Common use of INDUCEMENT RECAPTURE IN EVENT OF BREACH Clause in Contracts

INDUCEMENT RECAPTURE IN EVENT OF BREACH. Any agreement by Lessor for free or abated rent or Tenant Improvement Allowances or other charges applicable to the Premises, or for the giving or paying by Lessor to or for Lessee of any cash or other bonus, inducement or consideration for Lessee's entering into this Lease, all of which concessions are hereinafter referred to as "Inducement Provisions" shall be deemed conditioned upon Lessee's full and faithful performance of all of the terms, covenants and conditions of this Lease to be performed or observed by Lessee during the term hereof as the same may be extended. Upon the occurrence of a Breach (as defined in Paragraph 13.1) of this Lease by Lessee, any such Inducement Provision shall automatically be deemed deleted from this Lease and of no further force or effect, and any rent, other charge, bonus, inducement or consideration theretofore abated, given or paid by Lessor under such an Inducement Provision shall be immediately due and payable by Lessee to Lessor, and recoverable by Lessor, as additional rent due under this Lease and prorated based upon the portion of the Lease Term expired at the time of the Breach when compared to the portion of the Lease Terms (including unexercised options) remaining. The acceptance by Lessor of rent or the cure of the Breach which initiated the operation of this Paragraph 13.3 shall not be deemed a waiver by Lessor of the provisions of this Paragraph 13.3 unless specifically so stated in writing by Lessor at the time of such acceptance.

Appears in 1 contract

Sources: Multi Tenant Lease (New Century Financial Corp)

INDUCEMENT RECAPTURE IN EVENT OF BREACH. Any agreement by Lessor for free or abated rent or Tenant Improvement Allowances or other charges applicable to the Premises, Premises or for the giving or paying by Lessor to or for Lessee of any cash or other bonus, inducement Inducement or consideration for Lessee's entering into this Lease, lease all of which concessions are hereinafter referred to as "Inducement Provisions" shall be deemed conditioned upon Lessee's full and faithful performance of all of the terms, covenants and conditions of this Lease to be performed or observed by Lessee during the term hereof as the same may be extended. Upon the occurrence of a Breach breach (as defined in Paragraph 13.1??) of this Lease by Lessee, any such Inducement inducement Provision shall automatically be deemed deleted ?????? from this Lease and of no further force or effect, and any rentother form of ??????????, other charge, bonus, inducement or consideration theretofore abated, given or paid by Lessor Lessee under such an Inducement inducement Provision shall be immediately due and payable by Lessee to Lessor, and recoverable by Lessor, as additional rent due under this Lease and prorated based upon the portion Lease, notwithstanding any subsequent cure of the Lease Term expired at the time of the said Breach when compared to the portion of the Lease Terms (including unexercised options) remainingby Lessee. The acceptance by Lessor of rent or the cure of the Breach which initiated the operation of this Paragraph 13.3 shall not be deemed a waiver by Lessor of the provisions of this Paragraph 13.3 unless specifically so stated in writing by Lessor at the time of such acceptance.

Appears in 1 contract

Sources: Lease Agreement (Launch Media Inc)