Common use of Failure of Tenant to Perform Clause in Contracts

Failure of Tenant to Perform. Because of the difficulty or impossibility of determining Landlord's damages resulting from Tenant's failure to open for business fully fixtured, stocked and staffed on the Commencement Date, including, but not limited to, damages from loss of Percentage Rent (hereinafter defined) from Tenant and other tenants, diminished saleability, leasability, mortgageability or economic value of the Center, if Tenant fails to diligently complete Tenant's Work, or to open for business fully fixtured, stocked and staffed on or before the Commencement Date Landlord may, if such failure is not cured within twenty (20) days after notice to Tenant, collect rent from the Commencement Date in an amount equal to the Minimum Annual Rent (hereinafter defined) and other additional rent and other amounts payable by Tenant hereunder, and, in addition thereto, an amount equal to [***] of 1/365ths of the Minimum Annual Rent for each day that Tenant has failed to open for business on and after the Commencement Date, which later amount shall be in lieu of Percentage Rent that might have earned had Tenant opened in timely fashion. In addition, Landlord may, upon [***] days prior written notice to Tenant and Tenant's subsequent failure to open for business in the Premises within such [***] day period, terminate this Lease. All remedies in this Lease or at law provided shall be cumulative and not exclusive and shall survive the expiration of the Lease Term or the earlier termination of this Lease.

Appears in 1 contract

Sources: Lease (Silicon Entertainment Inc /Ca/)

Failure of Tenant to Perform. Because of the difficulty or impossibility of determining Landlord's damages resulting from Tenant's failure to open for business fully fixtured, stocked and staffed on the Commencement Date, including, but not limited to, damages from loss of Percentage Rent (hereinafter defined) from Tenant and other tenants, diminished saleability, leasability, mortgageability or economic value of the Center, if Tenant fails to diligently complete Tenant's Work, or to open for business fully fixtured, stocked and staffed on or before the Commencement Date Landlord may, if such failure is not cured within twenty (20) days after notice to Tenant, collect rent from the Commencement Date in an amount equal to the Minimum Annual Rent (hereinafter defined) and other additional rent and other amounts payable by Tenant hereunder, and, in addition thereto, an amount equal to [***] of 1/365ths of the Minimum Annual Rent for each day that Tenant has failed to open for business on and after the Commencement Date, which later amount shall be in lieu of Percentage Rent that might have earned had Tenant opened in timely fashion. In addition, Landlord may, upon [***] ninety (90) days prior written notice to Tenant and Tenant's subsequent failure to open for business in the Premises within such [***] ninety (90) day period, terminate this Lease. All remedies in this Lease or at law provided shall be cumulative and not exclusive and shall survive the expiration of the Lease Term or the earlier termination of this Lease.

Appears in 1 contract

Sources: Lease (Silicon Entertainment Inc /Ca/)