Common use of Lump Sum Liquidated Damages Clause in Contracts

Lump Sum Liquidated Damages. If this Lease is terminated for default, then Tenant covenants, as an additional cumulative obligation after termination, to pay forthwith to Landlord at Landlord’s election made by written notice to Tenant at any time within one year after termination, as liquidated damages a single lump sum payment equal to the sum of all sums provided for in this Lease to be paid by Tenant and not then paid at the time of such election, plus the present value (calculated at the Federal Reserve discount rate or equivalent) of the excess of all of the rent reserved for the residue of the Term over all of the fair market rent reasonably projected by Landlord to be received on account of the Demised Premises during such period, which rent from reletting shall be reduced by reasonable projections of vacancies and by Landlord’s Reletting Expenses described above to the extent not theretofore paid to Landlord.

Lump Sum Liquidated Damages. If this Lease is terminated for default, then Tenant covenants, as an additional cumulative obligation after termination, to pay forthwith to Landlord at Landlord’s sole election made by written notice to Tenant at any time within one year after termination, as liquidated damages a single lump sum payment equal to the sum of (i) all sums provided for in this Lease to be paid by Tenant prior to the date of termination and not then paid at the time of such electionpaid, plus (ii) the present value (calculated at the Federal Reserve discount rate or equivalent) of the excess of all of the rent reserved from the date of termination which would otherwise be payable for the residue remainder of the Term (as if no termination had occurred) over all of the fair market rent reasonably projected by Landlord to be received on account rental of the Demised Premises during such periodfor the balance of the Term (as if no termination had occurred), which rent from reletting shall be reduced by reasonable projections of vacancies and by Landlord’s Reletting Expenses described above to the extent not theretofore paid to Landlord.