Common use of Payment by Lessor Clause in Contracts

Payment by Lessor. Should Lessee fail to pay within the time specified in this Article any taxes, assessments, or other charges required by this Article to be paid by Lessee, Lessor may, but is not obligated to, without notice to or demand on Lessee, pay, discharge, or adjust such tax, assessment, or other charge for the benefit of Lessee. In such event, Lessee shall promptly on written demand of Lessor reimburse Lessor for the full amount paid by Lessor in paying, discharging, or adjusting such tax, assessment, or other charge together with interest thereon at the rate of ten percent (10%) per annum from the date of payment by Lessor until the date of repayment by Lessee. Where no time within which any charge required by this Article to be paid by Lessee is specified in this Article, such charge must be paid by Lessee before it becomes delinquent.

Appears in 3 contracts

Sources: Lease Agreement (Align Rite International Inc), Lease Agreement (Intersil Holding Co), Asset Purchase Agreement (Intersil Corp)

Payment by Lessor. Should Lessee fail to pay within the time specified in this Article any utilities, taxes, assessments, or other charges required by this Article Section to be paid by Lessee, Lessor may, but is not obligated to, without notice to or demand on to Lessee, pay, discharge, or adjust such tax, assessment, assessment or other charge for the benefit of Lessee. In such event, Lessee shall promptly on written demand of Lessor reimburse Lessor for the full amount paid by Lessor in paying, discharging, discharging or adjusting such tax, assessment, assessment or other charge charge, together with interest thereon at the maximum rate of ten percent (10%) per annum allowed by law from the date of payment by Lessor until the date of repayment by Lessee. Where When no time within which any charge required by this Article to be paid by Lessee is specified in this Article, such charge must be paid by Lessee before it becomes delinquent.

Appears in 1 contract

Sources: Lease Agreement (Seagate Software Inc)

Payment by Lessor. Should Lessee fail to pay within the time specified in this Article any taxes, assessments, or other charges required by this Article to be paid by Lessee, Lessor may, but is not obligated to, without notice to or demand on Lessee, pay, discharge, or adjust such that tax, assessment, or other charge for the benefit of Lessee. In such that event, Lessee shall promptly on written demand of Lessor reimburse Lessor for the full amount paid by Lessor in paying, discharging, or adjusting such that tax, assessment, or other charge together with interest thereon at the then-maximum legal rate of ten percent (10%) per annum from the date of payment by Lessor until the date of repayment by Lessee. Where no If this Article does not specify the time within which Lessee must pay any charge required by this Article to be paid by Lessee is specified in this Article, such charge must be paid by Lessee before it becomes delinquent.shall

Appears in 1 contract

Sources: Ground Lease