voluntarily or involuntarily, a petition under the United States Bankruptcy Code or shall procure or suffer the appointment of a receiver for any substantial portion of its failure to collect the rent properties, or shall make an assignment for benefit of creditors, or shall initiate or have initiated against it, voluntarily or involuntarily, any act, process, or proceedings under such reletting, and no refusal any insolvency law or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any other statute or rule law providing for the modifications or adjustment of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Leaseof creditors. UPON ANY EVENT OF DEFAULT, includingHOLDER MAY DECLARE THE ENTIRE UNPAID PRINCIPAL BALANCE OF THIS NOTE AND ALL ACCRUED UNPAID INTEREST IMMEDIATELY DUE, without limitationWITHOUT NOTICE, the right to collect damages as calculated under Article 16(b) as stated aboveAND THE COMPANY AGREES TO PAY SUCH AMOUNT IMMEDIATELY IN SUCH EVENT. IN THE EVENT OF DEFAULT, constitute a fair and reasonable amount of damages in the circumstances.
THE COMPANY AGREES TO PAY ALL OF HOLDER'S COSTS OF COLLECTION, INCLUDING ATTORNEY'S FEES; THIS SHALL INCLUDE LEGAL EXPENSES FOR THE BANKRUPTCY PROCEEDINGS OR INSOLVENCY PROCEEDINGS (B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2INCLUDING EFFORTS TO MODIFY OR VACATE ANY AUTOMATIC STAY OR INJUNCTION), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)COURT COSTS, APPEALS, POST-JUDGEMENT COLLECTION EXPENSES AND ANY OTHER AMOUNT PROVIDED BY LAW. THE PARTIES INTEND THIS PROVISION TO BE GIVEN THE MOST LIBERAL CONSTRUCTION POSSIBLE AND TO APPLY TO ANY CIRCUMSTANCES IN WHICH SUCH PARTY REASONABLY INCURS EXPENSES. NO DELAY OR OMISSION ON THE PART OF ANY HOLDER HEREOF IN EXERCISING ANY RIGHT OR OPTION HEREIN GIVEN TO SUCH HOLDER SHALL IMPAIR SUCH RIGHT OR OPTION OR BE CONSIDERED AS A WAIVER THEREOF OR ACQUIESCENCE IN ANY DEFAULT HEREUNDER. THE COMPANY HEREBY WAIVES ANY APPLICABLE STATUTE OF LIMITATIONS, PRESENTMENT, DEMAND FOR PAYMENT, PROTEST AND NOTICE OF DISHONOR.
Appears in 2 contracts
Sources: Convertible Note Agreement (Championlyte Holdings Inc), Convertible Note (Championlyte Holdings Inc)
Default. (A) After 10.1 If the PURCHASER –
10.1.1 fails to pay any termination amount in terms of this Lease pursuant CONTRACT, or
10.1.2 commits any breach of the remaining conditions of this CONTRACT and should the PURCHASER fail to remedy such breach within 7 (SEVEN) days of the date of delivery, if delivered by hand, or receipt if posted by prepaid registered post, of a written notice calling on him to remedy such breach, or
10.1.3 commits a repetition of such breach within a period of two months after having been warned by the SELLER to desist therefrom, the SELLER shall be entitled, without prejudice to any other rights, which it may have at law or in terms hereof and at the SELLER'S election to –
10.1.3.1 cancel this CONTRACT, and retake possession of the provisions hereofPROPERTY, including, without limitation, pursuant to summary proceedings or otherwise, (a) in which event all sums payable by TENANT hereunder up amounts paid to the time SELLER or to the CONVEYANCERS (including any amount paid in trust) shall be forfeited to and retained by the SELLER as rouwkoop; alternatively if the SELLER so elects he may recover any damages however incurred as a result of such termination shall become due thereupon cancellation (including any loss and be paidexpenses on a resale, and (b) OWNER may elect whether by public auction or private treaty), in which case the amount or amounts paid to receive damages calculated in accordance with Article 16(b). In either event, OWNER the SELLER or the CONVEYANCERS as aforesaid shall not be liable forfeited as rouwkoop but may be retained by the SELLER by way of set off or partial set off against the damages claimed by the SELLER or
10.1.3.2 claim immediate performance by the PURCHASER of all his obligations in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right terms of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, this CONTRACT whether or not the due date for the performance shall otherwise have arrived.
10.2 Notwithstanding the foregoing, should the SELLER exercise any of his rights in terms hereof and should the PURCHASER dispute the SELLER’S right to do so, then pending the determination of that dispute, the PURCHASER shall continue to pay all amounts payable in terms of this CONTRACT on the due date thereof, and to comply with all the terms hereof, and the SELLER shall be entitled to recover and accept such amount payments and/or other performance without prejudice to the SELLER’S claim to have exercised its rights in terms hereof, and in the event of the SELLER succeeding in such dispute, the SELLER shall be greaterentitled to retain such amounts received in the interim as payment for the occupational rights exercised and/or enjoyed by the PURCHASER in the interim.
10.3 For all purposes of this CONTRACT any act or omission on the part of any tenant, equal tonominee or other person who occupies the PROPERTY, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement invitee of the termPURCHASER, but OWNERor of such tenant, solely for TENANT’S conveniencenominee or other person who goes upon the PROPERTY, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or shall be deemed to be liquidated damages 1an act or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default omission of the nature specified in clause “(iii)” hereofPURCHASER.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Sectional Title Agreement of Sale, Sectional Title Agreement of Sale
Default. The following shall constitute a default under the terms hereof:
(Aa) After any termination In case Tenant fails to pay the rents herein reserved within ten days of this Lease pursuant to any due date, Landlord may ▇▇▇ for the same or recover possession by summary proceedings, or otherwise, and if possession be recaptured for non-payment of the provisions hereofrent, including, without limitation, pursuant to whether by summary proceedings or otherwisenot, Tenant shall be liable for the difference between the rents herein reserved for the remainder of the term, plus the expense of re-rental and the expense of procuring possession, less the rents actually received by the Landlord during the remainder of the term, herein provided, and suit may be brought for the rent or damages for each month if the Landlord so desires. The Tenant expressly waives any right or redemption that the Tenant might have under any applicable law.
(ab) all sums payable by TENANT hereunder up 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 time entire term of such termination this lease shall immediately become due thereupon and payable, and the Landlord may also at its option re-enter upon the said Demised Premises and 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 Landlord.
(bc) OWNER may elect In order to receive damages calculated more effectively secure to the Landlord the rent and other terms herein provided, it is agreed as a further condition of this lease that the filing of any petition in accordance with Article 16(b). In either eventbankruptcy, OWNER or assignment for the benefit of creditors by or against the Tenant shall not be liable in any way whatsoever for its failure or refusal deemed to relet the demised premises constitute a breach of this lease, and thereupon ipso facto and without entry or any part thereof, or if other action by the demised premises are so relet, or its failure to collect the rent under such relettingLandlord this lease shall become and be terminated, and no refusal or failure to relet to collect rent notwithstanding any other provisions of this lease the Landlord shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of forthwith upon such termination be entitled to recover damages for such breach in an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages the rent reserved in this lease for the circumstancesresidue of the term hereof, less the fair rental value of the Demised Premises for the residue of said term.
(Bd) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement Except for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable defaults provided above in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: "(a) will not constitute or be deemed to be liquidated damages or a penalty; )", "(b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to)", and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)."
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Default. (A) After For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any termination one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Lease pursuant to any of the provisions hereofAgreement, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, other contract or agreement between Borrower and Lender or its affiliates or if the demised premises Goods are so reletlevied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower, then Lender may, in its failure to collect sole option and discretion in any such event declare the rent under such relettingtotal amount unpaid hereunder, including accrued delinquency charges, and no refusal excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or failure legal process, or may require the Borrower to relet assemble the Goods and make it available to collect rent shall affect TENANT’s liability 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 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 holding Borrower liable for damages any deficiency; and in consideration of the use of the 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 waiving or otherwise hereunder. Nothing herein contained modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall limit or prejudice the right not constitute a waiver of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, subsequent breach whether or not such amount be greater, equal to, or less than the amounts referred to hereinof a like character. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in In the event of TENANT’s default bankruptcy or non-compliance are deemed to be cumulative and other insolvency proceedings, in addition to all the above remedies, the Lender shall be entitled to any rental or other remedies attainable at law or in equity, and all of income produced by the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
Goods prior to its release to Lender. ADDITIONAL PROVISIONS -- (D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1Continued)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Commercial Loan and Security Agreement (Boyd Bros Transportation Inc), Commercial Loan and Security Agreement (Boyd Bros Transportation Inc)
Default. (A) After For Use In All States Except Louisiana. Time is of the essence hereof and if Borrower defaults in any termination one of the payment on the loan or other payment provided for herein when due or breaches any other covenant or condition of this Lease pursuant to any of the provisions hereofAgreement, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, other contract or agreement between Borrower and Lender or its affiliates or if the demised premises Goods are so reletlevied upon, or Borrower becomes bankrupt or insolvent or a petition in bankruptcy is filed by or against the Borrower then Lender may in its failure to collect sole option and discretion in any such event declare the rent under such relettingtotal amount unpaid hereunder, including accrued delinquency charges, and no refusal excluding unearned interest immediately due and payable and may take possession of the Goods in a lawful manner wherever found without notice, demand or failure legal process, or may require the Borrower to relet assemble the Goods and make it available to collect rent shall affect TENANT’s liability 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 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 holding Borrower liable for damages any deficiency; and in consideration of the use of the 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 waiving or otherwise hereunder. Nothing herein contained modifying the terms of this Agreement and the waiver by Lender of a breach of any condition of this Agreement shall limit or prejudice the right not constitute a waiver of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, subsequent breach whether or not such amount be greater, equal to, or less than the amounts referred to hereina like character. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in In the event of TENANT’s default bankruptcy or non-compliance are deemed to be cumulative and other insolvency proceedings, in addition to all the above remedies, the Lender shall be entitled to any rental or other remedies attainable at law or in equity, and all of income produced by the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
Goods prior to its release to Lender. ADDITIONAL PROVISIONS -- (D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1Continued)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Commercial Loan and Security Agreement (Boyd Bros Transportation Inc), Commercial Loan and Security Agreement (Boyd Bros Transportation Inc)
Default. All 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.
(A) After 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 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 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 pursuant or to re-enter the Premises, including any and every form of demand and notice prescribed by any statute or other law, and agrees that the simple breach of any covenant or provision of this Lease by Tenant shall, of itself, without the service of any notice or demand whatsoever, permit the exercise by Landlord of any of the provisions hereofremedies provided to Landlord hereunder.
(D) If Tenant vacates or abandons the Premises, includingor otherwise entitles Landlord to so elect, and Landlord elects to terminate Tenant's right to possession only, without limitationterminating this Lease, pursuant Landlord may at 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 summary proceedings pay rent or otherwiseother charges hereunder for the full term, (a) all sums payable by TENANT hereunder up and in any such case Tenant shall pay forthwith to Landlord a sum equal to the time entire unpaid portion of such termination shall become due thereupon Total Base Rent and be paidAdditional Rent as adjusted, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b)any other rent or other charges due hereunder for the remainder of the term of this Lease, less any rentals received by Landlord on any reletting. In either eventUpon and after entry into possession without termination of this Lease, OWNER shall not be liable in any way whatsoever for its failure or refusal Landlord will attempt to relet the demised premises Premises or any part thereof, for the account of Tenant or if 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 demised premises are so reletnew 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 reletting.
(E) If Tenant shall default in the performance of any covenant herein contained, Landlord may immediately, or its failure at any time thereafter, without notice, perform the same for the account of Tenant. If Landlord at any time is compelled or elects to collect the rent under such relettingpay any sum of money, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages do any act by reason of such termination an amount equal the failure of 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 maximum allowed Tenant hereunder, the sum or sums so paid by any statute or rule of law in effect at the time whenLandlord, with all interest, costs and governing the proceedings in which such damages are damages, shall be deemed to be provedadditional rent hereunder and shall be due from Tenant to Landlord on the first day of the month following the incurring of such respective expense.
(F) Tenant hereby irrevocably appoints Landlord as agent and attorney-in-fact of Tenant, whether to enter upon the Premises, in the event of eviction of Tenant by court order or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under termination of this Lease, including, without limitation, and to remove any and all furniture and personal property whatsoever situated upon the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount Premises. Any property of damages in Tenant not removed from the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) Premises after the aggregate amount of all rent and additional rent are due and payable in full at the commencement end of the term, but OWNERor upon termination by any other reason whatsoever, solely 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 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 TENANT’S conveniencethe value, has permitted said amount 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 payable in equal monthly installments during Landlord's possession or under Landlord's control.
(G) If the term; (iii) upon default term of any lease, other than this Lease, made by Tenant for any other space in the full and timely payment Building shall be terminated or terminable after the making of this Lease because of any rent default by Tenant under such other lease, such default shall, ipso facto constitute a default hereunder and additional installmentsempower Landlord, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed at Landlord's sole discretion, to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to terminate this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default as herein provided in the fully and timely payment event of rent installment. The parties agree that default.
(H) Any right herein granted to Landlord to terminate this Article fairly reflects their intent with respect Lease shall apply to a default of the nature specified in clause “(iii)” any extension or renewal hereof.
(CI) The remedies granted to OWNER in No receipt of money by Landlord from Tenant after the event termination of TENANT’s default this Lease or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law after the service of any notice or in equityafter the commencement of any suit, and all or after final judgment for possession of the same may be exercised at one time Premises shall reinstate, continue or different timesextend the terms of this Lease or affect any such notice, concurrently demand or in suit or imply consent for any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyaction for which Landlord's consent is required.
(DJ) Notwithstanding anything 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 contrary extent therein stated. Landlord shall not be deemed in default of any of the terms, conditions, requirements and provisions of this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, 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 such non-monetary or remedy said default (rather than during said period. If the fifteen (15) days specified in Article 17(1)); provided default by Landlord shall be of a nature that if such cure cannot be completed completely cured within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such said thirty (30) day period and is diligently pursued to completion. Furthermorethen, notwithstanding anything to the contrary in Article 17(2), TENANT if Landlord shall have a diligently commenced curing same within said thirty (30) day period of seven (7) days after notice from OWNER in which then no default shall be deemed to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)have occurred.
Appears in 2 contracts
Sources: Office Lease Agreement (Claires Stores Inc), Office Lease Agreement (BMS Distributing Corp.)
Default. 19.1 If there shall be an Event of Default, then the provisions of Section 19.2 shall apply. Any notice given by Landlord pursuant to this Article or any other provision of this Lease may be the notice required or permitted pursuant to Section 1161 et seq. of the California Code of Civil Procedure or successor statutes, and the provisions of this Lease shall not require the giving of a notice in addition to such statutory notice to terminate this Lease and Tenant’s right to possession of the Premises. The periods herein specified within which Tenant is permitted to cure any default following notice from Landlord shall run concurrently with any cure period provided by applicable laws.
19.2 Upon an Event of Default, in addition to all other rights and remedies that may be available to Landlord pursuant to this Lease and applicable law, Landlord may exercise all or any one or more of the following remedies:
(Aa) After any Landlord may, at its option, terminate this Lease by written notice to Tenant and recover possession of the Premises. Following such termination, Landlord may recover from Tenant damages arising from the default and the termination of this Lease pursuant to any Lease, including without limitation the following:
(i) The Worth at the Time of Award of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to unpaid Base Rent and additional rent which had been earned at the time of such termination shall become due thereupon and be paid, and termination; plus
(bii) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect The Worth at the time when, and governing Time of Award of the proceedings in amount by which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent unpaid Base Rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) which would have been earned after termination until the aggregate time of award exceeds the amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the termsuch rental loss that Tenant proves could have been reasonably avoided; plus
(iii) upon default in The Worth at the full and timely payment Time of any rent and additional installments, the entire unpaid balance Award of the aggregate amount of all rent by which the unpaid Base Rent and additional rent for the then remainder balance of the term 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 Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of things would be likely to result therefrom; plus
(v) At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as originally reservedmay be permitted from time to time by the laws of the State in which the Property is located. As used in subsections (a)(i) will immediately become due and payable without notice (ii) above, the “Worth at the Time of Award” shall be computed by allowing interest at the Default Rate. As used in subsection (a)(iii) above, the “Worth at the Time of Award” 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%). In connection with any exercise by Landlord of the rights provided herein, Tenant waives all rights of redemption or demand; relief from forfeiture under Sections 1174 and TENANT agrees that 1179 of the provisions California Code of this Article: (a) will not constitute Civil Procedure and California Civil Code Section 3275 and under any other present or be deemed to be liquidated damages future law, in the event Tenant is evicted or a penalty; Landlord otherwise lawfully takes possession of the Premises by reason of any default by Tenant.
(b) will apply notwithstanding Landlord may exercise the remedy, described in Section 1951.4 of the California Civil Code (Landlord may continue the lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or assign, subject only to reasonable limitations). Notwithstanding any contrary provision election to continue this Lease in effect, Landlord may at any time thereafter elect to terminate this Lease or in any other manner exercise its rights and remedies for Tenant’s default.
19.3 During the continuation of an Event of Default by Tenant, whether or not this Lease and/or Tenant’s right of possession is terminated, Tenant shall not have the right to exercise any renewal or expansion right contained in this Lease; , and (c) will Landlord shall have the right to grant or withhold any consent or approval pursuant to this Lease in its sole and absolute discretion. The provisions contained in this Section shall be in addition to, and shall not limitprevent 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). If Landlord is entitled, or Tenant is required, pursuant to any provision hereof to take any action upon the end 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.
19.4 All rights and remedies available to OWNER pursuant to of Landlord set forth in this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other rights and remedies attainable available to Landlord at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise including those available as a result of any one anticipatory breach of this Lease. The exercise by Landlord of any such right or remedy will shall not operate as a waiver prevent the concurrent or preclude the 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 either party waives in writing any default by the other party hereto, 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.
(D) 19.5 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 anything 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.
19.6 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 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 contrary in this Leasedate of payment thereof by Tenant, TENANT shall haveconstitute additional rent due hereunder.
19.7 If Tenant fails to make any payment of Base Rent, after receiving a notice from OWNER regarding a non-monetary defaultadditional rent or any other sum on or before the date such payment is due and payable (without regard to any grace period), thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT then Landlord shall have the right to impose upon Tenant in writing a late charge of three percent (3%) of the amount of such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete payment. In addition, such cure so long as payment and such late fee shall bear interest at the cure is commenced within Default Rate from the date such thirty (30) day period and is diligently pursued to completion. Furthermorepayment or late fee, notwithstanding anything respectively, became due to the contrary in Article 17(2), TENANT shall have a period date of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the thereof by Tenant. Such late charge and interest as applicable in accordance with Article 53(A)shall constitute additional rent due hereunder without any notice or demand.
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 joint and several. No waiver, release or modification of the obligations of any such person or entity shall affect the obligations of any other such person or entity.
Appears in 2 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Guidance Software, Inc.)
Default. (A) After Tenant shall be deemed in default hereunder in the event Tenant fails to keep and perform any termination of its covenants or obligations hereunder. In the event of any breach of this Lease by Tenant, Landlord, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Demised Premises; and such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Should Landlord elect to re-enter as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any of the provisions hereofnotice provided for by law, includingLandlord may either terminate this Lease or may from time to time, without limitationterminating this Lease, pursuant re-let the Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the Lease Term) and at such rental or rentals and on such other terms and conditions as Landlord in its sole discretion may deem advisable, with the right to summary proceedings or otherwise, make alterations and repairs to the Demised Premises. On each such re-letting (a) all sums payable Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due hereunder, the expenses of such re-letting and repairs incurred by TENANT hereunder Landlord; and the amount, if any, by which the rent in this instant Lease for the period of such re-letting (up to but not beyond the time of Lease Term) exceeds the amount agreed to be paid as rent for the Demised Premises for such termination shall become due thereupon and be paid, and period on such re-letting; or (b) OWNER at the option of Landlord, rents received by Landlord from such re-letting shall be applied first to the payment of any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any expenses of such re-letting and of such repairs; third, to the payment of rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may elect to receive damages calculated in accordance with Article 16(b)become due and payable hereunder. In either eventIf, OWNER after the application of rent amounts received from re-renting, there is a deficit, the Tenant shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, said deficit. Such deficiency shall be calculated and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement immediately upon Landlord’s demand. No such re-entry or taking possession of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount Demised Premises by Landlord shall be construed as an election on the part of Landlord to be payable in equal monthly installments during terminate this Lease unless a written notice of such intention is given to Tenant or unless the term; (iii) upon default in termination thereof is decreed by a court of competent jurisdiction. In the full and timely payment of any event the Landlord is unable to re-rent and additional installmentsthe Demised Premises, the entire unpaid balance of the aggregate amount of Tenant shall remain wholly liable for all rent rental and additional rent other obligations provided for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofherein.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 2 contracts
Sources: Lease Agreement (Certified Diabetic Services Inc), Lease Agreement (Medical Solutions Management Inc.)
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated If a Borrower remains in accordance with Article 16(b). In either event, OWNER shall not be liable in default under any way whatsoever Loan for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days, then within three (3) business days thereafter, MFC will give ELK written notice of such default and simultaneously deliver copies of any written notice given to cure such non-monetary Borrower. MFC hereby agrees that in the even t of a default by the Borrower which remains uncured for seventy five (rather than 75) days, it shall endeavor to commence foreclosure proceedings against the fifteen (15) days specified subject Borrower and all Collateral security the Loan. in Article 17(1)); provided that any event, if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional default remains uncured for a period of one hundred twenty (120) days) , MFC must commence foreclosure proceedings unless ELK has previously agreed, in writing, to complete a forbearance regarding same. In the event MFC fails for any reason to enforce the Agreements pertaining to such cure so long as Loan, then ELK shall have the cure is commenced within such thirty (30) day period and is diligently pursued right, in addition to completion. Furthermore, notwithstanding anything any other rights it may have pursuant to the contrary terms of both the Agreements and this agreement, or at law or equity, on fifteen (15) days prior written notice to MFC, to take whatever steps it deems necessary and appropriate to protect its Participation Interest in Article 17(2such Loan. ELK’s rights with respect thereto shall include the independent right to commence a foreclosure proceeding, or appropriate litigation in its own name, as a subordinate holder of a security interest in the Collateral given by Borrower to secure the Loan, and thereafter ELK shall have the right to conduct the foreclosure sale or litigation, hire attorneys with respect thereto, disburse expenses and any taxes, parking tickets, violations, etc necessary to secure the Collateral, and pay obligations of the Borrower so that the Collateral can be sold and transferred at the City of Chicago Department of Consumer Services to a new purchaser thereof. All such disbursements paid by Elk to secure the Collateral, pay attorneys fees, and to pay and discharge taxes and other liabilities of Borrower necessary to permit the completion of a foreclosure sale shall be repaid to ELK out of the proceeds of the sale in the same order of priority to ELK as if MFC had paid for same and was seeking reimbursement thereof according to the terms and conditions set forth for reimbursement of such items as described in Paragraph 4 (a) (i) or 4 (b) (i), TENANT or as may otherwise be specifically set forth elsewhere in this Agreement. In the event Elk exercises its rights hereunder and gives MFC notice thereof as required by the terms of this paragraph, upon receipt of such notice, MFC shall have a period promptly deliver to ELK such Agreements, including, but not limited to, Notes and Security Agreements and other Agreements and records relating to the Loan, together with all necessary and proper assignments and documents of seven (7) days after notice from OWNER in which to cure any default in authority, that ELK may request for the payment purpose of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)protecting its Participation interest.
Appears in 2 contracts
Sources: Loan Portfolio Sale and Purchase Agreement, Loan Portfolio Sale and Purchase Agreement (Ameritrans Capital Corp)
Default. (A) After any termination If the renter is in default of this Lease pursuant to any of payment, the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER lessor may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure rental item without the renter being able to relet to collect rent object. The costs incurred shall affect TENANT’s liability for damages or otherwise hereunderbe borne by the renter. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitationAs a lump sum compensation, the right to collect damages as calculated under Article 16(b) as stated above, constitute lessor shall levy a fair and reasonable amount surcharge of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and 20% in addition to all other remedies attainable the immediately due ren- tal price. Packaging is included in the price. Shipping charges shall be borne by the renter. The power of disposal and the risks shall pass to the renter as soon as the rental item has been handed over to the renter or the carrier and will last until the property is returned at law or in equitythe location determined by the lessor. During this period, the renter shall bear sole responsi- bility for the rental item and all risks that could be directly or indirectly caused by use, such as fire, theft, explosion, accident, risks of any kind for the renter or third parties as well as for items. The renter shall be liable for any loss and/or damage to the rental item and the asso- ciated costs regardless of whether it was caused by a fault of third parties, by accident or by force majeure. The lessor is obliged to provide the rental item in a usable condition. If a rental item does not function properly, the lessor’s liability is limited exclusively to the quickest possible repair of the same may be exercised at one time rental item. The les- sor does not have to replace the item and is not liable for any loss of productivity or different times, concurrently income or in any order faulty work results due to a defect in the sole discretion rental item. The assertion of OWNERclaims for compensation for direct or indirect damages, such as loss of profit, loss of orders or image damage, is excluded. The rental items may only be operated by authorized persons. The lessor shall issue the declarations and instructions required for the exercise use of the rental item. By signing this contract, the renter confirms that he has received all necessary instructions or already has knowledge of it. The user declares that he has the skills necessary for the proper handling of the rental item. The renter knows all operating and safety regulations for the use of the rented machines. The renter is obliged to check the condition of the item upon delivery of the rental item and to record any defect or missing part in the rental agreement or on the delivery note. Any other defect must be reported in writing within one remedy will not operate as a waiver or preclude day after delivery. The renter must be able to specify the exercise exact location of the rental item at any other remedy.
(D) Notwithstanding anything to time and specify the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a remaining period of seven (7) days after notice from OWNER service. The ren- ter is entitled to inspect or have the rental item examined or examined at any time by prior agreement with the renter for its condition and to carry out such maintenance and service measures that he deems necessary. In case of improper use, the renter can interrupt or termi- nate the lease without any compensation for the renter. The motorized rope hoist may only be operated by authorized per- sons. The operator must be in which possession of the specific operating instructions. Warranty and liability claims for injury to cure any default in persons or damage property are excluded if they are due to one or more of the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)following.
Appears in 2 contracts
Sources: Rental Agreement, Rental Agreement
Default. In the event Tenant shall (Aa) After vacate or abandon* the Demised Premises at any termination time when a portion of the total rental remains due or unpaid, or in the event of nonpayment of any rent provided for in this Lease pursuant to agreement, or (b) in the event of any breach of any of the provisions hereofconditions, includingstipulations or covenants by the Tenant, without limitationas set forth in this Lease agreement, pursuant and said default shall continue or exist for a period of 15 days written notice of said default has been given to Tenant by Landlord, Tenant's rights to the possession of the Demised Premises shall constitute an unlawful detainer of the Demised Premises, and the Tenant shall forthwith become a Tenant at Sufferance. In the event that this Lease shall be terminated as herein provided, or by summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up the Landlord shall, at its option, have the right to immediately re-enter, retake and take possession of the time of such termination shall become due thereupon Demised Premises and be paiddeclare said term and Lease ended and to expel and remove Tenant and each and every person in or upon said Demised Premises, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice ; all of the right of OWNER Tenant in and to prove this instrument and obtain as liquidated damages by reason of such termination an amount equal in and to the maximum allowed by any statute or rule of law in effect at the time whenproperty herein Leased and rented, and governing in and to the proceedings use of said Demised Premises and building and appurtenances which have become permanent fixtures, shall thereupon automatically become terminated and forfeited; then in which such damages are case, all the right, estate and interest of the Tenant in and under this indenture and in the Demised Premises hereinbefore described, and all improvements then situated in and upon said Demised Premises, together with all rents, issues and profits of said premises and the improvements thereon, and together with the security deposit, any advanced rental required to be provedpaid herein, whether then accrued or not such amount be greaterto accrue, equal toshall, or without any compensation made therefor unto to the Tenant, at once pass to and become the property of Landlord. However, Landlord may, at its option, re-enter and retake possession of the Demised Premises, and offer the Demised Premises for rent as agent for Tenant. In the event Landlord is able to re-rent the Demised Premises for a monthly rental less than the amounts referred amount stipulated herein, or for a term shorter than the remaining term hereof, Tenant shall remain liable for any shortage of rental income over and above the amount realized on a re-rental or for any period hereof, beyond the term of any new Lease. In any event, this clause hereof shall not require Landlord to herein. TENANT agrees that re-enter the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the termDemised Premises, but OWNERLandlord may, solely for TENANT’S convenienceat its option, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full do nothing and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent hold Tenant responsible for the then remainder of the term (rent as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed when it accrues from time to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereoftime thereafter.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. If default be made in the payment of rent herein reserved or any part thereof for ten (A10) After any termination of this Lease pursuant to days after written notice from Landlord or if default be made in any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon other covenants and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing agreements herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or kept by the Tenant which default (other than nonpayment of rent) is not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, cured within thirty (30) days following notice to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); Tenant, provided that however, if such cure default cannot reasonably be completed cured within thirty (30) days, Tenant shall not be in default hereunder as long as Tenant commences such cure within such thirty (30) day period, TENANT or if the Tenant shall make an assignment for the benefit of creditors, or if a receiver or trustee of the Tenant's property shall be appointed which is not removed within sixty (60) days, then it shall be lawful for the Landlord at the Landlord's election to declare said term ended and to re-enter the Premises or any part thereof without such re-entry working a forfeiture of rents to become due hereunder, either with or without process of law, and to expel, remove, and put out the Tenant or any person or persons occupying the same, using such force as may be necessary so as to repossess and enjoy the demised Premises as before this demise, without prejudice to any remedies which the Landlord might otherwise have.
(a) In the event that this lease is terminated, the Landlord shall make reasonable effort to re-let the Premises, but shall have the sole authority to determine and receive the rent therefore, applying the same to the payment of the rent due by these presents, including reasonable expenses of re-rental such additional time as needed advertising, rental commission, decorating and repairs and, if the full rental herein provided shall not be realized by the Landlord over and above such expenses of reletting, the said Tenant shall pay any deficiency in all events and shall remain liable for failure to comply with all the other terms, covenants and conditions of this lease. Said deficiency shall be computed by subtracting the amount of rent that the Landlord is scheduled to receive from any re-rental from the amount of rent that the Tenant would have paid throughout the term of this lease. The Landlord shall compute the amount of said damages and shall render a statement to the Tenant for said amount. The Tenant shall each month make a payment equal to the difference between the rent due under this Lease and the rent due under such sublease for such month. In addition to the foregoing, the Tenant shall be liable for all other damages suffered by the Landlord in the event of a breach of this lease.
(but b) The Landlord shall have, in addition to the rights and remedies of the Landlord enumerated in this lease (which shall be cumulative), such other rights and remedies as may be allowed by law or in equity. If the Landlord engages the services of an attorney-at-law after a default as aforesaid, the Tenant shall reimburse the Landlord for the actual amount of costs reasonably incurred plus a reasonable attorney's fee. In the event there are any sums due the Landlord by the Tenant following said breach, and said sums are not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced paid within such thirty (30) day period and is diligently pursued to completion. Furthermoredays after the time they become due, notwithstanding anything the Tenant shall pay to the contrary in Article 17(2), TENANT shall have a period Landlord interest on said sums at the rate of seven one percent (71%) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)per month.
Appears in 1 contract
Sources: Lease (VeruTEK Technologies, Inc.)
Default. 16.01 If the aforesaid rental or any part thereof shall remain unpaid for ten (A10) After any termination days after written notice, or if Lessee shall violate or be in default on the performance of this Lease pursuant to any of the provisions other covenants or conditions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than written notice or if Tenant abandons or vacates the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as Premises during the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have term of this Lease for a period of seven (7) days after notice from OWNER in which to cure time consisting of at least 15 consecutive business days, or if Tenant shall be adjudicated bankrupt, or makes any default in assignment for the payment benefit of fixed rent or additional rent The foregoing does creditors, Landlord may enter into said premises, and again have and repossess the same as if this Lease had not limit the right of OWNER to impose the late charge and interest as applicable been made in accordance with Article 53(A)applicable law. In case of any such default or entry, Landlord shall thereupon have the right at its option and in its sole discretion: (1) to terminate this Lease and the rent for the entire term shall at once become due and payable and Landlord may proceed to collect the rent for the entire term as if by the terms of this Lease the entire rent for the entire term shall be made payable in advance; or (2) to relet said premises from time-to-time during the remainder of the Lease Term for the highest rent obtainable and it may recover from Tenant any deficiency between such amount and the rent herein reserved, it being the intention of the parties that such re-entry and reletting shall not discharge Tenant from liability for rent or for any other obligations of Tenant under the terms of this Lease. In addition, upon default hereunder, Landlord shall also be entitled to recover the cost of reletting the leased premises, including, but not limited to advertising costs. Landlord may waive any default without impairing the right to declare subsequent default hereunder, this right being a continuing one. Should Landlord place the claim for any past-due rent or any other sum due Landlord under the terms and provisions of this Lease in the hands of an attorney for collection, the Tenant shall pay, in addition to the amounts due under any such claim, all reasonable costs, charges and expenses in connection with the collection thereof, including a reasonable attorney's fee to the attorney handling such claim.
Appears in 1 contract
Sources: Lease Agreement (Renex Corp)
Default. (Aa) After In the event that Tenant shall fail to pay any termination installment of rent within ten (10) days from the date that the same shall become due hereunder or shall fail to pay any Insurance premiums or taxes and assessments within ten (10) days after written notice from Landlord that the same shall be due, or in the event that Tenant shall fail in the observance or performance of any of the other terms, conditions and provisions of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less more than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days after written notice of such default shall have been mailed to cure such non-monetary default Tenant (rather than the fifteen (15) days specified in Article 17(1)); provided provided, however, that if Tenant shall promptly proceed to correct such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such failure upon notice thereof then said thirty (30) day period and is diligently pursued to completion. Furthermoreif insufficient, notwithstanding anything shall be extended for such reasonable time as may be necessary), or in the event that Tenant shall be adjudicated insolvent or bankrupt pursuant to the contrary in Article 17(2)provisions of any state or federal insolvency or bankruptcy act, TENANT or if Tenant shall make a general assignment for the benefit of creditors, or if a receiver of the property of Tenant shall be appointed and such appointment shall not be vacated within 120 days after it is made, or if Tenant shall allow or permit any lien for labor or material to attach to the Premises, then Landlord, besides other rights or remedies Landlord may have, shall have the immediate right to reenter the Premises and remove all persons and property from the Premises, all without service of notice or resort to legal process and without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby.
(b) Should Landlord elect to reenter the Premises, as herein provided, or should Landlord take possession pursuant to Legal proceedings or pursuant to any notice provided by law, Landlord may either terminate this Lease or may, from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Premises and relet the Premises or any part thereof as the agent for and in the name of Tenant, for such term or terms (which may be for a period term extending beyond the term of seven (7this Lease) days after notice from OWNER and at such rental or rentals and upon such other terms and conditions as Landlord in which Landlord’s sole discretion may deem advisable. Upon each such reletting, all rentals received by Landlord shall be applied first to cure any default in the payment of any indebtedness other than fixed annual rent due hereunder from Tenant to Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees, attorneys’ fees and costs of such alterations and repairs; third, to the payment of such fixed annual rent under the terms of this Lease, due and unpaid; and the residue, if any, shall be held by Landlord and applied in payment of future required payments under the terms of this Lease as the same may become due and payable. If such rentals received from such reletting during any month be less than the required payments to be paid during that month by Tenant under the terms of this Lease, Tenant shall pay any such deficiency to Landlord.
(c) No such reentry or additional rent The foregoing does taking possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate this Lease unless a written notice of such intention be given to Tenant or unless the termination thereof by decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, then in addition to any other remedies Landlord may have, Landlord may recover from Tenant all damages Landlord may incur by reason of such breach, including the cost of recovering the Premises and reasonable attorneys’ fees, all of which amounts shall be immediately due and payable from Tenant to Landlord.
(d) In the event that Tenant shall fail in the observance or performance of any of the terms, conditions or provisions of this Lease, including but not limit limited to payments of money to Landlord or any other person or entity, and Landlord engages the right services of OWNER an attorney to impose enforce such terms, conditions or provisions, then and in such event, Landlord shall be entitled to recover from Tenant the late charge entire cost of collection or other enforcement, including reasonable attorneys’ fees. In the event that Landlord shall fail in the observance or performance of any of the terms, conditions or provisions of this Lease on its part to be performed, and interest as applicable Tenant engages the services of an attorney to enforce such terms, conditions or provisions, then and in accordance with Article 53(A)such event, Tenant shall be entitled to recover from Landlord the entire cost of enforcement, including reasonable attorneys’ fees.
Appears in 1 contract
Default. (A) After If Tenant fails to make any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable payment required by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute lease, when due, or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, fails within thirty (30) days after written notice thereof to cure correct any breach or default of the other covenants, terms or conditions of this lease, or if Tenant breaches this lease and abandons the property before the end of the term, Landlord shall have the right at any time thereafter to elect to terminate said lease and Tenant’s right to possession thereunder. Upon such non-monetary default termination, Landlord shall have the right to recover against Tenant:
A. The worth at the time of award of the unpaid rent which has been earned at the time of termination;
B. The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that the Tenant proves could have been reasonably avoided;
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 the Tenant proves could be reasonably avoided; and
D. Any other amount necessary to compensate the Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under the lease or which in the ordinary course of things would be likely to result therefrom. The “worth at the time of award” of the amounts referred to in subparagraphs A and B above shall be computed by allowing interest at ten (rather than 10%) percent per annum. The Worth at the fifteen time of award of the amount referred to in subparagraph C 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 (151%) days specified percent. Such efforts as Landlord may make to mitigate the damages caused by Tenant’s breach of this lease shall not constitute a waiver of Landlord’s right to recover damages against Tenant hereunder, nor shall anything herein contained affect Landlord’s right to indemnification against Tenant for any liability arising prior to the termination of this lease for personal injuries or property damage, and Tenant hereby agrees to indemnify and hold Landlord harmless from any such injuries and damages, including all attorney’s fees and costs incurred by Landlord in Article 17(1))defending any action brought against Landlord for any recovery thereof, and in enforcing the terms and Provisions of this indemnification against Tenant. Notwithstanding any of the foregoing, the breach of this lease by Tenant, or an abandonment of the demised premises by Tenant, shall not constitute a termination of this lease, or of Tenant’s right of possession hereunder, unless and until Landlord elects to do so, and until such time Landlord shall have the right to enforce all of its rights and remedies under this lease, including the right to recover rent, and all other payments to be made by Tenant hereunder, as it becomes due; provided provided, however, that if until such cure cantime as Landlord elects to terminate this lease, and Tenant’s right of possession hereunder, Tenant shall have the right to sublet the demised premises or to assign its interests in this lease, or both, subject only to the written consent of Landlord, which consent shall not be completed within unreasonably withheld. As security for the performance by Tenant of all of its duties and obligations hereunder, Tenant does hereby assign to Landlord the right, power and authority, during the continuance of this lease, to collect the rents, issues and profits of the demised premises, reserving unto Tenant the right, prior to any breach or default by it hereunder, to collect and retain said rents, issues and profits as they become due and payable. Upon any such thirty (30) day periodbreach or default, TENANT Landlord shall have the right at any time thereafter, without notice except as provided for above, either in person, by agent or by a receiver to be appointed by a court, enter and take possession of said demised premises and collect such additional time rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as needed (but Landlord may determine. The parties hereto agree that acts of maintenance or preservation or efforts to release the premises, or the appointment of a receiver upon the initiative of the Landlord to protect its interests under this lease shall not more than an additional one hundred twenty (120) days) to complete such cure so long as constitute a termination of Tenant’s right of possession for the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have purposes of this paragraph unless accompanied by a period of seven (7) days after written notice from OWNER in which Landlord to cure any default in the payment Tenant of fixed rent or additional rent The foregoing does not limit the right of OWNER Landlord’s election to impose the late charge and interest as applicable in accordance with Article 53(A)so terminate.
Appears in 1 contract
Default. (A) After any termination of this Lease pursuant to any The Lessor shall have a lien upon all the personal property of the provisions hereofLessee moved in and located upon the leased premises or in the aforesaid building, including, without limitation, pursuant as and for security for the rent herein provided to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up be paid; and such installments of rent as shall remain unpaid to the time of such termination amount and extent thereof which shall become due thereupon and are hereby made a specific lien upon such personal property as shall be paidin said leased premises or in and upon the building, to all intents and (b) OWNER may elect purposes as though the Lessee had executed a chattel deed of trust to receive damages calculated in accordance with Article 16(b). In either event, OWNER secure the Lessor for the said rent reserved; and the Lessee shall not be liable in remove or attempt to remove any way whatsoever for its failure or refusal to relet the demised personal property so moved into said leased premises or the aforesaid building, while there yet shall remain due and owing any part thereofportion of the rent reserved by this lease; and should said Lessee attempt to remove such property, the Lessor is hereby empowered to seize and detain the same until said Lessor shall be fully paid for such rent as shall be, or thereafter becomes, due under the terms of this lease. If the Lessee shall neglect to make any payment of rent when due or within three (3) days after the same is due, or if the demised premises are so reletLessee shall fail or neglect to keep and perform any condition or covenant therein on their part to be kept or performed, or its failure shall violate any provision of this lease, then the Lessor, without any previous notice or demand may terminate this lease agreement and may require the Lessee to collect vacate the rent under such relettingspace hereby leased, or the Lessor may “lock-out” the Lessee or may enter the premises and no refusal or failure expel the Lessee therefrom without prejudice to relet other remedies and without being deemed guilty of any manner of trespass; and notice to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove quit possession and obtain as liquidated damages by reason every other formality is hereby expressly waived in case of such termination an amount equal default of breach of this lease agreement. If the Lessee fails to vacate the maximum allowed by any statute or rule of law in effect at leased space as herein provided, the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, Lessor shall have the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay remove all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement personal property of the term, but OWNER, solely for TENANT’S convenience, has permitted Lessee from the leased space and place the same either in storage provided by the Lessor or provided by a storage company having facilities in this state. Upon placing said amount to be payable personal property in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installmentsstorage, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT Lessor shall have a period lien on said property for the cost of seven (7) days after notice removing the personal property from OWNER the leased space to a place of storage, the cost of the storage and as security for all unpaid rent and other sums due the Lessor herein required to be paid. The lien upon such personal property may be satisfied by the sale of it by the Lessor in which the same manner and according to cure any default the requirements of the Uniform Commercial Code as then existing in this state. Upon the sale of such personal property, the proceeds shall be applied to the expenses incurred in making such sale, the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER amounts due for removal from the leased space, storage and sums due the Lessor. If there shall be any balance, it shall be paid to impose the late charge and interest as applicable in accordance with Article 53(A)Lessee.
Appears in 1 contract
Sources: Lease Agreement
Default. The happening of one or both (AA or B) After any termination of the following listed events shall constitute a breach of this Lease pursuant to any Agreement on the part of the Tenant, namely:
A. The failure of Tenant to pay rent due under this Lease within ten (10) days following written notice from Landlord of failure to pay the full monthly rental on the first day of any rental month. After such notice has been given to Tenant a total of three times, no further notice shall be required if Tenant subsequently defaults in payment of any monthly rental payment next due thereafter.
B. The failure of Tenant to fully and promptly perform any act required under this Lease or to otherwise comply with any terms or provisions hereofhereof 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, includingtime is of the essence.
C. For the purposes of Section B of this Paragraph 17, if the default complained of be a default other than one which may be cured by the payment of money, no default on the part of the Tenant in the performance of work required to be performed or acts to be done or conditions to be met shall be deemed to exist if steps shall have been commenced in good faith by the Tenant within the 30-day grace period to rectify same and shall be prosecuted to completion with diligence and continuity. Upon the happening of any event of default by Tenant, Landlord, if Landlord shall so elect, may either (1) terminate the terms of this Lease Agreement, or (2) terminate Tenant's right to possession or occupancy of the premises without limitationterminating the term of this Lease Agreement, pursuant 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 summary proceedings or otherwiseterminate the terms of this Lease Agreement, (a) Landlord, upon such termination, shall be entitled to recover of Tenant all sums accrued rent due and payable by TENANT hereunder up to at the time of such termination default, plus any rents paid in advance, which shall become be applied to any balance due thereupon 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 after all accrued rents and be any funds owed to Landlord on account of any other terms of this Lease are paid, then Tenant's obligations and (b) OWNER may liability under this Lease shall terminate. If Landlord shall elect to receive terminate Tenant's right to possession only without terminating the terms of this Lease, Landlord, at Landlord's option, may enter upon the premises, remove Tenant's property, and hold possession of and sell the same and apply the proceeds first to the cost of sale, second to rents and damages calculated due Landlord, and the surplus, if any, shall be paid to Tenant, without any such possession or sale terminating the terms of this Lease or otherwise releasing Tenant in accordance with Article 16(b)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 for all rents due under this Lease. In either eventHowever, OWNER shall not be liable in any way whatsoever for its failure or refusal Landlord will make reasonable efforts to relet the demised premises premises, or any part thereof, at a reasonable rent to any person, firm or corporation other than Tenant. If any rent collected by Landlord upon such re-letting is not sufficient to pay monthly the full amount theretofore paid by Tenant, Tenant shall pay to Landlord the amount of each monthly deficiency upon demand, and, if the demised premises are rent so relet, or its failure collected from such re-letting is more than sufficient to collect pay the full amount of the rent under such relettingreserved hereunto, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice Landlord shall, at the right end of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal the stated term hereof, apply any surplus to the maximum allowed by extent thereof to the discharge of any statute or rule obligation for Tenant under the terms of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, includingand any remaining surplus shall be paid to Tenant. However, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement nothing herein shall render Tenant liable for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to any greater sum than would be payable if Tenant were not in equal monthly installments during default under the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Lease Agreement (Market America Inc)
Default. 9.01 Each and every payment of rent and every other payment payable by the Tenant to the Landlord hereunder shall bear interest at the rate of five percent (A5%) After any termination per annum greater than the prime rate of interest set by the Landlord's bank, from the date when the same became payable under the terms of this Lease pursuant lease until the same has been paid, and such interest shall accrue and be payable without the necessity of any demand therefore being made.
(a) It is hereby expressly understood and agreed that if, at any time and so often as the same shall happen, the Tenant makes default in the observance or performance of any covenant contained herein to be observed or performed by it, or fails to make payment of any money hereby undertaken to be paid by it, then the Landlord may, but shall not be obligated so to do, without waiving or releasing the Tenant from its obligations under this lease, itself observe and perform the covenant or covenants in respect of which the Tenant has made default or make payment of the provisions hereofmoneys the Tenant has failed to pay.
(b) All costs and expenses incurred by the Landlord in the observance or performance of such covenant or covenants, including, without limitation, pursuant legal costs and any moneys so paid by the Landlord, will, with interest thereon, be a charge on the leased premises in favour of the Landlord in priority to summary proceedings the interest of the Tenant hereunder and of any person claiming through or under the Tenant, and all such costs, expenses and moneys and interest thereon shall be payable forthwith by the Tenant to the Landlord, and the Tenant covenants to pay the same forthwith on demand by the Landlord, and the Landlord shall have the same rights and remedies and may take the same steps for the recovery thereof as for the recovery of rent in arrears.
(c) PROVIDED, and it is expressly understood and agreed, that if the Tenant fails to make payment of any money demanded of the Tenant by a person other than the Landlord, and if the Tenant in good faith disputes the amount or propriety of any such claim made upon it, and if forfeiture of the building or lands or the registration of a lien against the building or lands will not result from nonpayment, then the Landlord shall not pay the same until such dispute has been resolved either by agreement of the Tenant or by the decision of a competent authority, and then only in the event that the Tenant has failed for a period of 10 days or more to make payment of the same.
9.03 Whenever the Landlord has the right under this lease to enter the leased premises, whether to inspect, repair, exhibit, re-enter or otherwise, (a) all sums payable and the Tenant neglects or refuses or is unavailable to allow such entry, the Landlord may enter by TENANT hereunder up to the time use of a master key or by such termination shall become due thereupon and force as may be paidreasonably necessary, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER the Landlord shall not be liable for any loss, damage or inconvenience suffered by the Tenant thereby.
(a) The Tenant waives and renounces the benefit of any present or future law taking away or limiting the Landlord's rights against the property of the Tenant and, notwithstanding any such law, the Landlord may seize and sell all the Tenant's goods and property whether within the leased premises or not, and apply the proceeds of such sale to rent and all other amounts outstanding and to the costs of the seizure and sale in the same manner as might have been done if such law had not been passed. This clause shall only apply in the event that the Tenant is in default under this lease.
(b) The Tenant further agrees that if it leaves the leased premises, leaving any way whatsoever rent or other amounts required to be paid under this lease unpaid, the Landlord, in addition to any remedy otherwise provided by law, may seize the goods and chattels of the Tenant at any place to which the Tenant or any other person may have removed them, and may sell such goods and chattels in the same manner as if such goods and chattels had remained upon the leased premises.
9.05 If and whenever the rent hereby reserved or any part thereof shall not be paid on the day appointed for its failure payment thereof, whether lawfully demanded or refusal not, or in case of breach or non-observance or non-performance of any of the covenants, agreements, provisos, conditions or rules and regulations to relet be kept, observed or performed by the demised Tenant, or in case the leased premises shall be vacated or remain unoccupied for 10 days, or in case the term shall be taken in execution or attachment for any cause whatsoever, THEN and in every such case, and notwithstanding anything contained in this lease to the contrary, it shall be lawful for the Landlord thereafter to enter into and upon the leased premises or any part thereofthereof in the name of the whole and to have again, or if repossess and enjoy the demised premises are so reletsame as of its former estate, or its failure to collect PROVIDED ONLY that the rent under such reletting, and no refusal or failure to relet to collect rent Landlord shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice not at any time have the right of OWNER to prove re-enter and obtain as liquidated damages forfeit this lease by reason of such termination an amount equal the Tenant's default in payment of rent reserved by this lease, unless and until the Landlord shall have given to the maximum allowed by any statute or rule Tenant at least 5 business days' written notice of law its intention so to do and setting forth the amount of rent in effect at the time whenarrears, and governing the proceedings in which Tenant shall have failed within such damages are period to be proved, whether or not such amount be greater, equal to, or less than have paid the amounts referred to herein. TENANT arrears.
9.06 The Tenant covenants and agrees that on the rights and remedies afforded Landlord's becoming entitled to OWNER re-enter the leased premises under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount any of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition tolease, and not limitthe Landlord, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law rights, shall have the right to enter the leased premises as the agent of the Tenant, either by force or in equityotherwise, without being liable for any prosecution therefor, and all to relet the leased premises as the agent of the Tenant, and to receive the rent therefor, and as the agent of the Tenant to take possession of any furniture or other property on the leased premises and to sell the same may be exercised at one time public or different timesprivate sale without notice, concurrently or in and to apply the proceeds of such sale and any order in rent derived from re-letting the sole discretion leased premises upon account of OWNERthe rent under this lease, and the exercise Tenant shall be liable to the Landlord for any deficiency.
9.07 The Tenant covenants and agrees that on the Landlord's becoming entitled to re-enter the leased premises under any of the provisions of this lease, the Landlord, in addition to all other rights, shall have the right to terminate forthwith this lease and the term by leaving upon the leased premises notice in writing of its intention to do so, and thereupon rent and additional rent shall be computed, apportioned and paid in full to the date of such termination of this lease, and any other payments for which the Tenant is liable under this lease shall be paid, and the Tenant shall immediately and peaceably deliver up possession of the leased premises to the Landlord, and the Landlord may re-enter and take possession of the same.
9.08 No condoning, excusing or overlooking by the Landlord of any one remedy will not default, breach or non-observance by the Tenant at any time in respect of any covenant, proviso or condition contained herein shall operate as a waiver or preclude of the exercise Landlord's rights hereunder in respect of any other remedycontinuing or subsequent default, breach or non-observance, or so as to defeat or affect in any way the rights of the Landlord herein in respect of any such continuing or subsequent default or breach, and no waiver shall be inferred from or implied by anything done or omitted by the Landlord, save only express waiver in writing.
(D) Notwithstanding anything 9.09 All rights and remedies of the Landlord contained in this lease shall be cumulative and not alternative.
9.10 In the event of any breach by the Tenant of any covenant or proviso herein, the Landlord shall have the right to retain counsel to enforce the Landlord's rights hereunder or to advise thereon, and any solicitor-client costs incurred by the Landlord shall be paid by the Tenant to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Landlord forthwith on demand.
Appears in 1 contract
Default. (A) After If any termination default shall be made by Lessee in the performance of any of the covenants or terms of this Lease pursuant Agreement or the Public Improvements Use Fee Agreement, and, if applicable, such default shall continue beyond any notice period applicable with respect to such default hereunder or under the terms of the Public Improvements Use Fee Agreement (whether notice is given by Lessor hereunder or by MBOI as provided in the Public Improvements Use Fee Agreement); or if the property shall become vacated or abandoned; or if Lessee shall be dispossessed therefrom during the term of this Lease Agreement; or if a petition for bankruptcy or assignment for the benefit of creditors shall be filed by Lessee (or by any one of the corporations comprising Lessee) or if Lessee (or any one of the corporations comprising Lessee) shall be finally adjudicated bankrupt and the same shall not be discharged within ten (10) days after written demand therefor by Lessor; then Lessee does hereby authorize and empower Lessor to annul and cancel this Lease Agreement at once and to re-enter the property and take possession of said property immediately and by force if necessary without any previous notice of intention to re-enter, and remove all persons and their property therefrom, and to use such force and assistance in effecting and perfecting such removal as Lessor may deem advisable to recover at once full and exclusive possession of all of said leased premises, whether the said premises be in possession of Lessee or of third persons, or whether the premises be vacant. Alternatively, Lessor may, at its option, at any time after such default in the performance of any of the provisions hereofcovenants or terms of this Lease Agreement, includingre-enter and take possession of said premises without such re-entering working a forfeiture of the rents to be paid and the covenants to be kept and performed by Lessee for the full term of this Lease Agreement. In such event, without limitationLessor may, pursuant to summary proceedings or otherwiseat its option, (a) all sums payable by TENANT hereunder up re-let the premises and receive the rental therefor, applying the same first to the time payment of such termination shall become due thereupon expenses for re-entering and be paidre-letting (including reasonable attorneys’ fees and the expense of making the premises acceptable to a new tenant), and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either eventthen for the payment of rent and the fulfillment of Lessee’s agreements hereunder, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be provedcase Lessee shall remain liable only for the difference, whether or not such amount be greaterif any, equal to, or less than between the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will Lease Agreement and the amount received from a new tenant, after deducting the expenses set forth above. The foregoing remedies shall not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition toexclusive, and not limitLessor may, at its option, pursue any other rights and applicable remedy available under the laws of the State of Montana, including without limitation any remedy or remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default provided in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofPublic Improvements Use Fee Agreement or any related Document.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Ground Lease Agreement
Default. (A) After any termination of this Lease pursuant If the Tenant shall neglect or fail to perform or observe any of the provisions hereofcovenants, includingconditions or obligations on the part of the Tenant herein contained or observed; or if any petition shall be filed by or against Tenant under any Bankruptcy or Insolvency Law, now or hereinafter enacted, State or Federal; or if the estate hereby created shall be attached or taken by legal process; or if the Tenant shall make an assignment for the benefit of its creditors by way of trust mortgage, judicial proceedings, or otherwise; or if a receiver, trustee or similar officer shall be appointed to take charge of any part of the Tenant's property; then and in any of such events notwithstanding any waiver or license of any former breach and without limitation, pursuant prejudice to summary proceedings any other remedy which the Landlord may have for arrears of rent or otherwise, (a) all sums payable by TENANT hereunder up to Landlord may, without demand or notice, enter into and upon the time of such termination shall become due thereupon and be paidDemised Premises, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if in the demised premises are so relet, or its failure to collect name of the rent under such relettingwhole, and no refusal repossess the same as of its former estate, and expel the Tenant and those claiming by, through or failure under it, and remove its or their goods and effects, forcibly if necessary, and may store the same in the name and at the expense of the Tenant, and upon entry as aforesaid this Lease shall terminate. Such entry may be effected by written notice to relet Tenant to collect rent shall affect TENANT’s liability the same effect as actual entry for breach of condition. In the event of such termination, the Tenant covenants and agrees to indemnify and hold harmless the Landlord from and against any and all loss of rent, damages or otherwise hereunder. Nothing herein contained shall limit or prejudice and other expenses, including reasonable attorneys' fees, brokerage, and costs of reletting incurred by the right of OWNER to prove and obtain as liquidated damages Landlord by reason of such termination an amount equal termination, from time to time, upon demand of the Landlord. The Tenant further agrees that it will, upon demand, pay to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER Landlord in the event of TENANT’s default or non-compliance are deemed such termination a sum equal to be cumulative the amount by which the rent and in addition to all other remedies attainable at law or in equity, and all charges herein reserved for the balance of the same may term hereinabove specified exceeds the fair market rental value of the Demised Premises for the balance of said term. Credit shall be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything given to the contrary in liability of Tenant to indemnify Landlord under this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary paragraph 20 for any payments made under the preceding sentence. Prior to termination of this Lease by Landlord by reason of Tenant's default, thirty Landlord shall give Tenant ten (3010) days written notice with respect to cure such non-monetary default (rather than the any payment of money and fifteen (15) days specified written notice in Article 17(1)); all other events, provided that if such cure by reason of the nature of the default the same cannot be completed reasonably cured within such thirty said fifteen (3015) day period, TENANT Tenant shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as be deemed in default, if Tenant shall commence the cure is commenced within such thirty said fifteen (3015) day period and is proceed diligently pursued thereafter to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Lease (Viasat Inc)
Default. Tenant shall be in default hereunder if (Aa) After Tenant fails to pay within five (5) days of when due, any termination Rent and any other sums due under this Lease or any other sums required to be paid by Tenant under this Lease; or (b) Tenant fails to observe and perform any of the other terms, covenants and conditions of this Lease pursuant and such default shall continue for more than fifteen (15) days after written notice from Landlord to any Tenant. Landlord shall have all remedies available to Landlord at law and in equity in the event of the provisions hereofTenant’s default under this Lease, which remedies are cumulative and not mutually exclusive, including, without limitationbut not limited to, pursuant the right of acceleration. In the event of such default, Landlord may recover from Tenant damages computed in accordance with the following formula, in addition to summary proceedings or otherwise, its other remedies: (a) all any unpaid Rent and other sums payable by TENANT hereunder up to due under this Lease which have been earned at the time of such termination shall become due thereupon and be paid, and default or termination; plus (b) OWNER may elect the unpaid Rent and other sums due under this Lease for the balance of the Term after the time of default, with increases in Rent and being computed by an inflation factor equal to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in four percent (4%) compounded annually; plus (c) any way whatsoever other amount necessary to compensate Landlord for its failure or refusal to relet all the demised premises or any part thereof, or if the demised premises are so relet, or its detriment approximately caused by Tenant’s failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER perform its obligation under this LeaseLease or which in the ordinary course of things would be likely to result therefrom, including, without limitation, the right cost of repairing the Leased Premises, brokerage fees, and attorneys’ fees and costs; plus (d) at Landlord’s election, such other amounts in addition to collect damages or in lieu of the foregoing as calculated may be permitted from time to time by the laws of the State of Florida; plus (e) interest thereon at eighteen percent (18%) per annum. If at any time during the Term there shall be filed by or against Tenant or any successor tenant then in possession or any guarantor of either under Article 16(b) as stated abovethis Lease, constitute in any court pursuant to any statute either of the United States or of any state, a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: petition (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; in bankruptcy, (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the termalleging insolvency, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon for reorganization, (iv) for the appointment of a receiver, (v) for an arrangement under any federal or state bankruptcy code, or (vi) for any similar creditor’s rights, Tenant shall be in immediate default in hereunder without the full necessity of any notice being given, and timely thereupon Tenant shall immediately quit and surrender the Premises to Landlord, but Tenant shall continue to be liable for the payment of any rent and additional installments, the entire unpaid balance all other sums due hereunder. The duly-appointed trustee in bankruptcy of the aggregate amount of all rent and additional rent for debtor (the then remainder of “Trustee”) may assume this Lease only after he undertakes the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Articlefollowing: (a) cures any default, or provides adequate assurance that he will not constitute or be deemed to be liquidated damages or a penaltypromptly cure such default; (b) compensates or provides adequate assurance that he will apply notwithstanding promptly compensate Landlord for any contrary provision of this Leaseactual pecuniary loss resulting from such default; and (c) provides adequate assurance of future performance. Adequate assurance of future performance includes, but is not limited to, adequate assurance (1) of the source of rent and other considerations due under the Lease; (2) that assumption or assignment of the Lease will not breach any provisions, including, but not limited to, use or exclusivity provisions in any other lease, financing agreement, or master agreement relating to the Shopping Center of which the Premises are a part. To assign the Lease, the Trustee must first assume the Lease in accordance with the bankruptcy code and provide adequate assurance of future performance by the assignee, and must not be in addition to, and not limit, default of any other rights and remedies available of the terms hereunder. The failure of Landlord to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) insist upon a strict performance of any of the terms, conditions and covenants herein shall not be deemed to be a waiver of any rights or remedies that Landlord may have and shall not be deemed a waiver of any subsequent breach or default in the fully terms, conditions and timely payment covenants herein contained except as may be expressly waived in writing. The maintenance of any action or proceeding to recover possession of the Premises, or any installment or installments of rent installment. The parties agree or any other moneys that this Article fairly reflects their intent with respect may be due or become due from Tenant to a default Landlord, shall not preclude Landlord from thereafter instituting and maintaining subsequent actions or proceedings for the recovery of possession of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default Premises or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Leasemoneys that may be due or become due from Tenant. Any entry, TENANT re-entry or termination by Landlord shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) deemed to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice absolve or discharge Tenant from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)liability hereunder.
Appears in 1 contract
Default. (A) After If Tenant fails to pay any termination of rent or other sum due hereunder, or in the event Tenant fails to perform any other covenant to be performed by Tenant under this Lease pursuant and continues to fail to perform the same for a period of five (5) days after receipt of written notice from Landlord pertaining thereto (or a reasonable period of time, using due diligence, if any non-monetary default cannot be cured within such five (5) day period, but not to exceed thirty (30) days), then Tenant shall be deemed to have breached this Lease and Landlord, in addition to other rights or remedies it may have, may:
A. Continue this Lease in effect by not terminating Tenant’s right to possession of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paidProperty, and (b) OWNER may elect thereby be entitled to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANTenforce all Landlord’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, including the right to collect damages recover the Rent specified in this Lease as calculated it becomes due under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; or
B. Terminate Tenant’s right to possession of the Property, thereby terminating this Lease, and recover from Tenant:
(i.) The worth at the time of award of the unpaid Rent which had been earned at the time of termination of the Lease;
(ii.) The worth at the aggregate time of award of the amount by which the unpaid rent which would have been earned after termination of the Lease until the time of award exceeds the amount of all rent and additional rent are due and payable in full rental loss that Tenant proves could have been reasonably avoided;
(iii.) The worth at the commencement time of award of the term, but OWNER, solely amount by which the unpaid rent for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate term after the time of award exceeds the amount of rental loss that Tenant proves could be reasonably avoided; and
(iv.) Any other amount necessary to compensate Landlord for all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed detriment proximately caused by Tenant’s failure to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of perform its obligations under this Lease; and (c) will be or
C. In lieu of, or in addition to, bringing an action for any or all of the recoveries described in subparagraph B above, bring an action to recover and regain possession of the Property in the manner provided by the laws of unlawful detainer then in effect in the state where the Property is located. If Landlord makes any expenditure required of Tenant hereunder, or if Tenant fails to make any payment or expenditure required of Tenant hereunder, such amount shall be payable by Tenant to Landlord as Rent together with interest from the date due at the rate of ten percent (10%) per annum, provided such interest rate shall not limitexceed the maximum interest rate permitted by law, any other rights and Landlord shall have the same remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a as on the default in the fully and timely payment of rent installmentRent. The parties agree that this Article fairly reflects their intent with respect to a default payment of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to interest required hereunder shall be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable set forth in accordance with Article 53(A)Paragraph 3.
Appears in 1 contract
Sources: Lease Agreement (Invacare Corp)
Default. In the event of any failure of Lessee to pay any rental or other sum due hereunder within five (A5) After days after the same shall be due, or any termination failure to perform any other of the terms, conditions or covenants of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether observed or not such amount be greater, equal to, or less performed by Lessee for more than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days after written notice of such default shall have been given to cure such non-monetary default Lessee (rather than the fifteen (15) days specified in Article 17(1)); provided that or, if such cure failure cannot reasonably be completed cured within such thirty (30) day perioddays, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) if Lessee fails to complete such cure so long as commence the cure is commenced within such thirty (30) day period and is days or thereafter fails to diligently pursued prosecute such cure to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT or if Lessee or any guarantor of the Lease shall become bankrupt or insolvent or file any debtor proceedings or take or have taken against Lessee 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 Lessee's or any such guarantor's property, or if Lessee or any such guarantor makes an assignment for the benefit of creditors or petitions for or enters into an arrangement, or if Lessee shall abandon said Leased Property or suffer this Lease to be taken under any writ of execution, Lessor, besides other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the Leased Property and such property may be removed and stored in a period public warehouse or elsewhere at the cost of seven and for the account of Lessee, all without service of notice or resort to legal process and without being deemed guilty of trespass or becoming liable for any loss or damage which may be occasioned thereby. Should Lessor elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may from time to time without terminating this Lease, make such alterations and repairs as may be necessary in order to relet the Leased Property and relet said Leased Property or any part thereof for such term or terms (7which may be for a term extending beyond the term of this Lease) days after notice and at such rental or rentals and upon such other terms and conditions as Lessor in its sole discretion may deem advisable, upon such reletting, all rentals received by Lessor from OWNER in which such reletting shall be applied, first, to cure any default in the payment of fixed any indebtedness other than rent due hereunder from Lessee to Lessor, second, to the payment of any costs and expenses of such alterations, repairs, and reletting (including commissions), third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by Lessor and applied toward payment of future rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by Lessee hereunder, Lessee shall pay any such deficiency to Lessor. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of the Leased Property by Lessor shall be construed as an election on its part to terminate this Lease unless a written notice of such intention be given to Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, in addition to any other remedies it may have, it may recover from Lessee all damages it may incur by reason of such breach, including the worth at the time of such termination of the excess, if any, of the present value of the rent and charges equivalent to rent reserved in this Lease for the remainder of the stated term (using a discount rate of 10.0%) over the present value of the then reasonable rental value of the Leased Property for the remainder of the stated term (using a discount rate of 10.0%), all of which amounts shall be immediately due and payable from Lessee to Lessor. To give effect to the remedies provided herein, Lessee expressly waives the benefit of any statutory or common law that limits or delays the Lessor's ability to recover damages for future rents and agrees that such rents may be accelerated for purposes of determining Lessee's liability and Lessor's damages. In the event of default, all Lessee's fixtures, furniture, equipment, improvements, additions, alterations and other personal property shall remain on the subject Leased Property and in that event and continuing during the length of said default, Lessor shall have the right, after the expiration of any applicable cure period, to take the exclusive possession of the same and to use the same, rent or additional rent charge free, until all defaults are cured, or, at its option, at any time during the term of this Lease, to require Lessee to forthwith remove the same, and Lessee hereby waives all rights to notice and all common law and statutory claims and causes of actions which it may have against Lessor subsequent to such date as regards to storage, distribution, damage, loss of use and ownership of the personal property affected by the terms of this Article. Lessee acknowledges Lessor's need to relet the Leased Property upon termination of this Lease or repossession of the Leased Property and understands that the forfeitures and waivers provided herein are necessary to said reletting and to prevent Lessor incurring a loss for inability to deliver the Leased Property to a prospective lessee. The foregoing does not limit remedies given to Lessor in this section shall be in addition and supplemental to all other rights or remedies which Lessor may have under the right of OWNER to impose the late charge and interest as applicable laws then in accordance with Article 53(A)force.
Appears in 1 contract
Sources: Lease Agreement (Provant Inc)
Default. (A) After For Use In Louisiana Only- Borrower does hereby confess judgement in favor of the Lender or any termination subsequent holder of this Lease pursuant to any agreement for principal, interest, attorney's fees, and costs; and does hereby declare that if anyone of the provisions hereofpayments on the loan or other payment provided for herein is not fully paid when due, includingif default be made in compliance with any condition or covenant herein, without limitationor proceedings in bankruptcy, pursuant to summary proceedings insolvency or otherwise, (a) all sums payable receivership be instituted by TENANT hereunder up to or against the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofBorrower, or if any action is taken looking toward the demised premises are so reletappointment of a receiver, syndic or curata of Borrower or if the property be used in violation of any state or Federal law, such violation shall constitute a breach of this Agreement which shall ipso facto be immediately due and exigible in its entirety and the 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 highest bidder, payable in cash. Borrower hereby specifically waives the three (3) day notice of demand provided by Article 2639 of the Louisiana Code of Civil Procedure and Notice of Appraisement set forth under Article 2723 of the Louisiana Code of Civil Procedure and 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 its failure to collect the rent under such relettingfuture holder of this Agreement, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, have the right to collect damages as calculated under Article 16(b) as stated abovebid at any public sale. From the proceeds of such sale, constitute the Lender, or future holder of this Agreement, shall deduct all expenses for retaking, repairing and selling the Goods, including a fair reasonable attorney's fee. CO-BORROWER: The obligation of any co-borrower hereunder shall be primary and reasonable amount of damages the co-borrower shall be jointly and severally liable with the Borrower for payment in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount full of all rent and additional rent are amounts due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount or to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due pursuant to the terms and payable without notice or demand; and TENANT agrees that the provisions conditions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofAgreement.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Commercial Loan and Security Agreement (Boyd Bros Transportation Inc)
Default. (A) After If you fail to make your required payments, you will have to vacate the unit or your property may later be sold at a public sale. Before the sale you will be notified by first class mail and by certified mail of the amount due. The notice will be mailed to your last known address. In order to preserve your right to be notified, it is important that you notify us of any termination change in your mailing address. Also you should supply us with the name and address of this Lease pursuant another person who can reach you if you are not at your mailing address and we will notify that person at the same time and in the same manner as we notify you. In the event the tenant shall default in the prompt payment of rent when same is due, or fail to perform any of the provisions hereofof this lease, includingor in the event the tenant shall abandon the premises, or leave them vacant, landlord , without limitationfurther notice, pursuant to may re-enter the premises by summary proceedings proceedings, or otherwiseby force, (a) all sums payable by TENANT hereunder up to the time without being liable for prosecution therefor. Landlord may also take possession of such termination shall become due thereupon and be paidsaid premises, and (b) OWNER remove all property therefrom, and may elect to receive damages calculated in accordance with Article 16(b). In either eventcancel this lease, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect and receive the rent under such therefor. Such rent shall be applied first to the expenses incurred by landlord in entering and reletting, and no refusal or failure then to relet to collect rent the payment due under this lease, tenant shall affect TENANT’s liability remain liable for damages or any deficiency in the total amount due under said lease. If tenant otherwise hereunder. Nothing herein contained shall limit or prejudice violates the terms of this lease, landlord may terminate tenant's right of OWNER to prove and obtain as liquidated damages occupancy by reason of such termination an amount equal to the maximum allowed by any statute or rule of law giving three days' notice in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to hereinwriting. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, Landlord shall specifically have the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair institute and reasonable amount maintain the statutory suit of damages Forcible Entry and Detainer in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition toproper Court, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon obtain a default in the fully and timely payment of rent installmentwrit for possession thereby. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in In addition to all other remedies attainable provided herein, tenant 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 court costs and reasonable attorney's fees incurred in connection therewith. Landlord shall have the right to enter the premises at law all reasonable hours to examine same or in equity, to make repairs and to show the premises to prospective tenants or purchasers. Tenant agrees to open the unit at the request of Sauk Trail Storage for any and all of the same may be exercised at one time repairs deemed necessary by Sauk Trail Storage or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyits contractors.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Lease
Default. (A) After If Tenant fails to make any termination rental or other payment required by the provisions of this Lease pursuant within five (5) days after such rental or other payment is due, or fails within fifteen (15) days after written notice by certified mail thereof to correct any breach or default of the provisions hereofother covenants, terms or conditions of this Lease, or if Tenant breaches this Lease and abandons the Premises before the end of the term, or if Tenant changes any term or condition of this Lease which Landlord has not expressly consented to in writing, or if Tenant repudiates this Lease at any time after the Effective Date, Landlord shall have the right at any time thereafter to terminate this Lease and Tenant’s right to possession hereunder. Upon such termination, Landlord shall have the right to recover against Tenant:
(I) The worth at the time of award of the unpaid rent which had been earned at the time of termination;
(II) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(III) The worth at the time of award of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and,
(IV) 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, including, without limitation, pursuant any costs or expenses incurred by Landlord in maintaining or preserving the Premises for reletting to summary proceedings a new tenant, any repairs or otherwise, (a) all sums payable by TENANT hereunder up alterations to the time of Premises for such termination shall become due thereupon and be paidreletting, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either eventleasing commissions, OWNER shall not be liable in or any way whatsoever for its failure other costs necessary or refusal appropriate to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstancesPremises.
(B) TENANT acknowledges that: The “worth at the time of award” of the amounts referred to in subparagraphs (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full above shall be computed by allowing interest at the commencement maximum rate allowed by law, and if no such maximum rate applies, at the rate of eighteen percent (18%) per annum. The “worth at the time of award” of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount referred to be payable in equal monthly installments during the term; subparagraph (iii) upon default in shall be computed by discounting such amount at the full and timely payment of any rent and additional installments, the entire unpaid balance discount rate of the aggregate amount Federal Reserve Bank of all rent and additional rent San Francisco at the time of award plus one percent (1%). Such efforts as Landlord may make to mitigate the damages caused by Tenant’s breach of this Lease shall not constitute a waiver of Landlord’s right to recover damages against Tenant hereunder, nor shall anything herein affect Landlord’s right to indemnification against Tenant for any liability arising prior to the termination of this Lease for the then remainder of personal injuries or property damage, and Tenant hereby agrees to indemnify and hold Landlord harmless from any such injuries and damages including all attorneys’ fees and costs incurred by Landlord in defending any action brought against Landlord for any recovery thereof, and in enforcing the term (as originally reserved) will immediately become due terms and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofindemnification against Tenant.
(C) The Notwithstanding the above, the breach of this Lease by Tenant, or an abandonment of the Premises by Tenant, shall not constitute a termination of this Lease, or of Tenant’s right of possession hereunder, unless and until Landlord elects to terminate, and until such time, Landlord shall have the right to enforce all of its rights and remedies granted under this Lease, including the right to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equityrecover rent, and all other payments to be made by Tenant hereunder, as they become due; provided, however, that until such time as Landlord elects to terminate this Lease and Tenant’s right of possession hereunder, Tenant shall have the same may be exercised at one time right to sublet the Premises or different timesto assign its interests in this Lease, concurrently or in any order in the sole discretion of OWNERboth, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedysubject to Section 21.
(D) Notwithstanding anything As security for the performance by Tenant of all of its duties and obligations hereunder, Tenant does hereby assign to Landlord the contrary right, power and authority, during the Lease Term, to collect the rents, issues and profits of the Premises, and retain said rents, issues and profits as they become due and payable. Upon any such breach or default, Landlord shall have the right, at any time thereafter, without notice except as provided for above, either in person, by agent or by a receiver to be appointed by a court, to enter and take possession of the Premises and collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorneys’ fees, upon any indebtedness secured hereby, and in such order as Landlord may determine.
(E) The parties hereto agree that acts of maintenance or preservation or efforts to re-let the Premises, or the appointment of a receiver upon the initiative of Landlord to protect its interests under this Lease shall not constitute a termination of Tenant’s right of possession for the purposes of this section unless accompanied by a written notice from Landlord to Tenant of Landlord’s election to so terminate.
(F) Tenant acknowledges that Landlord has executed this Lease in reliance on the financial information furnished by Tenant. If Landlord determines at any time that any of the financial information furnished by Tenant is substantially untrue or inaccurate, Tenant shall be deemed to be in default under this Lease, TENANT which default shall havenot be subject to cure, after receiving and which shall entitle Landlord to terminate this Lease and to exercise all remedies reserved to Landlord under this Lease or otherwise available to Landlord by law.
(G) In the event of a default of any rental payment or other payment due under this Lease, Landlord may, in Landlord’s notice from OWNER regarding a non-monetary to Tenant of such default, thirty (30) days require that Tenant’s payment to cure such non-monetary the default (rather than the fifteen (15) days specified be in Article 17(1)); provided cash, cashier’s check and/or certified check. Landlord and Tenant agree that if such cure cannot be completed within such thirty (30) day periodshould Landlord so elect to require payment by cash, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) cashier’s check or certified check in Landlord’s notice to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. FurthermoreTenant, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period tender of seven (7) days after notice from OWNER in which money to cure any the default which is not in the payment form requested by Landlord shall be deemed a failure to cure the default.
(H) Nothing contained in this Section 22 shall in any way diminish or be construed as waiving any of fixed rent Landlord’s other remedies as provided elsewhere in this Lease or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable by law or in accordance with Article 53(A)equity.
Appears in 1 contract
Sources: Shop Lease (Body & Mind Inc.)
Default. (A) After In the event Tenant fails to pay any termination of this Lease pursuant rental due hereunder or fails to keep and perform any of the provisions other terms or conditions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement being of the termessence, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; then five (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (305) days to cure such non-monetary default (rather than the and fifteen (15) days specified in Article 17(1)); provided that non monetary after written notice of default given to Tenant from Landlord, the Landlord may, if such cure candefault has not be completed within such thirty (30) day periodbeen contacted, TENANT shall have such additional time as needed (resort to any and all legal remedies on combination or remedies which Landlord may desire to assert including but not limited to one or more than of the following: (1) lock the doors to 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 conditions as Landlord may deem advisable with Tenant remaining liable for the monthly rent plus the reasonably cost of obtaining possession of the Leased Premises and of any repairs and alterations necessary to prepare the Leased Premises for reletting, less the rentals received from such reletting, if any. No action of Landlord shall be construed as an election to terminate this Lease unless written notice of such specific intention be given to Tenant. Tenant agrees to pay as additional one hundred twenty (120) days) to complete such cure so long as the cure rental all attorney's fees and other costs and expenses incurred by Landlord in enforcing any of Tenant's obligations under this Lease whether or not legal action is commenced within on judgement obtained. Any amount due from Tenant to Landlord under this Lease which is not paid when due shall bear interest at the "Prime Rate" that is in effect on the date such thirty (30) day period and amount is diligently pursued to completiondue, accruing from such date until paid. Furthermore, notwithstanding anything to that rate of interest paid by Tenant on any such amount shall be adjusted as the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)"Prime Rate" is adjusted.
Appears in 1 contract
Sources: Lease (CSK Auto Corp)
Default. (A) After In the event of any default under this Agreement, the lessor may provide the lessee with a notice of default and the possibility to remedy such default. If the Lessee does not correct defaults other than non-payment of rent or additional rent, the lessor may terminate this Agreement by written notice of the date If the failure of the lessee to pay the rent or additional rent in time as specified in this Agreement is a failure, the lessor may terminate this Agreement providing written notice to the tenant _ Upon termination of this Lease pursuant agreement, the lessee shall remain liable for any rent, additional delayed costs, including the cost of rectifying any default and damages under this Agreement. Remedies. If this Agreement is terminated due to the lessee's failure, the lessor may, in addition to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default Agreement and applicable law, use any expropriation, eviction or other similar legal proceedings available in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity. Subordination. This Agreement and the lessee's right under it are subject to and are subject to the lien, operation and effect of any existing or future mortgage, trust listing, lease of land and/or any other similar burden instrument applicable to any or all premises, if any, and to any renewal, alteration, consolidation, replacement or extension the premises. Conviction. Where all of the same may be exercised at one time or different timessubstantially all premises are subject to conviction, concurrently or in any order in the sole discretion of OWNER, and including the exercise of any one remedy will power of significant areas by a government body, this Agreement shall cease on the date on which the convicting authority transfers ownership of the premises and any rent under this Agreement shall be paid and paid on that date. The lessor shall be entitled to obtain from the devaluing authority the full amount of any valuation in any proceedings. The lessee waives any right, claim or interest that the lessee may have for any such valuation and agrees not operate as a waiver to claim for the period of this Agreement. Hazardous materials. The lessee shall not store in the Premises any item of dangerous, flammable or preclude explosive signs which could unduly increase the risk of fire or explosion in the premises or which any responsible insurance undertaking might consider to be dangerous or extremely dangerous. Notification. All notifications made under this Agreement shall be in writing. The notification shall take effect upon receipt and shall be delivered in person, certified or registered mail shall be sent to the following addresses (or to another address that either Party may designate by appropriate notice to the other Party): _, If the lessee pays the rent and fulfils all other obligations under this Agreement, the lessee may quietly and quietly hold and use the Premises during the period. No renunciation. No Party shall be deemed to have waived any provision of this Agreement or the exercise of any other remedyrights held under this Agreement, unless such waiver is granted expressly and in writing.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Rental Agreement
Default. In the event that LESSEES shall violate, default, breach or omit to perform any of the covenants, conditions, rules and regulations contained herein or in the event that the Leased Premises shall become vacated or shall have become abandoned by ▇▇▇▇▇▇, or if LESSEE are disposed by the issuance of service of any warrant of final order in the summary proceedings, LESSEE shall be liable for the payment of the rent and the performance of all the Lease terms, and LESSEE agree to pay on demand all expenses including but not limited to, all costs of collections, reasonable attorney’s fees, and court costs which LESSOR incurs in the collection of said rent or enforcement of any provisions of this Lease. LESSEES shall also be liable for all expenses that LESSOR incurs in order to re-rent the property including, but not limited to, advertising cleaning, painting, leasing fees, re-keying of locks, repairs and utilities used during the vacant period. In case of court action to collect rents or damages, or enforce lease, ▇▇▇▇▇▇ will reimburse LESSOR for time spent in court at the rate of Four Hundred Dollars (A$400.00) After per hour, per person necessary to attend court hearing, for every failure or breach during the term of this lease, it is agreed that the omission to exercise this right on one failure or breach shall not be a waiver of LESSOR’s right for any termination subsequent breach. The acceptance by the LESSOR of rent in arrears after the institution of legal action for possession or cancellation of this Lease pursuant to Agreement will not constitute a waiver of any rights by the LESSOR. ▇▇▇▇▇▇, upon the happening of any of the provisions hereofevents heretofore mentioned in this section, includingshall mitigate the damages by re-renting the Leased Premises and recover as damages from LESSEES any unpaid rents, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paidutilities, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available necessary expenses to OWNER pursuant to this lease the property, until the Leased Premises are re-rented or until the Lease and otherwise (includingterm expires, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofwhichever comes first.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Lease Agreement
Default. (A) After A. If Subtenant defaults in the payment of any termination sums payable hereunder when due, or if Subtenant defaults in the performance of this Lease pursuant to any of the provisions hereofother obligations imposed upon it hereunder and fails to cure such default within three (3) days after written notice thereof to Subtenant, includingthen, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER Sublandlord may, at its option, terminate this Sublease in which event neither the Subtenant nor any person claiming through or under the Subtenant by virtue of any statute or an order of any court shall not be liable entitled to possession or to remain in possession of the Sub-Premises but shall forthwith quit and surrender the Sub-Premises.
B. Notwithstanding anything to the contrary contained herein, Sublandlord may terminate this Sublease, without having given prior notice of default hereunder, if the act or omission of Subtenant would cause a default under the Primary Lease.
C. In the event that the Subtenant shall default under this Sublease and such default shall entitle the Sublandlord to possession of the Sub-Premises as hereinabove provided, the Sublandlord shall have the right to enter the Sub-Premises by any way whatsoever legal means, remove the Subtenant's property and effects, take and hold possession thereof, without terminating this Sublease or releasing the Subtenant in whole or in part, from Subtenant's obligations to pay rent and additional rent and all its other obligations hereunder for its failure or refusal to the full term, relet the demised premises Sub- Premises or any part thereof, either in the name or if for the demised premises are so reletaccount of the Subtenant, for such rent and for such term or terms as the Sublandlord may see fit, which term may, at Sublandlord's option, extend beyond the balance of the term of this Sublease. The Sublandlord shall not be required to accept any tenant offered by the Subtenant, or its failure to collect observe any instructions given by the Subtenant about such reletting. In any such case, the Sublandlord may make such repairs, alterations and additions in and to the Sub-Premises and redecorate the same as it sees fit. The Subtenant shall pay the Sublandlord any deficiency between the rent under hereby reserved and covenanted to be paid and the net amount of the rents collected on such reletting, for the balance of the term of this Sublease, as well as any reasonable expenses incurred by the Sublandlord in such reletting including, but not limited to broker's fees, attorney's fees, the expense of repairing, altering and no refusal or failure to relet to collect redecorating the Sub- Premises and otherwise preparing the same for re-rental. All such expenses shall be paid by the Subtenant as additional rent upon demand by the Sublandlord. Any deficiency in rental shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice be paid in monthly installments, upon statements rendered by the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal Sublandlord to the maximum allowed by any statute or rule of law in effect at the time whenSubtenant, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees provided that the rights and remedies afforded to OWNER under this Lease, including, without limitation, Sublandlord shall have the right to collect damages as calculated under Article 16(b) as stated aboveimmediately declare the entire rental for the balance of the term due. For the purpose of determining the deficiency in rent, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and whether payable in full at installments or the commencement entire rental for the balance of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or reserved shall be deemed to be liquidated damages the fixed rent hereunder and all additional rent to be paid by Tenant as herein provided for, as reduced by any rent collected by reletting. Any suit brought to collect the amount of the deficiency for any one or more months shall not preclude any subsequent suit to collect the deficiency for any subsequent months.
D. If the Subtenant is in default of its obligations under this Sublease, Sublandlord may cure the default and Subtenant shall forthwith pay to Sublandlord, as additional rent, a penalty; (b) will apply notwithstanding sum of money equal to all amounts expended by Sublandlord in curing such default. If suit is brought by Sublandlord on account of any contrary provision default of this Lease; Subtenant and (c) will if such default is established, Subtenant shall pay to Sublandlord all expenses of such suit including without limitation reasonable attorney's fees. Any payment by Subtenant of a sum of money less than the entire amount due Sublandlord at the time of such payment shall be applied to the obligations of Subtenant then furthest in addition to, arrears. No endorsement or statement on any check or accompanying any payment shall be deemed an accord and not limit, satisfaction and any payment accepted by Sublandlord shall be without prejudice to Sublandlord's right to obtain the balance due or pursue any other rights and remedies remedy available to OWNER pursuant to this Lease Sublandlord both in law and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely equity. E. If Subtenant defaults in any payment of rent installmentor additional rent, or any other payments to be made by Subtenant hereunder, interest shall accrue thereon from the due date until paid at a fluctuating rate equal to four percent (4%) over and above the Prime Rate (as hereinafter defined). The parties agree that term "Prime Rate" when used herein shall mean the fluctuating annual rate of interest published by the Bank of America, N.T.S.A. from time to time during the term of this Article fairly reflects their intent with respect Agreement. Any change in such rate shall take effect on the date of such change. F. If, at any time during the term of this Sublease, there shall be filed by or against the Subtenant in any court pursuant to a default any statute either of the nature specified United States or any state, a petition in clause “(iii)” hereof.
(C) The remedies granted bankruptcy or insolvency or for the reorganization or for the appointment of a receiver, trustee or liquidator of all or any portion of the Subtenant's property or if the Subtenant makes an assignment for the benefit of creditors, or if the Subtenant admits in writing its inability to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equitypay its debts, and all of the same may be exercised at one time or different timesif, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, within thirty (30) days thereafter, the Subtenant fails to cure such non-monetary default (rather than secure a discharge thereof, this Sublease, at the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot option of the Sublandlord may be completed within such thirty (30) day periodcancelled and terminated, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which event neither the Subtenant nor any person claiming through or under the Subtenant by virtue of any statute or an order of any court shall be entitled to cure any default possession or to remain in possession of the payment of fixed rent or additional rent The foregoing does not limit Sub-Premises but shall forthwith quit and surrender the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Sub-Premises.
Appears in 1 contract
Sources: Sublease Agreement (Diamond Multimedia Systems Inc)
Default. Upon the occurrence of any default by APL in its obligations under this Lease, Landlord shall take no action to terminate this Lease with respect to the Leasehold Mortgagee without first giving written notice of such default to the Leasehold Mortgagee and a period of thirty (A30) After days after such notice, and such additional time as may be reasonably necessary to cure such default so long as the Leasehold Mortgagee is diligently and continually attempting (i) to obtain possession of the Premises, or (ii) to institute, prosecute and complete proceedings to acquire APL's interest under this Lease. The Leasehold Mortgagee, upon obtaining possession or acquiring APL's interest under this Lease, shall be required promptly to cure all defaults of APL which are reasonably susceptible of being cured by the Leasehold Mortgagee. The following shall further apply with respect to any such Leasehold Mortgage:
(a) the Leasehold Mortgagee and the owner of the indebtedness secured by the Leasehold Mortgage shall not become liable upon the covenants of this Lease unless and until they become owners of the legal and equitable title to the leasehold estate under this Lease;
(b) Landlord shall be notified in writing of any such Leasehold Mortgage, of the name and address of the Leasehold Mortgagee, and of the amount of the indebtedness to be secured by the Leasehold Mortgage;
(c) during the existence of the Leasehold Mortgage, any notice of default in the Performance of the covenants of this Lease or any notice of termination of this Lease pursuant given to any APL and copies of the provisions hereof, including, without limitation, pursuant all other notices required to summary proceedings or otherwise, (a) all sums payable be given by TENANT hereunder up Landlord to APL shall simultaneously be given to the time of such termination shall become due thereupon and be paid, and Leasehold Mortgagee at the address specified in subparagraph (b) OWNER above, or at such other address as the Leasehold Mortgagee shall designate to Landlord in writing;
(d) the Leasehold Mortgagee shall have the right, to the same extent, and with the same effect as APL, under the default provisions of this Lease, to take such action or to make such payment as may elect be necessary or appropriate to receive damages calculated cure any such default;
(e) the Leasehold Mortgagee shall not be obligated to continue any possession of the Premises or to continue any foreclosure proceedings if all defaults have been cured by APL in accordance with Article 16(b). In either event, OWNER the provisions of this Lease;
(f) the Leasehold Mortgagee shall not be liable in any way whatsoever for its failure or refusal to relet comply during the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right period of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under Landlord's forbearance from terminating this Lease, includingwith such terms, without limitationconditions, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement covenants of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable Lease as are reasonably susceptible of being complied with by the Leasehold Mortgagee. As long the Leasehold Mortgagee is in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that compliance with the provisions of this Article: (a) , Landlord will not constitute accept any surrender of the Premises or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision otherwise accomplish cancellation of this Lease by agreement with APL without the prior written consent of the Leasehold Mortgagee;
(g) if the Lease is terminated for any reason, Landlord and the Leasehold Mortgagee shall, at the Leasehold Mortgagee's option, enter into a new lease for the Premises upon the same terms as this Lease; and (c) will be in addition to, and not limit, any other with the same priority as this Lease except that the term of the new lease shall be the same as the unexpired Term (and the new lease shall contain all option and extension rights and remedies available to OWNER pursuant to this Lease rights of first refusal pending and otherwise (including, without limitation, those regarding additional rent reserved unexercised under this Lease) upon a default in and Landlord's obligation to construct the fully and timely payment of rent installment. The parties agree Improvements shall not be applicable to the extent that this Article fairly reflects their intent with respect to a default obligation has been fulfilled;
(h) there shall be no merger of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event estates of TENANT’s default or non-compliance are deemed to be cumulative Landlord and in addition to all other remedies attainable at law or in equity, and all APL hereunder notwithstanding any acquisition of the same may be exercised at one time leasehold estate through purchase, foreclosure or different timesotherwise, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure Leasehold Mortgage is commenced within in effect;
(i) if any Leasehold Mortgagee acquires APL's interest under this Lease, Landlord shall recognize the Leasehold Mortgagee as the tenant hereunder and this Lease shall continue as a direct lease between the Leasehold Mortgagee as tenant and Landlord for the unexpired portion of the Term including any extension options. Any option rights, extension rights or rights of first refusal contained herein may be exercised by the Leasehold Mortgagee on behalf of APL, or in its own behalf;
(j) if any Leasehold Mortgagee acquires title to APL's interest in this Lease by foreclosure, assignment in lieu of foreclosure or otherwise, APL shall not be released from any of its obligations or liabilities hereunder and the Leasehold Mortgagee may assign this Lease provided the prior written consent of the Landlord is first obtained, which consent shall not be unreasonably withheld or delayed. Upon such thirty (30) day period and is diligently pursued to completion. Furthermoreassignment, notwithstanding anything to the contrary Leasehold Mortgagee shall be released from any further liability for the performance or observance of any of the covenants of the Lease, provided the assignee of the Leasehold Mortgagee has assumed in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in writing the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)tenant's obligations hereunder.
Appears in 1 contract
Sources: Office Lease (Apl LTD)
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: If (i) its agreement Licensee fails to fully and timely pay all rent and additional rent is a material inducement for OWNER when due any amounts to enter into this Leasebe paid by Licensee; (ii) Licensee or Licensee's invitee fail to observe the aggregate amount of all rent and additional rent are due and payable Club Seat Rules or engage in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the termany conduct which causes damage or injury; (iii) upon default Licensee makes any assignment for the benefit of creditors, adjudication that Licensee is bankrupt, insolvent or unable to pay its debts as they mature; the filing by or against Licensee of a petition to have Licensee adjudged bankrupt; or a petition for reorganization or arrangement under any law relating to bankruptcy unless, in the full case of a petition filed against the Licensee, the case is dismissed within sixty (60) days after the filing thereof, the appointment of a trustee or receiver to take possession of substantially all of Licensee's assets or Licensee's interests in the agreement, or an attachment, execution or levy against substantially all of Licensee's interest in the agreement; or (iv) Licensee otherwise defaults in the performance or observation of its duties and timely payment obligations under the agreement, WFI may, at its option, terminate the rights of Licensee hereunder by giving Licensee ten (10) days prior written notice. Upon termination, WFI shall have no further obligation of any rent kind to Licensee, and additional installments, may (a) declare the entire unpaid balance of the aggregate amount of all rent and additional rent Annual License Fee(s) (for the then remainder of the term (as originally reservedcurrent year and all future years) will immediately become due and payable without notice or demand; payable, and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding recoup from Licensee any contrary provision signing bonus and the value of this Lease; any other incentive received by Licensee pursuant to the Agreement. Any relicense of the right to use the Club Seat(s) to another party following a declaration of default shall not relieve the Licensee of its liability and (cobligations hereunder or reduce the amount owed by Licensee as a consequence of its default. In addition, WFI may relicense the right to use the Club Seat(s) will on such terms and conditions as WFI, in its sole and absolute discretion, may determine, but WFI shall not be in addition toliable for, and not limitnor shall Licensee’s obligations hereunder be diminished by reason of, any failure by WFI to relicense the right to use the Club Seat(s) or to collect any Annual License Fee and other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) fees or charges due upon a default in the fully and timely payment of rent installmentsuch relicensing. The parties agree that this Article fairly reflects their intent with respect in the event WFI exercises its right to terminate Licensee’s rights hereunder due to a default or breach as specified above, the amount of the nature specified in clause “(iii)” hereof.
(C) damages suffered by WFI would be difficult to ascertain. The remedies granted to OWNER parties therefore agree that in the event of TENANT’s default such termination, Licensee shall pay as liquidated damages, as a reasonable estimate of the damages of WFI and not as a penalty, the fair market value of any signing bonus or nonother incentive provided to Licensee as part of this Agreement, plus:
(a) If two or fewer seasons are remaining in the term, the Termination Fee shall be equal to any unpaid portion of the License Fee and any other fees that were owed in the current year plus all such fees that would have been payable in any remaining years of the Agreement;
(b) If three to five seasons are remaining in the term, the Termination Fee shall be equal to any unpaid portion of the License Fee and any other fees that were owed in the current year and that would have been payable in the next year of the Agreement; and seventy-compliance five percent (75%) of all such fees that would have been payable in each of the remaining years of the Agreement; and
(c) If six or more seasons are deemed remaining in the term, the Termination Fee shall be equal to the sum of any unpaid portion of the License Fee and any other fees that were owed in the current year and the next year of the Agreement; seventy-five percent (75%) of all such fees that would have been payable in each of the next three years of the Agreement; and fifty percent (50%) of all such fees that would have been payable in any remaining years of the Agreement. The foregoing remedies of WFI shall not be cumulative and to the exclusion of any other right or remedy set forth herein or otherwise available to WFI in addition to all other remedies attainable at law or in equity, . Licensee shall be responsible for all attorneys’ fees and all costs incurred by WFI in the enforcement of the same may be exercised at one time agreement whether or different times, concurrently or in not litigation is actually commenced and including any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyappellate proceedings.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Premium Seating Agreement
Default. (A) After any termination In the event of this Lease pursuant a default by Resident, IERM may elect to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) continue the lease in effect and enforce all sums payable its rights and remedies hereunder, including the right to recover the rent as it becomes due, or (b) at any time terminate all of Resident's rights hereunder, and recover from Resident all damages it may incur by TENANT hereunder up to reason of the breach of the lease, including the cost of recovering the premises, and including the worth at the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereoftermination, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time whenof an award if suit be instituted to enforce this provision, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely amount by which the unpaid rent for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate term exceeds the amount of all rent such rental loss which the Resident proves could be reasonably avoided, and additional rent for any other damages as provided by law. Pursuant to CC1785.26 Resident is hereby notified that a negative credit report reflecting on Resident's credit record may be submitted to a credit reporting agency if Resident fails to fulfill the then remainder terms of the term (as originally reserved) will immediately become due and payable without notice Rental Agreement. All remedies provided herein are cumulative. ARBITRATION OF PERSONAL INJURY DISPUTES: ANY DISPUTE BETWEEN THE PARTIES RELATING TO A CLAIM FOR PERSONAL INJURY, DIRECTLY OR INDIRECTLY RELATING TO, OR ARISING FROM, THE CONDITION OF THE LEASED PREMISES, OR THE DUPLEX COMMUNITY, SHALL BE RESOLVED SOLELY BY ARBITRATION CONDUCTED BY THE ▇▇▇▇▇▇ INSTITUTE FOR DISPUTE RESOLUTION, PEPPERDINE UNIVERSITY MALIBU, CALIFORNIA. Any such arbitration ATTORNEYS' FEES / WAIVER OF JURY TRIAL: If any legal action or demand; and TENANT agrees that the provisions proceeding is brought by either party to enforce any part of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition toAgreement, and not limitthe prevailing party shall recover, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law relief, reasonable costs and attorneys' fees, whether or in equity, and all not the action proceeds to judgment. If a legal action or proceeding is brought to enforce any of the same may obligations of this Agreement, the parties agree that the reasonable attorneys' fees to be exercised at one time or different times, concurrently or awarded shall not exceed $500 to the prevailing party in any order in action or proceeding. In no instance shall this provision limit the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything court from awarding additional sanctions pursuant to the contrary in this LeaseCode of Civil Procedure or the Californian Rules of Court. RECOGNIZING THAT JURY TRIALS ARE BOTH TIME CONSUMING AND EXPENSIVE, TENANT shall haveOWNER AND RESIDENT HEREBY WAIVE THEIR RIGHT TO A TRIAL BY JURY ON ANY MATTER ARISING OUT OF THIS AGREEMENT, after receiving a notice from OWNER regarding a non-monetary defaultOR THE USE, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)OR THE OCCUPANCY OF THE PREMISES HEREIN.
Appears in 1 contract
Sources: Rental Agreement
Default. (A) After any termination of this Lease pursuant If the LANDLORD fails to comply with any of the applicable provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, then the TENANT shall havemay, after receiving a notice from OWNER regarding a nonat his option, seek any and all remedies as provided by Law. If the TENANT fails to comply with any of the applicable provisions in this Lease, or any Notice to Cure, or Notice to Vacate, then the LANDLORD may, at his option, immediately consider the TENANT to be in DEFAULT of this Lease, this Lease will thereby be considered to have been terminated, the Security Deposit will immediately be forfeited and the LANDLORD can commence any legal action as necessary to recover the property. The TENANT will then be responsible for all liabilities as defined elsewhere herein this document, in several appropriate paragraphs herein, and in the now-monetary defaultterminated Lease. The LANDLORD may also be entitled to any other recovery as defined by law. Further, thirty if the TENANT is found to be in DEFAULT, in addition to any other remedies available by law, the TENANT will be responsible for any leasing fee or commission charge which LANDLORD may incur in attempting to re-rent the premises. TENANT Initials: NOTE: If the TENANT is in DEFAULT due to any form of Early Termination (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day periodeviction, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermoreabandonment, notwithstanding anything to the contrary in Article 17(2‘skipping’ out, etc.), then the LANDLORD can, in addition to any other remedies available by law, charge the TENANT shall a Liquidated Damages Fee equal to TWO (2) months’ rent. As a TENANT in DEFAULT due to Early Termination, you have a period of seven (7) days after notice from OWNER in which 2 choices: I AGREE to cure pay Liquidated Damages as defined above. By agreeing, I understand that the LANDLORD waives his right to collect additional rent.
I DO NOT AGREE to pay Liquidated Damages as defined above. I understand that the Landlord can seek any default in the payment of fixed rent or and all past, present and future additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest expenses as applicable in accordance with Article 53(A)provided by law.
Appears in 1 contract
Sources: Real Estate Purchase Agreement
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable In the case of default by TENANT hereunder up Optionor hereunder, BCC shall be entitled, after ten (10) days prior written notice to the time of such termination shall become due thereupon and be paidOptionor, and to (a) seek an action in specific performance and/or (b) OWNER seek such other relief, including without limitation an action at law for damages, as may elect to receive damages calculated be available. Optionor shall pay all reasonable counsel fees of BCC in accordance connection with Article 16(b)enforcing any rights or benefits of BCC hereunder or under the other Transaction Documents. In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the The rights and remedies afforded to OWNER of BCC under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair Agreement are cumulative and reasonable amount not exclusive of damages in the circumstancesany rights or remedies which it may otherwise have.
(Bb) TENANT acknowledges thatIn 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 Optionor. BCC shall pay all reasonable counsel fees of Optionor in connection with enforcing any rights or benefits of Optionor hereunder. The rights and remedies of Optionor under this Agreement are cumulative and not exclusive of any rights or remedies which they may otherwise have.
(c) Notwithstanding the provisions of Section 7(b) and so long as no 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 make Option Payments as provided hereunder, after ten (10) days prior written notice of 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) its agreement BCC shall no longer have any right to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; exercise the Option or the Asset Purchase Option, (ii) all Notes issued by the aggregate amount of all rent Company pursuant to the Shortfall Agreement shall automatically be amended to provide that interest due under the Notes will accrue and additional rent are not be due and payable in full at until the commencement date which is the fifth (5th) anniversary of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount date of issuance of the first Note so issued by the Company pursuant to be payable in equal monthly installments during the term; Shortfall 8 9 Agreement and (iii) upon default the lien encumbering the Equity Interests and other assets in favor of BCC arising hereunder and under the full Pledge Agreement and timely payment the Leasehold Mortgage shall automatically be released and terminated. BCC agrees, after the failure to make Option Payments and an opportunity to cure as provided herein, to execute such documents and instruments, and accept delivery of any rent and additional installments, such replacement Notes (returning the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (Notes to be replaced) as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that Optionor may reasonably request to effect the provisions of this Article: Subsections (ac)(i), (c)(ii) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (cc)(iii) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofabove.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After any termination of this Lease pursuant to any of AND In the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, event that: BANKRUPTCY
(a) all sums payable by TENANT hereunder up to The LESSEE shall default in the time payment of any installment of rent or other sum herein specified and such termination default shall become due thereupon and be paid, and continue for ten (10) days after written notice thereof; or
(b) OWNER may elect to receive damages calculated The LESSEE shall default in accordance with Article 16(b). In either eventthe observance or performance of any other of the LESSEE's covenants, OWNER agreements, or obligations hereunder and such default shall not be liable in corrected within thirty (30) days after written notice thereof; or
(c) The LESSEE shall be declared bankrupt or insolvent according to law, or, if any way whatsoever assignment shall be made of LESSEE's property for its failure or refusal the benefit of creditors. then the LESSOR shall have the right thereafter, while such default continues, to relet re-enter and take complete possession of the demised premises or any part thereofleased premises, or if to declare the demised premises are so relet, or its failure to collect the rent under such relettingterm of this lease ended, and no refusal remove the LESSEE's effects, without prejudice to any remedies which might be otherwise used for arrears of rent or failure to relet to collect other default. The LESSEE shall indemnify the LESSOR against all loss of rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice and other payments which the right of OWNER to prove and obtain as liquidated damages LESSOR may incur by reason of such termination an amount equal to during the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement residue of the term. If the LESSEE shall default, but OWNERafter reasonable notice thereof, solely for TENANT’S convenience, has permitted said amount in the observance or performance of any conditions or covenants on LESSEE's part to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment observed or performed under or by virtue of any rent and additional installmentsof the provisions in any article of this lease, the entire unpaid balance LESSOR, without being under any obligation to do so and without thereby waiving such default, may remedy such default for the account and at the expense of the aggregate amount of all rent and additional rent LESSEE. If the LESSOR makes any expenditures or incurs any obligations for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent money in connection therewith, including but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding, such sums paid or obligations insured, with interest at the rate of ten per cent per annum and costs, shall be paid to the LESSOR by the LESSEE as additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)rent.
Appears in 1 contract
Default. (a) In the event that Tenant shall fail to pay any installment of rent within ten (10) days from the date that the same shall become due hereunder or shall fail to pay any insurance premiums or taxes and assessments within ten (10) days after written notice from Landlord that the same shall be due, or in the event that Tenant shall fail in the observance of performance of any of the other terms, conditions and provisions of this Lease for more than thirty (30) days after written notice of such default shall have been mailed to Tenant (provided, however, that if Tenant shall promptly proceed to correct such failure upon notice thereof then said thirty (30) day period if insufficient, shall be extended for such reasonable time as may be necessary), or in the event that Tenant shall be adjudicated insolvent or bankrupt pursuant to the provisions of any state or federal insolvency or bankruptcy act, or if Tenant shall make a general assignment for the benefit of creditors, or if a receiver of the property of Tenant shall be appointed and such appointment shall not be vacated within 120 days after it is made, or if Tenant shall allow or permit any lien for labor or material to attach to the Premises, then Landlord, besides other rights or remedies Landlord may have, shall have the immediate right to pursue any one or more of the following remedies without notice or demand whatsoever, which remedies are cumulative and not alternative;
(i) Landlord shall have the right to remedy or attempt to remedy any default of Tenant, and in so doing to make any payments due or alleged to be due by Tenant to third parties and to enter upon the Premises to do any work or other things therein, and in such event all reasonable expenses of Landlord in remedying or attempting to remedy such default shall be payable by Tenant to Landlord on demand. All sums so paid by Landlord and all expenses in connection therewith, shall bear interest thereon at the rate of fifteen percent (15%) per annum or the highest legal rate if less and if not otherwise demanded by Landlord shall be deemed additional rent;
(ii) Landlord shall have the right to terminate this Lease or terminate Tenant’s right to possession of the Premises without terminating this Lease forthwith by leaving upon the Premises or by affixing to on entrance door to the Premises notice terminating the Lease or possession. Upon the giving by the Landlord of a notice in writing terminating this Lease or terminating Tenant’s right to possession of the Premises, Tenant shall remain liable for and shall pay on demand by Landlord (A) After any termination the full amount of all Rent which accrues or which would have accrued until the date on which this Lease pursuant would have expired had termination not occurred, and any and all damages and expenses incurred by Landlord in re-entering and repossessing the Premises in making good any default of Tenant, in making any alterations, remodeling or new tenant finish to the Premises, and any and all expenses which the Landlord may incur during the occupancy of any new tenant, legs (B) the net proceeds of any re-letting of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to Premises which has occurred at the time of such termination the aforesaid demand by Landlord to Tenant. Landlord shall become due thereupon and be paidentitled to any excess with no credit to Tenant. Landlord may, in its sole, discretion, make demand on Tenant as aforesaid on any one or more occasions, and (b) OWNER may elect any suit brought by Landlord to receive damages calculated in accordance with Article 16(b)enforce collection of such difference for any subsequent month or months. In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANTTenant’s liability for damages or otherwise shall survive the institution of summary proceedings and the issuance of any warrant hereunder. Nothing herein contained ; and
(iii) Landlord shall limit or prejudice have the right of OWNER to prove injunction and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, invoke any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable remedy allowed at law or in equity, and all mention in this Lease of the same may be exercised any particular remedy shall not preclude Landlord from any other remedy at one time or different times, concurrently law or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyequity.
(Db) Notwithstanding anything to In the contrary event that Tenant shall fail in the observance of performance of any of the terms, conditions or provisions of this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (including but not more than limited to payments or money to Landlord or any other person or entity, and Landlord engages the services of an attorney to enforce such terms, conditions or provisions, then and in such event, Landlord shall be entitled to recover from Tenant the entire cost of collection or other enforcement, including reasonable attorneys’ fees, which if not otherwise demanded by Landlord shall be deemed additional one hundred twenty (120) days) to complete such cure so long as rent hereunder. In the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT event that Landlord shall have a period of seven (7) days after notice from OWNER in which to cure any default fail in the payment observance or performance of fixed rent any of the terms, conditions or additional rent The foregoing does not limit provision of this Lease on its part to be performed, and Tenant engages the right services of OWNER an attorney to impose enforce such terms, conditions or provisions, then and in such event, Tenant shall be entitled to recover from Landlord the late charge and interest as applicable in accordance with Article 53(A)entire cost of enforcement, including reasonable attorneys’ fees.”
Appears in 1 contract
Default. If a Default or Potential Default exists (Aor if Borrower fails to give directions as permitted under SECTION 3.12(a)), any payment or prepayment (including proceeds from the exercise of any Rights) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up shall be applied to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages Obligation in the circumstances.
(B) TENANT acknowledges thatfollowing order: (i) its agreement to fully the ratable payment of all fees, expenses, and timely pay indemnities for which Agents or Lenders have not been paid or reimbursed in accordance with the Loan Documents (as used in this SECTION 3.12(b)(i), a "ratable payment" for any Lender or any Agent shall be, on any date of determination, that proportion which the portion of the total fees, expenses, and indemnities owed to such Lender or such Agent bears to the total aggregate fees and indemnities owed to all rent Lenders and additional rent is a material inducement for OWNER to enter into this LeaseAgents on such date of determination); (ii) to the aggregate amount ratable payment of accrued and unpaid interest on the Principal Debt (as used in this SECTION 3.12(b)(ii), "ratable payment" means, for any Lender, on any date of determination, that proportion which the accrued and unpaid interest on the Principal Debt owed to such Lender bears to the total accrued and unpaid interest on the Principal Debt owed to all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the termLenders); (iii) upon default to the ratable payment of the Principal Debt (as used in this SECTION 3.12(b)(iv), "ratable payment" means for any Lender, on any date of determination, that proportion which the Principal Debt owed to such Lender bears to the Principal Debt owed to all Lenders); and (iv) to the payment of the remaining Obligation in the full order and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that manner Required Lenders deem appropriate. Subject to the provisions of this Article: (a) will SECTION 12 and provided that Administrative Agent shall not constitute in any event be bound to inquire into or be deemed to be liquidated damages determine the validity, scope, or a penalty; (b) will apply notwithstanding priority of any contrary provision interest or entitlement of this Lease; any Lender and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise may suspend all payments or seek appropriate relief (including, without limitation, those regarding additional rent reserved under this Lease) upon a default instructions from Required Lenders or an action in the fully and timely payment nature of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(Cinterpleader) The remedies granted to OWNER in the event of TENANT’s default any doubt or non-compliance are deemed dispute as to be cumulative and in addition any apportionment or distribution contemplated hereby, Administrative Agent shall promptly distribute such amounts to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable each Lender in accordance with Article 53(A)the Agreement and the related Loan Documents.
Appears in 1 contract
Sources: 364 Day Credit Agreement (Northern Border Partners Lp)
Default. (A) After Tenant hereby agrees that in case Tenant shall default in making its payments hereunder or any termination of them or in performing any of the other agreements, terms and conditions of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up and such default continues for five days after written notice thereof as to the time payment of Base Rent or Additional Rent (a "Monetary Default") or thirty (30) days (or such termination shall become due thereupon and be paidlonger period as Tenant, and (bacting diligently, may reasonably require) OWNER may elect after written notice thereof as to receive damages calculated all other defaults, then, in accordance with Article 16(b). In either any such event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofLandlord, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any to all other rights and remedies available to OWNER pursuant to Landlord by law or by other provisions hereof, may after five days written notice, with due process, 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 otherwise Tenant hereby expressly waives the service of any notice in writing of intention to re-enter as aforesaid (other than the notices specified above). Tenant further agrees that in case of any such termination Tenant will indemnify the Landlord against all loss of rents and other actual pecuniary loss which Landlord incurs by reason of such termination, including, without limitationbut not being limited to, those regarding additional rent reserved under reasonable costs of restoring and repairing the Premises as required by this Lease) upon a default in , costs of renting the fully Premises to another tenant, loss or diminution of rents and timely payment other damage which Landlord may incur by reason of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equitysuch termination, and all reasonable attorney's fees and expenses incurred in enforcing any of the same may terms of the Lease. Neither acceptance of rent by Landlord, with or without knowledge of breach, nor failure of Landlord to take action on account of any breach hereof or to enforce its rights hereunder shall be exercised at one time or different times, concurrently or in deemed a waiver of any order in the sole discretion of OWNERbreach, and the exercise of any one remedy will not operate as absent written notice or consent, said breach shall be a waiver or preclude the exercise of any other remedycontinuing one.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Lease Agreement (Department 56 Inc)
Default. (A) After any termination of this Lease pursuant If Lessee with regard to any item or items of Equipment fails to pay any amount herein provided within ten (10) days after the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become same is due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofpayable, or if the demised premises are so reletLessee with regard to any item or items of Equipment fails to observe, keep or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right perform any other provision of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount required to be payable observed, kept or performed by Lessee, and if Lessee fails to remedy, cure or remove such failure in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installmentssuch other failure in observing, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice keeping or demand; and TENANT agrees that performing the provisions of this ArticleLease within ten (10) days after receipt of written notice thereof from Lessor, Lessor shall have the right to exercise any one or more of the following remedies: (a) will not constitute To declare the entire amount of rent hereunder immediately due and payable as to any or be deemed all items of Equipment, without notice or demand to be liquidated damages or a penaltyLessee; (b) will apply notwithstanding To ▇▇▇ for and recover all rents, and other payments, then accrued or thereafter accruing with respect to any contrary provision or all items of this LeaseEquipment; and (c) will To take possession of any or all items of Equipment, without demand or notice, wherever same may be in addition tolocated, and not limit, without any court order or other process of law; (d) To terminate this Lease as to any or all items of Equipment; or (e) To pursue any other rights and remedies remedy available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable Lessor at law or in equity. Lessee hereby waives any and all damages occasioned by such taking of possession unless caused by Lessor's gross negligence or willful misconduct. Any such taking of possession shall not constitute a termination of this Lease as to any or all items of Equipment unless Lessor expressly so notifies Lessee in writing. Notwithstanding any said repossession, or any other action which Lessor may take, Lessee shall be and remain liable for the full performance of all obligations on the part of Lessee to be performed under this Lease. All such remedies are cumulative, and all of the same may be exercised at one time or different times, concurrently or separately. In no event, however, shall these remedies be exercised in any order in such a manner that the sole discretion Lessor recovers more than the balance of OWNER, rent and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything amounts payable by Lessee to Lessor hereunder, plus the contrary in fair market value which the Equipment would have at the end of the initial term of this Lease, TENANT shall have, after receiving a notice discounted from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary the date of the default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have end of the initial term of this Lease at a period rate of seven nine percent (79%) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)per annum.
Appears in 1 contract
Default. If Rent or any part thereof shall at any time be in arrears and unpaid for thirty (A30) After any termination of this Lease pursuant days or if the Tenant or its successors shall fail to perform any of the provisions hereofcovenants, includingagreements, or conditions of this Lease, and the breach is not cured within thirty (30) days after written notice from Landlord, or if Tenant shall abandon or vacate any of the Parcels during the term thereof, or shall make an assignment for the benefit of creditors, or if a receiver for Tenant be appointed in any action or proceeding by or against Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy Act or acts amendatory thereof or supplemental thereto shall be filed by or against Tenant, or if Tenant should be adjudicated bankrupt, or if the interest of Tenant in the Demised Premises be sold under execution or other legal process, Landlord may enter in and upon the Demised Premises and again have and repossess and enjoy the Demised Premises as if this Lease had not been made and thereupon this Lease and everything contained herein on the part of Landlord to be kept and performed shall cease and determine and be utterly void, without limitationprejudice, pursuant however, to summary proceedings the right of Landlord to recover from Tenant or otherwise, (a) its successors all sums payable by TENANT hereunder Rent due up to the time of such termination entry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by Tenant, shall become due thereupon and be paid, and (b) OWNER may elect equivalent in every respect to receive damages calculated in accordance with Article 16(b)actual entry by Landlord. In either eventcase of any default by Tenant and entry by Landlord, OWNER shall not be liable in any way whatsoever for its failure or refusal to Landlord may relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure at Tenant's cost (including but not limited to collect the rent under such reletting, brokers and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(battorneys fees) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the Lease term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that for the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition tohighest rent obtainable, and not limit, may recover from Tenant any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in deficiency between the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, amount so obtained and the exercise amount of any one remedy will not operate as a waiver or preclude the exercise of any other remedyRent hereinbefore reserved.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After If Tenant fails to make any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable payment required by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall havewhen due, after receiving a notice from OWNER regarding a non-monetary default, or fails within thirty (30) days after written notice thereof to cure such non-monetary correct any breach or default (rather than of the fifteen (15) days specified in Article 17(1)); provided that other covenants, terms or conditions of this Lease, or if such cure cannot be completed within such thirty (30) day periodTenant abandons the Premises before the end of the term, TENANT Landlord shall have the right at any time thereafter to elect to terminate this Lease and Tenant’s right to possession hereunder. Upon such additional termination, Landlord shall have the right to recover against Tenant:
(a) The worth at the time as needed of award of the unpaid rent which had been earned at the time of termination;
(b) The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that the Tenant proves could have been reasonably avoided;
(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 the Tenant proves could be reasonably avoided; and
(d) Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under the Lease or which in the ordinary course of things would be likely to result therefrom. The “worth at the time of award” of the amounts referred to in subparagraphs (a) and (b) above shall be computed by allowing interest at Union Bank’s prime rate in effect from time to time (i.e. floating), but not more than an additional the maximum rate allowed by law. The worth at the time of award of the amount referred to in subparagraph (c) 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 hundred twenty percent (120) days) 1%). Such efforts as Landlord may make to complete such cure so long as mitigate the cure is commenced within such thirty (30) day period and is diligently pursued damages caused by Tenant’s breach of this Lease shall not constitute a waiver of Landlord’s right to completion. Furthermorerecover damages against Tenant hereunder, notwithstanding nor shall anything herein contained affect Landlord’s right to indemnification against Tenant for any liability arising prior to the contrary termination of this Lease for personal injuries, wrongful death and/or property damage, and Tenant shall indemnify and hold Landlord harmless from any such injuries and damages, including all attorney’s fees and costs incurred by Landlord in Article 17(2)defending any action brought against Landlord for any recovery thereof, TENANT and in enforcing the terms and provisions of this indemnification against Tenant. Notwithstanding any of the foregoing, the breach of this Lease by Tenant, or an abandonment of the Premises by Tenant, shall not constitute a termination of this Lease, or of Tenant’s right of possession hereunder, unless and until Landlord elects to do so, and until such time Landlord shall have the right to enforce all of its rights and remedies under this Lease, including the right to recover guaranteed minimum monthly rental, percentage rental, additional rent, and all other payments to be made by Tenant hereunder, as they become due; provided, however, that until such time as Landlord elects to terminate this Lease, and Tenant’s right of possession hereunder, Tenant shall have the right to sublet the Premises, subject only to the written consent of Landlord, which consent shall not be unreasonably withheld. As security for the performance by Tenant of all of its duties and obligations hereunder, Tenant does hereby assign to Landlord the right, power and authority, during the continuance of this Lease, to collect the rents, issues and profits of the Premises, reserving unto Tenant the right, prior to any breach or default by it hereunder, to collect and retain said rents, issues and profits as they become due and payable. Upon any such breach or default, Landlord shall have the right at any time thereafter, without notice except as provided for above, either in person, by agent or by a period receiver to be appointed by a court, to enter and take possession of seven (7) days after the Premises and collect such rents, issues and profits, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney’s fees, upon any indebtedness secured hereby, and in such order as Landlord may determine. The parties hereto agree that acts of maintenance or preservation or efforts to re-lease the Premises, or the appointment of a receiver upon the initiative of Landlord to protect the interests of Landlord under this Lease shall not constitute a termination of Tenant’s right of possession for the purposes of this paragraph, unless accompanied by a written notice from OWNER in which Landlord to cure any default in the payment Tenant of fixed rent or additional rent The foregoing does not limit the right of OWNER Landlord’s election to impose the late charge and interest as applicable in accordance with Article 53(A)so terminate.
Appears in 1 contract
Sources: Sublease (1st Pacific Bancorp)
Default. (AIn the event of any failure of Tenant to pay the Base Rent or Additional Rent due hereunder within ten ( 10 ) After days after the same is due and payable, or any failure to commence and diligently pursue the performance of any of the other terms, covenants, and conditions of this Lease to be observed and performed by Tenant for more than thirty ( 30 ) days after written notice of such default, or if Tenant makes any transfer, assignment, conveyance, sale, pledge or disposition of all or a substantial portion of its property or if the Tenant's interest herein shall be sold under execution, then Landlord, at its option, may terminate this Lease without further notice to Tenant and upon such termination Tenant shall quit and surrender the Premises to Landlord, but such termination shall not affect the Landlord's right to recover damages or exercise any other right hereinafter provided ; however, in lieu of terminating this Lease, Landlord may elect to recover possession of the Premises without terminating this Lease and Landlord shall have the right subject to compliance with applicable law, to re - enter the Premises and to remove all persons or property therefrom and store any property in a public warehouse or elsewhere at the cost and for the account of Tenant, and Landlord shall not be liable for any loss or damage resulting from such re - entry nor shall Landlord be deemed guilty of trespass therefor . In the event of termination of this Lease or a re - entry of the Premises pursuant to this Section 24 , Landlord may re - let the whole or any part of the provisions hereofPremises on behalf of Tenant for a period equal to, includinggreater or less than the remainder of the then term of this Lease, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of at such termination rental and upon such terms and conditions as Landlord shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b)deem reasonable . In either event, OWNER Landlord shall not be liable in any way whatsoever respect for its the failure or refusal to relet the demised premises Premises or any part thereofin the event of such reletting, or if the demised premises are so relet, or its for failure to collect the rent under such reletting, thereunder and no refusal or failure any sums received by Landlord on a reletting shall belong to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunderLandlord . Nothing herein contained shall limit or prejudice In the right event of OWNER to prove and obtain as liquidated damages by reason a termination of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, includingLandlord shall forthwith be entitled to recover from Tenant, without limitationas liquidated damages, the right to collect damages as calculated under Article 16(bamount by which the sum of (a) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demandof this Lease ; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision all expenses of this Lease; and (c) will be Landlord incurred in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default recovering possession of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in Premises and reletting the event same including costs of TENANT’s default or non-compliance are deemed to be cumulative repair and in addition to all other remedies attainable at law or in equityrenovating the Premises, management agents' commissions and all fees, court costs and reasonable attorneys' fees, exceed the fair rental value of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completionPremises . Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).17
Appears in 1 contract
Sources: Office Lease (Portage Biotech Inc.)
Default. If
(Aa) After Tenant shall fail to pay the rent or any termination charge due hereunder within fifteen (15) days after the same is due, or (b) Tenant shall fail to perform 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 has been given to Tenant, or (c) if this Lease is assigned by Tenant in violation of Section 23, or (d) if Tenant shall abandon or vacate the Premises or permit the Premises to become vacant, or (e) Tenant or any guarantor of this Lease pursuant to any shall become insolvent or bankrupt or make an assignment of the provisions hereofbenefit of creditors, includingor (f) a receiver or trustee of Tenant’s property or that of any guarantor of this Lease shall be appointed and such receiver or trustee, without limitationas the case may be, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable discharged within thirty (30) days after such appointment, or (g) an execution or attachment is levied against Tenant’s property or that of any guarantor of this Lease, then in any way whatsoever for its failure or refusal such case, Landlord may, upon notice to relet Tenant, recover possession of and re-enter the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANTPremises without affecting Tenant’s liability for damages past rent and other charges due or otherwise future rent and other charges to accrue hereunder. Nothing herein contained In the event of any such default, Landlord shall limit or prejudice 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 right breach of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitationbut not limited to, the costs, expenses and attorney fees incurred by Landlord in enforcing the terms and provisions hereof and in re-entering and recovering possession of the Premises and for the cost of repairs, alterations and brokerage and attorney fees connected with the reletting of the Premises. Further, at the election of Landlord, Landlord shall have the right to collect damages as calculated under Article 16(b) as stated abovedeclare this Lease terminated and canceled, constitute a fair and reasonable amount without any further rights or obligations on the part of damages in the circumstances.
Landlord or Tenant (B) TENANT acknowledges that: (i) its agreement to fully and timely pay all other than Tenant’s obligation for 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 credit or payment resulting from any reletting of the Premises. In case of a default under this Lease, Landlord may, in addition to 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 available at law or otherwise. 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 repairs, or satisfy lien claims) and whenever Landlord so elects, all costs and expenses paid by Landlord in curing such default, including without limitation attorney fees, shall be payable to Landlord as additional rent is a material inducement for OWNER due on demand, together with interest at the rate provided in Section 26 below from the date of the advance to enter into the date of repayment by Tenant to Landlord. No receipt of money by Landlord from Tenant after the expiration or termination of this Lease; (ii) Lease or after the aggregate amount service of all rent and additional rent are due and payable in full at any notice or after the commencement of the termany suit, but OWNER, solely or after final judgment for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance possession of the aggregate amount of all rent and additional rent for the then remainder of Premises shall reinstate, continue or extend the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute Lease or be deemed to be liquidated damages affect any such notice, demand or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofsuit.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. If a Default or Potential Default exists (Aor if Borrowers fail to give directions as permitted under Section 3.12(a)), any payment or prepayment (including proceeds from the exercise of any Rights) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up shall be applied to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages Obligation in the circumstances.
(B) TENANT acknowledges thatfollowing order: (i) its agreement to fully the ratable payment of all fees, expenses, and timely pay indemnities for which Administrative Agent or Holders have not been paid or reimbursed in accordance with the Loan Documents (as used in this Section 3.12(b)(i), a "ratable payment" for any Holder or Administrative Agent shall be, on any date of determination, that proportion which the portion of the total fees, expenses, and indemnities owed to such Holder or Administrative Agent bears to the total aggregate fees and indemnities owed to all rent Holders and additional rent is a material inducement for OWNER to enter into this LeaseAdministrative Agent on such date of determination); (ii) to the aggregate amount ratable payment of accrued and unpaid interest on the Aggregate Principal Debt (as used in this Section 3.12(b)(ii), "ratable payment" means, for any Holder, on any date of determination, that proportion which the accrued and unpaid interest on the Aggregate Principal Debt owed to such Holder bears to the total accrued and unpaid interest on the Aggregate Principal Debt owed to all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the termHolders); (iii) upon default to the ratable payment of the Aggregate Principal Debt (as used in this Section 3.12(b)(iii), "ratable payment" means, for any Holder, on any date of determination, that proportion which the Aggregate Principal Debt owed to such Holder bears to the Aggregate Principal Debt owed to all Holders); and (iv) to the payment of the remaining Obligation in the full order and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that manner Required Holders deem appropriate. Subject to the provisions of this Article: (a) will Section 13 and provided that Administrative Agent shall not constitute in any event be bound to inquire into or be deemed to be liquidated damages determine the validity, scope, or a penalty; (b) will apply notwithstanding priority of any contrary provision interest or entitlement of this Lease; any Holder and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise may suspend all payments or seek appropriate relief (including, without limitation, those regarding additional rent reserved under this Lease) upon a default instructions from Required Holders or an action in the fully and timely payment nature of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(Cinterpleader) The remedies granted to OWNER in the event of TENANT’s default any doubt or non-compliance are deemed dispute as to be cumulative and in addition any apportionment or distribution contemplated hereby, Administrative Agent shall promptly distribute such amounts to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable each Holder in accordance with Article 53(A)the Agreement and the related Loan Documents.
Appears in 1 contract
Sources: Term Loan and Note Purchase Agreement (Sun Healthcare Group Inc)
Default. (A) After any termination of this Lease pursuant to any of If and whenever the provisions hereofRent hereby reserved, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, will not be paid on the day appointed for payment thereof, whether demanded or if the demised premises are so reletnot, or its failure 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 collect be kept, observed, or performed, or in case the rent under Premises will be vacated or remain unoccupied for five days, or if, without the written consent of 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 relettingcase 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 no refusal enjoy as of its former estate, anything in this Lease contained to the contrary notwithstanding. Whenever the Landlord is entitled to re-enter the Premises it may, at its option and without limiting its other remedies, terminate this Lease. If this Lease is so terminated, the Landlord, to the extent permitted by law, may immediately repossess the Premises, sell or failure to relet to collect rent shall affect TENANTdispose of such Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein as the Landlord considers appropriate, or store any of the Tenant’s fixtures, trade fixtures, personal property, or leasehold improvements therein in a public warehouse or elsewhere at the cost of the Tenant, all without service of notice, without legal proceedings, and without liability for loss or damage and wholly without prejudice to the rights of the Landlord to recover arrears of Rent or damages for any default by the Tenant of its obligations or otherwise hereunder. Nothing herein contained shall limit agreements under this Lease or of any term or condition of this Lease, and wholly without prejudice to the right rights of OWNER the Landlord to prove and obtain as liquidated recover from the Tenant damages for loss of Rent suffered by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (includinghaving been prematurely terminated, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNERincluding prospective damages, and the exercise of any one remedy will not operate as Landlord reserves a waiver or preclude the exercise of any other remedy.
right to claim all costs (D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving on a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period solicitor and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2client basis), TENANT shall have a period of seven (7) days after notice losses, damages, and expenses arising from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)Tenant’s breach.
Appears in 1 contract
Sources: Lease Agreement
Default. (A) After any termination of this Lease pursuant to any of In the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent event there is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent for a period of five (5) days following written notice of same be Lessor to lessee, the Lessor, without prejudice to any other rights or additional rent The foregoing does remedies that it may have, shall have the right, immediately or at any time thereafter, to terminate the lease and to re-enter the Leased Premises and remove all persons and property from the leased Premises. In the event the Lessee shall neglect to keep or perform any other covenant, agreement or condition of this lease or shall fail to conform to any of the building rules and regulations now in force or hereafter adopted by the Lessor, the Lessor shall give written notice of such default to the Lessee; and in the event that such default is not limit rectified within ten (10) days from the date of such notice, then the Lessor shall have the right, in its sole discretion, to enter the Leased Premises immediately or at any time thereafter and cure the default at Lessee's sole cost and expense or remove the Lessee from the leased Premises, without prejudice to any other remedies of the Lessor. In the event of any such re-entry, the lessee hereby waives all claims for damages which may be caused by the re-entry of the Lessor and will save the Lessor harmless from any loss, cost or damages occasioned Lessor thereby, and no such re-entry shall be considered or construed to be a forcible entry. Should the Lessor elect to re-enter the Leased Premises as herein provided, or should it take possession pursuant to legal proceedings, it may either terminate this lease or it may from time to time, without terminating this lease, re-let the Leased Premises or any part thereof on Lessee's Account for such time or times and at such rental or rentals and upon such other terms and conditions as the Lessor in its sole discretion may deem advisable, with the right to make alternations and repairs to the Leased Premises, and the lessee shall pay the amount or rent due under this lease to the date of OWNER the beginning of payment or rent pursuant to impose any such re-letting, together with the late charge cost of such re-letting including the cost of any alternations and interest repairs to the leased Premises, and the Lessee will thereafter pay monthly during the remainder of the term of this lease the difference, if any, between the rent collected from such re-letting and the rent reserved in this lease if such rent collected is less than that reserved in the lease. No such re-entry or taking possession of the Leased Premises by the Lessor shall be construed as applicable an election on its part to terminate this lease unless a written notice of such intention be given to the Lessee. Notwithstanding any such re-letting without termination, the Lessor may, at any time after the occurrence of any default set out in accordance with Article 53(A)this Section No. 19, elect to terminate this lease and may terminate it by giving written notice to that effect to the Lessee. If the lessor shall at any time terminate this lease on account of any default set out in this paragraph, in addition to any and all remedies it may have, it may recover from the Lessee all damages that it may suffer by reason of the termination of this lease, including, but not limited to, the cost of recovering possession of the leased Premises, reletting the Premises, lease commissions, attorney's fees, upfitting costs which the Lessor deems necessary for a new tenant, and the excess, if any, of the amount of rent and other amounts to be paid by the Lessee under the terms of this lease for the remainder of the stated term, over the then reasonable rental value of the premises for the remainder of the stated term.
Appears in 1 contract
Sources: Lease Amendment (Windrose Medical Properties Trust)
Default. (A) After any termination The following events shall be deemed to be events of default by Tenant under this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, Lease: (a) all Tenant shall fail to pay any Rent or Other sums payable by TENANT Tenant hereunder up to the time of as and when such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure Rent or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately other sums become due and payable without and such default shall continue for ten (10) days after Landlord shall have given to Tenant a notice of such default, or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision Tenant shall default in the performance of this Lease; and (c) will be in addition to, and not limit, or compliance with any other rights and remedies available to OWNER pursuant to covenants, agreements, terms, conditions or obligations of Tenant under this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a such default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, continue for thirty (30) days after Landlord shall have given to Tenant a notice specifying the nature of such default. Upon occurrence of any event of default and after the applicable cure period has lapsed, Landlord shall have the option to elect any one or more of the following remedies:
(a) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, but if Tenant shall fail so to do, Landlord may without notice and without prejudice to any other remedy Landlord may have, enter upon and take possession of the Premises and expel or remove Tenant and its effects without being liable to prosecution or any claim for damages therefore.
(b) Declare the entire amount of the Rent which would h become due and payable during the remainder of the Term of this Lease to be due and payable immediately, in which event Tenant agrees to pay, the same to Landlord at once, it being agreed that such non-monetary payment shall constitute payment in advance of the Rent stipulated for the remainder of the Term.
(c) Enter upon and take possession of the Premises as the agent of Tenant without being liable to prosecution or any claim for damages therefore, and Landlord may relet the Premises as the agent of Tenant and receive the Rent therefore, in which event Tenant shall pay to Landlord on demand the cost of renovating, repairing and altering the Premises for a new tenant or tenants and any deficiency that may arise by reason of such reletting; provided, however, that Landlord shall have no duty to relet the Premises and the failure of Landlord to relet the Premises shall not release or affect Tenant’s liability for Rent or for damages.
(d) Landlord may undertake whatever action Tenant is obligated to perform by the provisions of this Lease and may enter the Premises without being liable to prosecution or any claim for damages therefore, in order to accomplish this purpose. Tenant agrees to reimburse Landlord immediately upon demand for any expenses, which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Forbearance by Landlord in enforcing one or more of the remedies herein provided upon an event of default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure canshall not be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) deemed or construed to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have constitute a period waiver of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent other violation or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)default.
Appears in 1 contract
Default. (A) After The Obligations shall be in default upon failure to pay when due any termination of this Lease pursuant amount payable hereunder, under any promissory note or other agreement pertaining to an Obligation, or upon any failure to observe or perform any of the provisions hereof, including, without limitation, pursuant to summary proceedings Debtor's or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable Borrower's other agreements contained herein or in any way whatsoever for its failure instrument evidencing or refusal pertaining to relet an Obligation or the demised premises or any part thereofCollateral, or if the demised premises are so reletany warranty or statement by Debtor herein or furnished in connection herewith is false or misleading, or its failure to collect if Debtor or Borrower becomes the rent under such relettingsubject of any bankruptcy or insolvency proceeding or makes an assignment for the benefit of creditors, or if Bank in good faith believes the prospect of payment and no refusal performance of any Obligation is impaired. If the promissory note or failure to relet to collect rent shall affect TENANT’s liability for damages instrument evidencing, or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal agreement pertaining to, an Obligation does not contain specific repayment provisions, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER if an Obligation arises under this LeaseAgreement, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are such Obligation shall be due and payable in full on demand by Bank. If such note, instrument, or agreement does not provide for an interest rate on an Obligation, including any Obligation arising under this Agreement, the Obligation shall bear interest from its inception on the unpaid balance at the commencement highest interest rate applicable to any other Obligation then in existence or, in the absence of such other rate, the termBank's Index Rate, adjusted daily, plus 3% per annum, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable not in equal monthly installments during the term; (iii) upon default in the full and timely payment excess of any rent and additional installmentsmaximum applicable lawful contract rate. Upon default, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will Obligations shall immediately become due and payable at Bank's option without notice to Debtor or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition toBorrower, and not limitBank may proceed to enforce payment of same and to exercise any or all rights and remedies provided by the Uniform Commercial Code or other applicable law, any as well as all other rights and remedies possessed by Bank all of which shall be cumulative. Whenever Debtor or Borrower is in default hereunder, and upon demand by Bank, Debtor shall assemble the Collateral and make it available to OWNER pursuant Bank at a place reasonably convenient to this Lease Bank and otherwise (includingDebtor, without limitationand if Debtor fails to do so in any respect, those regarding additional rent reserved under this Lease) upon Debtor shall be liable for all costs and expenses, including reasonable attorney's fees, incurred by Bank as a default in the fully and timely payment result. Any notice of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default sale, lease or other intended disposition of the nature Collateral by Bank sent to Debtor at the address specified above, or at such other address of Debtor as may be shown on Bank's records, at least 5 days prior to such action, shall constitute reasonable notice to Debtor. If more than one Obligation is outstanding, Bank may apply all sums realized from the Collateral to the Obligations in clause “(iii)” hereof.
(C) The remedies granted such order as it may choose without thereby releasing Debtor, Borrower, or any other party liable on an Obligation. Bank may waive any default before or after the same has been declared without imparting its right to OWNER in declare a subsequent default hereunder and accelerate the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all maturities of the same may be exercised at one time or different timesObligations, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedythese rights being continuing ones.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After In the event of any termination breach of this Lease pursuant to any of by Tenant, the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to Landlord shall notify the time Tenant of such termination breach in writing and Tenant shall become have ten (10) days in which to cure any such breach as to payments of rent or other sums due thereupon and be paidhereunder, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure any other breach, and if Tenant shall fail to cure such non-monetary breach or default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day periodtime limit, TENANT then Landlord, besides other rights or remedies Landlord may have, shall have the immediate right of re-entry and may remove all persons and property from the premises; and such additional property may be removed and stored in a public warehouse or elsewhere at the cost of, and for the account of, Tenant. Should Landlord elect to re-enter, as herein provided, or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by Law, Landlord may either terminate this Lease or may from time to time, without terminating this Lease, re-let said premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as needed Landlord in his sole discretion may deem advisable with the right to make alterations and repairs to said premises. Upon such re-letting, (a) Tenant shall be immediately liable to pay to Landlord in addition to any indebtedness other than rent due hereunder, the cost and expenses of such re-letting and of such alteration and repair incurred by Landlord and the amount, if any, by which the rent reserved in this Lease for the period of such re-letting (up to but not more than an additional one hundred twenty beyond the term of this Lease) exceeds the amount agreed to be paid as rent for the premises for such periods of such re-letting; or (120b) days) At the option of Landlord, rents received by such Landlord from such re-letting shall be applied as follows: First, to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed any indebtedness, other than rent, due hereunder from Tenant to Landlord; Second, to the payment of any costs and expenses of such re-letting and of such alterations and repairs; Third, to the payment of rent due and unpaid hereunder and the residue, if any, shall be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. If Tenant 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 Landlord by the new Tenant, or additional if such rentals received for re-letting under option (b) during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such re-entry or taking possession of said promises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any re-letting without termination, Landlord may at any time elect to terminate this Lease for any breach, in addition to any other remedies he may have, Landlord may recover from Tenant all damages incurred by Landlord by reason of such breach, including the cost of recovering the premises, and including the worth at the time of such termination of the excess, if any, of the amount of rent The foregoing does not limit and charges equivalent to rent reserved in this Lease for the right remainder of OWNER the stated term of this Lease over the then reasonable rental value of the premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Tenant to impose the late charge and interest as applicable in accordance with Article 53(A)Landlord.
Appears in 1 contract
Default. In the event that Tenant defaults in the payment of rent for more than ten (A10) After any termination of this Lease pursuant to any of days after the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of date on which such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofpayment is due, or if the demised premises are so relet, or its failure Tenant continues to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by violate any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary other provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a receipt or written notice from OWNER regarding a non-monetary default, Landlord to correct same and Tenant shall not initiate action to correct such default within thirty (30) days of such notice and diligently pursue the correction of such default to cure completion, then, in such nonevent, this Lease shall terminate at the option of Landlord and then Landlord shall be entitled to regain and retake possession of the Premises, without liability therefore. In the event of any such occurrence, Tenant shall be liable to the Landlord for any and all losses sustained by said Landlord as a result of said default and consequent termination of this Lease, including for the purposes of illustration only and without limiting the generality of this foregoing, the loss of all rent for any period remaining under this Lease; all costs of releasing the Premises, such as advertising expenses and the costs of preparing any new Lease Agreement; the cost of cleaning and restoring the Premises to a rentable condition; the unamortized Abated Rent (the amount thereof being abated on a straight-monetary default line basis over the initial term of the lease commencing with the first month for which base rent is due and payable under this Lease); and all cost incurred in removing Tenant from the Premises should it refuse to peaceable surrender same in the event of the Landlord’s election to terminate, as hereinabove provided including all attorney fees and court costs connected therewith. If Tenant fails to make any payment that it is required to make (rather other than the payment of base rent), including but not limited to defaults in performing any of its obligations under this Lease, Landlord, at its option, at any time after 10 days notice to Tenant, may (but shall not be obligated to) make the payment, or cause the obligation of Tenant to be performed for and on behalf of Tenant, expending such sums as may be necessary to perform or satisfy the obligation of Tenant. All sums so expended by Landlord, together with interest at the rate of 5% per annum, shall be deemed additional rent, and shall be repaid by Tenant to landlord on demand; but no payment, act, or expenditure by Landlord shall be deemed a waiver of Tenant's default nor shall it affect any other remedy of Landlord by reason of default. In the event that Landlord defaults in the performance of any obligation of Landlord under this lease and fails to initiate action to correct such default within thirty (30) days of receipt of written notice thereof from Tenant, Tenant shall have the right to initiate curing the default, and in that event Tenant shall have the right to offset the reasonable costs of curing such default against the monthly rent due and payable under this Lease (and shall have no other remedy by reason of such default by Landlord). Notwithstanding any other provision of this Lease, in the event that the Premises or the Building are significantly damaged and Landlord fails to initiate repairs within forty-five (45) days of the day on which the damage was suffered or reasonably diligently pursue such repairs to completion once initiated, then Tenant shall have the right to notify Landlord in writing of its intent to terminate the Lease. If Landlord fails to initiate and/or resume repairing the damage within fifteen (15) days specified in Article 17(1)); provided that if of Landlord’s receipt of such cure cannot be completed within such thirty (30) day periodnotice from Tenant, TENANT Tenant shall have such additional time as needed the right to terminate this Lease by giving written notice to Landlord not less than fifteen (but not more than an additional one hundred twenty (12015) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything days prior to the contrary in Article 17(2), TENANT shall have a period effective date of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)termination.
Appears in 1 contract
Sources: Lease Agreement
Default. If Rent or any part thereof shall at any time be in arrears and unpaid for thirty (A30) After any termination of this Lease pursuant days or if the Tenant or its successors shall fail to perform any of the provisions hereofcovenants, includingagreements, or conditions of this Lease, and the breach is not cured within thirty (30) days after written notice from Landlord, or if Tenant shall abandon or vacate the Demised Premises during the term thereof, or shall make an assignment for the benefit of creditors, or if a receiver for Tenant be appointed in any action or proceeding by or against Tenant or if a petition (voluntary or involuntary) under the Federal Bankruptcy Act or acts amendatory thereof or supplemental thereto shall be filed by or against Tenant, or if Tenant should be adjudicated bankrupt, or if the interest of Tenant in the Demised Premises be sold under execution or other legal process, Landlord may enter in and upon the Demised Premises and again have and repossess and enjoy the Demised Premises as if this Lease had not been made and thereupon this Lease and everything contained herein on the part of Landlord to be kept and performed shall cease and determine and be utterly void, without limitationprejudice, pursuant however, to summary proceedings the right of Landlord to recover from Tenant or otherwise, (a) its successors all sums payable by TENANT hereunder Rent due up to the time of such termination entry. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment or otherwise, after any default by Tenant, shall become due thereupon and be paid, and (b) OWNER may elect equivalent in every respect to receive damages calculated in accordance with Article 16(b)actual entry by Landlord. In either eventcase of any default by Tenant and entry by Landlord, OWNER shall not be liable in any way whatsoever for its failure or refusal to Landlord may relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure at Tenant's cost (including but not limited to collect the rent under such reletting, brokers and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(battorneys fees) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the Lease term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that for the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition tohighest rent obtainable, and not limit, may recover from Tenant any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in deficiency between the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, amount so obtained and the exercise amount of any one remedy will not operate as a waiver or preclude the exercise of any other remedyRent hereinbefore reserved.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After any termination If Tenant shall make default in the fulfillment of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon covenants and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon conditions hereof except default in the full and timely payment of any rent and additional installmentsrent, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition toLandlord may, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall haveits option, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified prior notice to Tenant, make performance for Tenant and for the purpose advance such amounts as may be necessary. Any amounts so advanced, or any expense incurred, or sum of money paid by Landlord by reason of the failure to Tenant to comply with any covenant, agreement, obligation or provision of this Lease, or in Article 17(1)); provided that if defending any action to which Landlord may be subjected by reason of any such cure canfailure for any reason of this Lease, shall be deemed to be additional rent for the Leased Premises and shall be due and payable to Landlord on demand. The acceptance by Landlord of any installment of fixed rent, or of any additional rent due under this or any other paragraph of this Lease, shall not be completed within a waiver of any other rent then due nor of the right to demand the performance of any other obligation of the Tenant under this Lease. Interest shall be paid to Landlord on all sums advanced by Landlord at an annual interest rate of 2% over the prime rate charges by Zions First National Bank. If Tenant shall make default in fulfillment of any of the covenants or conditions of this Lease (other than the covenants fro the payment of rent or other amounts) and any such thirty (30) day period, TENANT default shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have continue for a period of seven fifteen (715) days after notice, then Landlord may, at is option, terminate this Lease by giving Tenant written notice from OWNER in which to cure any default in of such termination and, thereupon, this Lease shall expire as fully and completely as if that day were the payment date definitely fixed for the expiration of fixed rent or additional rent The foregoing does not limit the right term of OWNER to impose this Lease and Tenant shall quit and surrender the late charge and interest as applicable in accordance with Article 53(A)Leased Premises.
Appears in 1 contract
Default. 12.1 If Tenant fails to make any payment of rent within seven (A7) After days after it becomes due and payable; or if any termination other default will be made or suffered by Tenant in any of the other covenants and conditions of this Lease pursuant required to be kept or performed by ▇▇▇▇▇▇ (other than payment of rent), and if Tenant fails to cure such default or defaults within thirty (30) days after written notice given in any manner (by mail, by posting on the door of the Premises, or otherwise, at Landlord's option) by Landlord to Tenant, specifying the default or defaults complained of; or if Tenant's leasehold interest is levied on execution; or if Tenant or any guarantor of this Lease becomes bankrupt or insolvent or makes an assignment for the benefit of creditors; or if Tenant abandons the Premises; then Landlord may, in addition to any other right or remedy provided by law, terminate this Lease by written notice or may re-enter into and repossess the Premises and may relet the Premises or any part thereof for any term, either shorter, longer, or the same, at a higher, lower, or the same rent, making such alterations as may be necessary. Tenant will pay, as Additional Rent, all of the provisions hereofLandlord's expenses in connection with reletting resulting from ▇▇▇▇▇▇'s default, including, without limitation, pursuant to summary proceedings all repossession costs, brokerage commissions, alteration costs and legal expenses including reasonable attorney fees. Upon any payment default or otherwiseother default, (a) all sums payable Landlord may pursue any right or remedy provided by TENANT hereunder up to the time of such termination shall become due thereupon and be paidlaw or this Lease Agreement, and (b) OWNER if Tenant moves to another state, Landlord may obtain a judgment against Tenant in Michigan or in such other state and may collect upon any assets of Tenant located in any state.
12.2 Landlord may, at any time after re-entry, elect to receive damages calculated in accordance with Article 16(b)terminate this Lease for the default giving rise to such re-entry or may terminate this Lease at any time when there is an uncured Tenant default. In either event, OWNER shall not This Lease will also be liable in terminated by any way whatsoever for its failure reletting by Landlord after re- entry. No act by Landlord other than reletting the Premises or refusal giving written notice of termination to relet Tenant will terminate this Lease.
12.3 Tenant will pay to Landlord all rent due under this Lease on the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect dates the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be provedis due until this Lease is terminated, whether or not such amount be greaterLandlord has re-entered the Premises. Upon default, equal toLandlord, or less than at its option, may accelerate and declare due the amounts referred to hereinentire balance of Rent payable under this Lease during the remaining balance of the term of this Lease. TENANT agrees that the rights and remedies afforded to OWNER under On termination of this Lease, including, without limitation, Landlord has the right to collect recover from Tenant all then unpaid rent, including accelerated rent, and any other amount necessary to compensate Landlord for all damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstancesproximately caused by ▇▇▇▇▇▇'s default.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is 12.4 If either Landlord or ▇▇▇▇▇▇ commences an action against the other as the result of a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice breach or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision alleged breach of this Lease; and (c) , the prevailing party will be in addition to, entitled to have and not limit, any other rights recover from the losing party reasonable attorneys' fees and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment costs of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofsuit.
(C) The remedies granted to OWNER in the event 12.5 If Landlord shall default hereunder, Tenant shall give written notice of TENANT’s such default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT Landlord shall have, after receiving a notice from OWNER regarding a non-monetary default, have thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER thereafter in which to cure any such default in or such longer period as may be reasonably necessary to cure such default. In no event shall Landlord's liability to Tenant exceed the payment amount of fixed rent or additional rent The foregoing does not limit the right Base Rent owed during the term of OWNER this Lease. If ▇▇▇▇▇▇ obtains a judgment against Landlord, ▇▇▇▇▇▇'s sole remedy shall be to impose proceed with execution against the late charge Building, and interest as applicable in accordance with Article 53(A)Landlord shall have no personal liability for such judgment.
12.6 All rights and remedies of Landlord under this Lease Agreement are cumulative and nonexclusive.
Appears in 1 contract
Sources: Lease Agreement
Default. (A) After If Tenant fails to pay fixed rental or any termination other sum required by the terms of this Lease pursuant to be paid by Tenant when the same shall be due, or if Tenant shall abandon the Premises, then Landlord shall have the immediate right, without notice, to make distress therefor and, upon such distress, in the Landlord's discretion, this tenancy shall terminate. If any fixed rental payment required to be paid by Tenant shall be in arrears more than ten (10) days, Tenant shall be liable for a late charge of fifteen percent (15%) of the amount in arrears, which charge shall be collectible as rent. In case Tenant shall fail to comply with any of the provisions other provisions, covenants or conditions of this Lease on its part to be kept and performed, and such default shall continue for a period of ten (10) days after written notice thereof shall have been given to Tenant by Landlord, or if Tenant fails to pay any sum of money due to Landlord or others under the terms hereof, includingwhen and as such payment is due, without limitationthen upon the happening of any such events, pursuant the term of this Lease, at the option of Landlord, shall cease and determine and, from thenceforth, it shall and may be lawful for Landlord to summary proceedings or otherwisere-enter into and upon the Premises, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or and to repossess and hold the same as if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability this Lease had never been executed. If Landlord incurs any expenses in proceeding against Tenant for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER default under this Lease, includingthen Tenant shall pay Landlord all reasonable expenses, without limitationincluding counsel and court costs fees incurred with respect to such default. In addition to the preceding, the right if Tenant fails to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement comply with any of the termother provisions, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice covenants or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision conditions of this Lease; and (c) will be in addition to, and not limitTenant has been given notice by Landlord and reasonable opportunity to cure, any other rights then thereafter and remedies available to OWNER pursuant to notwithstanding anything in this Lease to the contrary, Landlord may cure Tenant's default and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in Tenant shall owe Landlord any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate monies which Landlord spends as a waiver or preclude the exercise result of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary Landlord curing Tenant's default, thirty (30) days to cure such non-monetary default (rather than the plus fifteen percent (15%) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)administrative/overhead costs.
Appears in 1 contract
Sources: Lease Agreement (Avesis Inc)
Default. (Aa) After In the event that,
(i) Lessee fails to pay any rents or amounts payable;
(ii) Lessee fails to perform or observe any other term, covenant or agreement for a period of ten days after written notice given by Lessor specifying the default or defaults; (iii) Lessee become insolvent or bankrupt of fails to pay its debts as they mature or makes as assignment for the benefit of credits or suffers dissolution or the termination of this Lease pursuant to its existence; or a trustee or receiver is appointed for Lessee or any of its property; or bankruptcy, reorganization, insolvency or attachment proceedings under any other laws relating to the provisions hereofrelief of debtors or similar laws is commenced by a against Lessee, including, without limitation, pursuant to summary proceedings a proceeding for reorganization under Chapter 11 or otherwise, for adjustment of debts under Chapter 13 of the United States Bankruptcy Code; or (aiv) all sums payable Lessee commits or omits any event in which Lessor reasonably determines impairs Lessee’s prospect of making payments or performing any of the other covenants required by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and Lessee; then Lessor may declare Lessee in default.
(b) OWNER Upon ▇▇▇▇▇▇’s default, all of the rights of Lessee hereunder shall terminate and the Vehicle shall be immediately surrendered to Lessor at Lessee’s expense at a location specified by Lessor; Lessor may elect repossess the Vehicle with or without process of law, at Lessee’s expenses and without liability for trespass or otherwise. Should Lessee default by failing to receive damages calculated provide bodily injury and property damage insurance as required then the notice in accordance with Article 16(b). In either event, OWNER subsection (ii) above shall not be liable required and Lessee shall immediately be in default.
(c) In the event of default the rental term for the Vehicle shall terminate on the last day of the month in which the Vehicle is surrendered or repossessed. Lessor may retain all rents and payments previously received, including any way whatsoever refunds and any other sums otherwise payable to Lessee. Lessor shall be entitle to recover from Lessee any unpaid monthly rents for the Vehicle’s rental term and any additional sums due and unpaid, together with costs and expenses, including reasonable attorney’s fees, incurred by Lessor in the enforcement of its failure or refusal rights and remedies under this Agreement, and any and all damages provided by law. In any event, Lessor shall be entitled to relet receive from Lessee a minimum of the demised premises or any part thereof, or monthly rental through the end of the Minimum Lease Term if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability Vehicle is in service for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full Minimum Lease Term at the commencement date of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofdefault.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Sources: Vehicle Lease Agreement
Default. (A) After any termination of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated As used in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right term "event of default" shall mean any one of the following: The failure of Tenant to collect damages as calculated under Article 16(bmake any payment of rent by the tenth (10th) as stated above, constitute a fair day of the month in which the same becomes due and reasonable amount payable; The failure of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement Tenant to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into fulfill any other duty or obligation imposed on Tenant by this Lease; (ii) The appointment of a receiver or the aggregate amount entry of all rent and additional rent are due and payable an order declaring Tenant bankrupt or the assignment by Tenant for the benefit of creditors or the participation by ▇▇▇▇▇▇ in full at the commencement any other insolvency proceedings; The taking of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount leasehold interest of Tenant hereunder pursuant to be payable in equal monthly installments during an execution on a judgment. Upon the term; (iii) upon default in the full and timely payment happening of any rent "event of default", as may be determined by the Landlord in its sole discrestion, Landlord may at its option accelerate payments due hereunder and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to terminate this Lease and otherwise (includingexpel Tenant and recover reasonable legal fees and costs therefrom without prejudice to any other remedy; provided, without limitationhowever, those regarding additional rent reserved under this Lease) upon a default in that before the fully and timely payment exercise of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER such option in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equitydefault, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion case of OWNER, and failure by Tenant in the exercise payment of any one remedy will not operate as a waiver rent or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in sums as required by this Lease, TENANT Landlord shall havefirst have given written notice of such event of default to Tenant, after receiving a notice from OWNER regarding a non-which thereafter shall have three (3) days within which to remedy or correct such monetary default, including the payment of any late fees or other charges assessed by the lender of Landlord, and in the case of failure by ▇▇▇▇▇▇ to perform any other condition imposed herein upon Tenant, Landlord shall have first given written notice of such event of default to Tenant, which thereafter shall have thirty (30) days (as to cure any event of default other than payment of rent or other monetary default) within which to remedy or correct such default; provided, that if such event of non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot reasonably be completed cured within such said thirty (30) day period, TENANT Tenant shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the be deemed in default hereunder if cure is commenced within such thirty (30) day said period and is diligently pursued thereafter. In addition to completion. Furthermore, notwithstanding anything all other remedies Landlord shall be entitled to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice recover reasonable attorneys' fees and costs from OWNER in which to cure any default Tenant incurred by Landlord in the payment enforcement of fixed rent or additional rent The foregoing does any rights under this Lease. Landlord shall not limit the right of OWNER be required to impose the late charge and interest as applicable give notice for monetary default more than twice in accordance with Article 53(A)any calendar year.
Appears in 1 contract
Sources: Lease
Default. (A) After any termination The Borrowers shall be in default under this Note upon the ------- occurrence of this Lease pursuant to any of the following events (each an "Event of Default"):
a. Failure to make any payment required under this Note on the Maturity Date or on the due date of any other payment, which failure remains unremedied ten (10) days after written notice thereof shall have been given to Borrowers; or
b. Any default under the terms and provisions hereofof this Note, the Loan Agreement or any of the other Loan Documents, and such default remains unremedied thirty (30) days after written notice thereof shall have been given to Borrowers. Upon the happening of any Event of Default, or on the Maturity Date, the entire amount of interest, principal and any other sums due under this Note shall become due and payable immediately and interest shall accrue thereafter at a rate of interest equal to twenty-four (24%) percent per annum (the "Default Rate"). The Default Rate shall apply, without notice, immediately upon the occurrence of any Event of Default and shall continue thereafter until all sums then due and payable under this Note are paid in full. The Borrowers acknowledge that (a) the Default Rate is a material inducement to the Lender to make the Term Loan; (b) the Lender would not have made the Term Loan in the absence of the Agreement of the Borrowers to pay the Default Rate upon the occurrence of any Event of Default; (c) such Default Rate represents compensation to the Lender for the increased risk to the Lender that his Note will not be repaid by the Borrowers; and (d) the Default Rate is not a penalty and represents a reasonable estimate of (i) the cost to the Lender in allocating its resources (both personnel and financial) to the ongoing review, monitoring, administration and collection of this Note and (ii) compensation to the Lender for losses resulting from the Borrowers' default that are difficult to ascertain. Upon and following an Event of Default, the Lender may proceed to protect and enforce the Lender's rights under this Note and any Loan Document, and under applicable law, by action at law, inequity, or other appropriate proceedings, including, without limitation, pursuant an action for specific performance to summary proceedings enforce or otherwise, (a) all sums payable by TENANT hereunder up to aid in the time enforcement of such termination shall become due thereupon any provision contained herein and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for other Loan Documents. The Lender does not give up its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right rights upon an Event of OWNER to prove and obtain Default as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment result of any rent and additional installments, the entire unpaid balance delay in declaring or failing to declare an Event of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofDefault.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (Aa) After Upon the occurrence and during the continuance of a Default, Lender may exercise from time to time any termination of this Lease pursuant rights and remedies available to any of it under the provisions hereofUniform Commercial Code as in effect from time to time in Illinois or otherwise available to it, including, without limitation, pursuant to summary proceedings or otherwisesale, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereofassignment, or other disposal of the Collateral in exchange for cash or credit. If any notification of intended disposition of any of the Collateral is required by law, such notification, if mailed, shall be deemed reasonably and properly given if mailed at least ten (10) days before such disposition, postage prepaid, addressed to Pledgor either at the demised premises are so reletaddress of Pledgor shown below, or its failure to collect at any other address of Pledgor appearing on the rent under such reletting, and no refusal or failure to relet to collect rent records of Lender. Any proceeds of any disposition of Collateral shall affect TENANT’s liability for damages or otherwise hereunderbe applied as provided in SECTION 8 hereof. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the No rights and remedies afforded of Lender expressed hereunder are intended to OWNER under this Lease, including, without limitation, the be exclusive of any other right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the termor remedy, but OWNER, solely for TENANT’S convenience, has permitted said amount to every such right or remedy shall be payable in equal monthly installments during the term; (iii) upon default in the full cumulative and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will shall be in addition to, and not limit, any to all other rights and remedies available herein conferred, or conferred upon Lender under any other agreement or instrument relating to OWNER pursuant any of the Liabilities or security therefor or now or hereafter existing at law or in equity or by statute. No delay on the part of Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by Lender of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy. No action of Lender permitted hereunder shall impair or affect the rights of Lender in and to this Lease and otherwise the Collateral.
(b) Pledgor agrees that in any sale of any of the Collateral, Lender is authorized to comply with any limitation or restriction in connection with such sale as counsel may advise Lender is necessary in order to avoid any violation of applicable law (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in compliance with such procedures as may restrict the fully number of prospective bidders and timely payment of rent installment. The parties 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 this Article fairly reflects they are purchasing for their intent own account for investment and not with respect a view to a default the distribution or resale of such Collateral), or in order to obtain any required approval of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in sale or of the event of TENANT’s default purchaser by any governmental regulatory authority or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equityofficial, and all 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 Lender be liable nor accountable to Pledgor for any discount allowed by reason of the same may be exercised at one time fact that such Collateral is sold in compliance with any such limitation or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedyrestriction.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After In the event of any termination breach of this Lease lease by Tenant, Landlord, in addition to the other rights or remedies it may have, shall have the immediate right of re-entry and may remove all persons and property from the leased premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Should Landlord elect to re-enter, as herein provided, or should it take possession pursuant to legal proceedings or pursuant to any of the provisions hereofnotice provided for by law, includingLandlord may either terminate this lease or it may from time to time, without limitationterminating this lease, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, thereof for such term or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability terms (which may be for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of term extending beyond the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (alease) will not constitute and at such rental or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; rentals and (c) will be in addition to, on such other terms and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order conditions as Landlord in the sole discretion of OWNERLandlord may deem advisable with the right to make alterations and repairs to the demised premises. On each such re-letting (a) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due hereunder, the expenses of such re-letting and of such alterations and repairs, incurred by Landlord, and the exercise of any one remedy will not operate as a waiver or preclude amount, if any, by which the exercise of any other remedy.
(D) Notwithstanding anything to the contrary rent reserved in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a nonlease for the period of such re-monetary default, thirty letting (30) days up to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty 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 (120b) days) at the option of Landlord, rents received by such Landlord from such re-letting shall be applied, first, to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed any indebtedness, other than rent due hereunder from Tenant to Landlord; second, to the payment of any expenses of such re-letting and of such alterations and repairs; third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by landlord and applied in payment of future rent as the same may become due and payable hereunder. If Tenant has been credited with any rent to be received by such re-letting under option (a) hereof, and such rent shall not be promptly paid to landlord by the new tenant, or additional if such rentals received from such re-letting under option (b) hereof during any month is less than that to be paid during the month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the demised premises by Landlord shall be construed as an election on the part of landlord to terminate this lease unless a written notice of such intention is given to Tenant or unless the termination thereof is decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this lease for such previous breach. Should Landlord at any time terminate this lease for any breach, in addition to any other remedy it may have, Landlord may recover from Tenant all damages incurred by reason of such breach, including the cost of recovering the leased premises, and including the worth at the time of such termination of the excess, if any, of the amount of rent The foregoing does not limit and charges equivalent to rent reserved in this lease for the right remainder of OWNER the stated term over the then reasonable rental value of the leased premises for the remainder of the stated term, all of which amounts shall be immediately due and payable from Tenant to impose the late charge and interest as applicable in accordance with Article 53(A)Landlord.
Appears in 1 contract
Sources: Building Lease (Envoy Medical, Inc.)
Default. Except as specified below, in the event Lessor reasonably deems any undertaking of Lessee herein to be in default, Lessor shall notify Lessee in writing of such default and it shall be corrected by Lessee within ten (A10) After days from the receipt of such notice. If not corrected to the reasonable satisfaction of Lessor within such time, Lessor may declare the Lease terminated and may take possession of the Helicopter immediately. Taking possession shall not relieve Lessee from any termination undertaking of Lessee, including the obligation to pay Fixed Rent for the entire unexpired term of the Lease (subject to deduction for Lessor's re-letting of the Helicopter, if any, it being understood that Lessor shall have no obligation to re-let the Helicopter), and the Lessee shall be obligated to pay and reimburse to Lessor the reasonable expense of taking possession, crating, packing and shipping such property to Lessor's designated location. Rents and any other obligations of Lessee hereunder not paid within ten (10) days of due date shall bear a late charge equal to four percent (4%) to reimburse Lessor for its additional administrative costs. Upon failure to pay any installment of Fixed Rent or charge when due Lessor shall at Lessor's option terminate the Lease, provided that Lessor shall give Lessee ten (10) days to correct default by payment of such installment. Failure to continuously maintain insurance or maintain the Helicopter as required by this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER an immediate default for which Lessor may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to terminate this Lease and otherwise (includingmay purchase insurance as required, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereofat Lessee's expense.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure cannot be completed within such thirty (30) day period, TENANT shall have such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A).
Appears in 1 contract
Default. (A) After If Tenant fails to pay any termination rent when due or if it fails in its performance of this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time covenants and conditions of this lease and if such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under pay or perform any such reletting, and no refusal term or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions condition of this Article: (a) will not constitute or be deemed to be liquidated damages or lease continues for a penalty; (b) will apply notwithstanding any contrary provision period of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, thirty (30) days after written notice to cure Tenant specifying such non-monetary default (rather than failure to pay or perform, then Tenant shall be in "default" of this lease and this lease may, at the fifteen (15) days specified in Article 17(1))option of the Landlord, be forthwith terminated and become absolutely void without any right on the part of Tenant, or those claiming under Tenant, to reinstate the same by payment; provided that if such cure canhowever, Tenant may obtain reinstatement as to conditions violated or unperformed not be completed having to do with payment of "rental", by performing within such an additional thirty (30) day perioddays. Landlord may afford itself of any legal remedy, TENANT shall have such additional time as needed (including but not more than an additional one hundred twenty (120) days) limited to re-entry into the leased premises taking full and absolute possession thereof thereby causing forfeiture of the balance of the lease which said re-entry shall terminate said lease as of that time and shall allow Landlord complete such cure so long as possession of the cure leased premises free and clear of any further right or claim of Tenant. It is commenced within such thirty (30) day period and is diligently pursued to completion. Furthermore, notwithstanding anything to further agreed that if the contrary in Article 17(2), TENANT said Tenant shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed any installment of rent, or of any other sum provided for under this lease as the same becomes due and payable, or shall remove or attempt to remove or express or declare an intention to remove any of the goods and chattels from the premises, or should an execution be issued against the Tenant, bankruptcy proceedings be begun by or against said Tenant, or an assignment be made by Tenant for the benefit of creditors, or a receiver appointed for Tenant, then and in such case the entire rent for the balance of the said term shall, at once, become due and payable as if by the terms of this lease it were all payable in advance. In case of such assignment, bankruptcy proceedings, appointment of a receiver, or additional rent The foregoing does not limit of a sale on legal process of Tenant's goods, Landlord shall have the right to demand and receive the rent for the balance of OWNER the term, which shall be first paid out of the proceeds of such assignment, bankruptcy or receiver's proceedings or sale on legal process, any law, usage or custom to impose the late charge and interest as applicable in accordance with Article 53(A)contrary notwithstanding.
Appears in 1 contract
Sources: Lease Agreement
Default. In the event any rent shall be due and unpaid and Tenant fails to pay such rent within ten (A10) After any termination of this Lease pursuant to days after written notice from Landlord, or if default be made in any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paid, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either event, OWNER shall not be liable in any way whatsoever for its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing covenants herein contained shall limit or prejudice the right of OWNER and Tenant fails to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative and in addition to all other remedies attainable at law or in equity, and all of cure the same may be exercised at one time or different times, concurrently or in any order in the sole discretion of OWNER, and the exercise of any one remedy will not operate as a waiver or preclude the exercise of any other remedy.
(D) Notwithstanding anything to the contrary in this Lease, TENANT shall have, after receiving a notice from OWNER regarding a non-monetary default, Landlord's satisfaction within thirty (30) days after written notice from Landlord, or if the leased premises shall be abandoned or vacated then it shall be lawful for the Landlord, his attorney, heirs, representatives and assigns, to cure such nonre-monetary enter into and re-possess the leased 8/13 premises and to remove and put out the Tenant and each and every occupant of the leased premises, with or without terminating this Lease at the sole discretion of Landlord. In the event Landlord recovers possession of the leased premises as a result of Tenant's default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure canand does not be completed within such thirty (30) day periodelect to terminate this Lease, TENANT Landlord shall have the right from time to time to make such additional time as needed (but not more than an additional one hundred twenty (120) days) to complete such cure so long as the cure is commenced within such thirty (30) day period repairs and is diligently pursued to completion. Furthermore, notwithstanding anything alterations to the contrary in Article 17(2), TENANT leased premises as shall be determined necessary by Landlord and shall have a period of seven (7) days after notice from OWNER the right to re-let the same upon such terms and conditions as Landlord in which its sole discretion deems advisable without interference by Tenant; and upon such re-letting, all rentals received by Landlord shall be applied as follows: first, to cure any default in the payment of fixed any indebtedness other than rent due hereunder from Tenant to Landlord and to damages suffered by Landlord by reason of Tenant's breach of this Lease; second, to the payment of any costs and expenses of such re-letting, including commissions and attorneys fees and costs of repairs and alterations; third, to the payment of rent due and unpaid hereunder, and the residue, if any, shall be held by the Landlord, and applied to payment of future rent as the same shall become due and damages as shall accrue or additional may be suffered thereafter by Landlord by reason of Tenant's breach of this Lease. If such rentals received from such re-letting during any month be less than the sum of rentals payable for that month plus other amounts due from Tenant under this Lease, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and be paid monthly. No such re-entry or taking possession of the leased premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease, unless a written notice of such intention be given to Tenant, or unless the termination hereof be declared by a court of competent jurisdiction. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect to terminate this Lease for any previous breach and retain all rent The foregoing does not limit received. In the right event Landlord obtains possession of OWNER the leased premises by re-entry, summary proceedings, or otherwise, the Tenant hereby agrees to impose pay Landlord the late charge expense (including attorney's fees) incurred in obtaining possession of the leased premises and interest as applicable collecting rents and other obligations from Tenant, all expenses and commissions which may be paid in accordance with Article 53(A)and about the re-letting of the leased premises and all other damages to which Landlord shall be entitled under this Lease or by law.
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Default. (A) After any termination of Failure to promptly pay the parking rent required hereunder plus all applicable taxes shall constitute a default under this Lease pursuant to any of the provisions hereof, including, without limitation, pursuant to summary proceedings or otherwise, (a) all sums payable by TENANT hereunder up to the time of such termination shall become due thereupon and be paidGarage Parking Agreement, and (b) OWNER may elect to receive damages calculated in accordance with Article 16(b). In either eventLandlord may, OWNER shall not be liable in any way whatsoever for at its failure or refusal to relet the demised premises or any part thereof, or if the demised premises are so relet, or its failure to collect the rent under such reletting, and no refusal or failure to relet to collect rent shall affect TENANT’s liability for damages or otherwise hereunder. Nothing herein contained shall limit or prejudice the right of OWNER to prove and obtain as liquidated damages by reason of such termination an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved, whether or not such amount be greater, equal to, or less than the amounts referred to herein. TENANT agrees that the rights and remedies afforded to OWNER under this Lease, including, without limitation, the right to collect damages as calculated under Article 16(b) as stated above, constitute a fair and reasonable amount of damages in the circumstances.
(B) TENANT acknowledges that: (i) its agreement to fully and timely pay all rent and additional rent is a material inducement for OWNER to enter into this Lease; (ii) the aggregate amount of all rent and additional rent are due and payable in full at the commencement of the term, but OWNER, solely for TENANT’S convenience, has permitted said amount to be payable in equal monthly installments during the term; (iii) upon default in the full and timely payment of any rent and additional installments, the entire unpaid balance of the aggregate amount of all rent and additional rent for the then remainder of the term (as originally reserved) will immediately become due and payable without notice or demand; and TENANT agrees that the provisions of this Article: (a) will not constitute or be deemed to be liquidated damages or a penalty; (b) will apply notwithstanding any contrary provision of this Lease; and (c) will be in addition to, and not limit, any other rights and remedies available to OWNER pursuant to this Lease and otherwise (including, without limitation, those regarding additional rent reserved under this Lease) upon a default in the fully and timely payment of rent installment. The parties agree that this Article fairly reflects their intent with respect to a default of the nature specified in clause “(iii)” hereof.
(C) The remedies granted to OWNER in the event of TENANT’s default or non-compliance are deemed to be cumulative option and in addition to all other remedies attainable at law or in equity, terminate Tenant’s rights to use the Garage. Landlord may refuse to permit any person who violates the rules to park in the Garage and all any violation of the same may rules shall subject the car to removal at the car owner’s expense. No such refusal or removal shall create any liability on Landlord or be exercised at one time or different timesdeemed to interfere with Tenant’s right to quiet possession of the Premises. This Exhibit is attached to and a part of that certain Lease Agreement dated as of March 13, concurrently or in any order 2006, executed by and between AGBRI ▇▇▇▇▇▇, ▇.▇., a Delaware limited partnership (“Landlord”), and MEDIDATA SOLUTIONS, INC., a Delaware corporation (“Tenant”). Any capitalized term not defined herein shall have the meaning assigned to it in the sole discretion Lease. Landlord and Tenant agree as follows: Subject to the Lease, the following rules, regulations and standards shall be observed by Tenant:
1. Except as expressly permitted in the Lease, Tenant shall not use the Premises, the Building or any other part of OWNERthe Property to sell any items or services at retail price or cost to the general public without prior written approval of Landlord. The sale of services for stenography, typewriting, blueprinting, duplicating and similar businesses shall not be conducted from or within the exercise Premises, the Building or any other part of any one remedy will not operate as a waiver the Property for the service or preclude accommodation of occupants of the exercise Building or users of any other remedypart of the Property without the prior written consent of Landlord. Tenant shall not conduct any auction on the Premises or any other part of the Property nor store goods, wares or merchandise on the Premises (except for Tenant’s own personal use) or any other part of the Property.
(D) Notwithstanding anything 2. Sidewalks, halls, doorways, vestibules, passageways, stairwells and other similar areas shall not be obstructed or used by Tenant for a purpose other than normal ingress and egress to and from the Premises and Building.
3. Fire arms, weapons, flammable, explosive or other hazardous liquids and materials shall not be brought on the Premises or into the Building or on the Property without the prior written consent of Landlord.
4. Except as expressly permitted in the Lease, Tenant shall not make any alterations or improvements to the contrary Premises without the prior written consent of Landlord. All improvements and the methods of installing and constructing such improvements must be approved in this Leasewriting by Landlord prior to commencement of installation and/or construction. Should Tenant require telegraphic, TENANT telephonic, annunciator or other communication service, Landlord will direct the electrician as to where and how wires are to be introduced and placed, and none shall havebe introduced or placed except as Landlord shall direct. All contractors and technicians performing work for Tenant within the Building shall be referred to Landlord for approval by Landlord before performing any work, after receiving such approval not to be unreasonably withheld, conditioned or delayed.
5. Movement into or out of the Building of freight, furniture, or office equipment for dispatch or receipt by or on behalf of Tenant that requires movement through public corridors or lobbies or entrances to the Building shall be limited to the use of service elevators only and shall be done at hours and in a manner approved in writing by Landlord for such purposes from time to time. Only licensed commercial movers or Tenant’s employees shall be used for the purpose of moving freight, furniture or office equipment to and from the Premises and Building. All hand trucks shall be equipped with rubber tires and rubber side guards. Tenant shall be responsible for all damage to the Building inflicted by Tenant’s agents and employees in moving equipment or furniture into or out of the Building.
6. Requests by Tenant for building services, maintenance or repair may be made by telephone or in writing to the office of the Building manager.
7. Tenant shall not change locks or install additional locks on doors without the prior written consent of Landlord, Tenant shall not make or cause to be made duplicates of keys procured from Landlord. All keys to the Premises, and combinations to vaults shall be surrendered to Landlord upon termination of tenancy. Landlord will furnish Tenant, free of charge, six (6) keys and access cards for each corridor door entering the Leased Premises. Additional keys will be furnished by the Landlord at a reasonable charge to the Tenant when requested in writing by the Tenant. All such keys shall remain the property of the Landlord.
8. Tenant shall give prompt notice from OWNER regarding a non-monetary defaultto the office of the Building manager of any damage to or defects in plumbing, thirty (30) days electrical fixtures or heating and cooling equipment. Liquids, or other materials or substances which may cause injury to cure such non-monetary default (rather than the fifteen (15) days specified in Article 17(1)); provided that if such cure canplumbing, shall not be completed within put into the lavatories, water closets or other plumbing fixtures by Tenant, its agents, employees or invitees, and damages resulting to such thirty (30) day periodfixtures or appliances from misuse by Tenant or Tenant’s agents, TENANT employees or invitees shall have such additional time as needed (but be paid by Tenant, and Landlord shall not more in any case by liable therefor. The water closets and other water fixtures shall not be used for any purpose other than an additional one hundred twenty (120) days) those for which there were constructed and any damage resulting to complete such cure so long as them from misuse by Tenant shall be borne by the cure is commenced within such thirty (30) day period and is diligently pursued to completionTenant. Furthermore, notwithstanding anything to Tenant shall not waste water by interfering with the contrary in Article 17(2), TENANT shall have a period of seven (7) days after notice from OWNER in which to cure any default in the payment of fixed rent faucets or additional rent The foregoing does not limit the right of OWNER to impose the late charge and interest as applicable in accordance with Article 53(A)otherwise.
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