Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies: (a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant. (b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation; (c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises. (d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action. (e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 11 contracts
Sources: Lease Agreement (Power REIT), Lease Agreement (Millennium Investment & Acquisition Co Inc.), Lease Agreement (Power REIT)
Remedies. Upon a) If Tenant defaults with respect to the occurrence Guaranteed Obligations, and if Guarantor does not fulfill Tenant's obligations immediately upon its receipt of written notice of such default from Landlord, Landlord may at its election proceed immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not necessary for Landlord, in order to enforce payment and performance by Guarantor under this Guaranty, first or contemporaneously to institute suit or exhaust remedies against Tenant or other liable for any of the Guaranteed Obligations or to enforce rights against any collateral securing any of it. Guarantor hereby waives any right to require Landlord to join Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues to have any rights that it may enforce against Tenant under the Lease after such termination, then Landlord may at its election enforce such rights against Guarantor. Unless and until all Guaranteed Obligations have been fully satisfied, Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to exercise) by Landlord of any event of default set forth Landlord's rights or remedies (including, without limitation, compromise or adjustment of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in Section 8.1, Landlord shall be entitled favor of Tenant regarding the fulfillment by Tenant of any obligation under the Lease.
b) Notwithstanding anything in the foregoing to the following remedies:
(a) contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may terminate this be joined in any action by or against Tenant in connection with the Lease. Guarantor also agrees that, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of in any jurisdiction, it will be conclusively bound by the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred judgment in any such reletting and for any difference between the amount of Rent received from action by or against Tenant (wherever brought) as if Guarantor were a party to such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, action even though Guarantor is not joined as a party in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 8 contracts
Sources: Lease Agreement (Innovative Industrial Properties Inc), Lease Agreement (Innovative Industrial Properties Inc), Lease Agreement (Innovative Industrial Properties Inc)
Remedies. Upon In the occurrence event of any event material default or breach by Tenant, Landlord may at any time thereafter, with or without notice or demand and without limiting Landlord in the exercise of any right or remedy which Landlord may have by reason of such default set forth or breach, avail itself of the following remedies, which are cumulative and not exclusive:
A. Landlord may seek to reenter and recover possession of the Premises by any lawful means available to it, in Section 8.1which case this Lease Agreement shall terminate immediately and Tenant shall immediately remove all personal property, including aircraft, from the Premises. Tenant may choose to surrender possession of the Premises to Landlord by giving Landlord notice of its intent to do so. Landlord may choose to accept Tenant’s surrender of the Premises and agree not to evict Tenant on condition of Tenant’s surrender. Upon Landlord’s acceptance of Tenant’s surrender of possession of the Premises, Tenant’s tenancy terminates and Tenant is no longer obligated to pay rent to Landlord for the remainder of the Lease term. However Tenant would still be obligated to pay Landlord any and all outstanding unpaid rental amounts, fees, or late charges.
B. Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s default, including, but not limited to, the cost of recovering possession of the Premises, amount of delinquent rent, interest at the maximum amounts allowed by law on the delinquent rent, and reasonable attorneys’ fees.
C. Landlord may elect to maintain and continue to recognize Tenant’s right to possession in accordance with Civil Code section 1951.4, in which case this Lease Agreement shall continue in effect whether or not Tenant’s breach or default remains uncured and whether or not Tenant is in actual possession of the Premises. In such event, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant enforce all of Landlord’s rights and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate remedies under this Lease and declare 100% of all Rent to be paid pursuant to this Lease for Agreement, including the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled right to recover the net present value thereof employing an assumed discount rate rent as it becomes due hereunder for the duration of 2% per annum for purposes of present value computation;the Lease term.
(c) D. Landlord may elect to repossess the Premises and pursue any other legal or equitable remedy now or hereafter available to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable Landlord under the terms laws of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit the state of California. Unpaid installments of Basic Rental or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required other unpaid monetary obligations of Tenant under the terms of this Lease, and Tenant Lease Agreement shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant bear interest from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, date due at the maximum rate then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted allowable by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 7 contracts
Sources: T Hangar Lease Agreement, Month to Month Airport Hangar Lease Agreement, Month to Month Airport Hangar Lease Agreement
Remedies. If any Event of Default shall have occurred and be continuing, Landlord shall have the right at its election, to give Tenant written notice of Landlord’s intention to terminate the Term hereof on a date specified in such notice. Upon the giving of such notice, the term of this Lease shall expire and terminate on such date as fully and completely and with the same effect as if such date were the date hereinbefore fixed for the expiration of the Term, and all rights of Tenant hereunder shall expire and terminate, but Tenant shall remain liable as hereinafter provided. If an Extent of Default shall have occurred and be continuing, Landlord shall upon notice to Tenant have the immediate right, whether or not the Term shall have been terminated pursuant to the preceding paragraph, to re-enter, with due process of law, and repossess the Premises or any part thereof by force, summary proceedings, ejectment or otherwise and the right to remove all persons and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such re-entry or taking of possession of the Premises by Landlord shall be construed as an election on Landlord’s part to terminate the Term unless a written notice of such intention be given to Tenant pursuant to the preceding paragraph, or unless the termination of this Lease be decreed by a court of competent jurisdiction. At any time or from time to time after the repossession of the Premises or any part thereof pursuant to the preceding paragraph, whether or not the Term shall have been terminated pursuant to this Section 21.2, Landlord may (but shall be under no obligation to) relet the Premises or any part thereof for the account of Tenant, in the name of Tenant or Landlord or otherwise, without notice to Tenant, for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) and on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its absolute discretion, may determine, and Landlord may collect and receive any rents payable by reason of such reletting. Landlord shall not be responsible or liable for any failure to collect any rent due upon any such reletting. No expiration or termination of the Term pursuant to this Section 21.2, by operation of law or otherwise, and no repossession of the Premises or any part thereof pursuant to this Section 21.2 or otherwise, and no reletting of the Premises or any part thereof pursuant to this Section 21.2, shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. In the event Landlord repossesses the Premises or any part thereof by reason of the occurrence of any event an Event of default set forth in Section 8.1Default but does not terminate the Term hereof, Tenant will pay to Landlord shall the Base Rent. Additional Rent and other sums required to be entitled paid by Tenant to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of including the date of dispossessionsuch repossession; and, plus thereafter, until the end of what would have been the Term in the absence of such repossession, and whether or not the Premises or any part thereof shall have been relet. Tenant shall be liable to Landlord for, and shall pay to Landlord, as liquidated and agreed current damages the Base Rent. Additional Rent and other sums which should be payable under this Lease by Tenant in the absence of such expiration, termination or repossession, less the net proceeds, if any, of any reletting effected for the account of Tenant pursuant to this Section 21.2, after deducting from such proceeds all other of Landlord’s reasonable expenses in connection with such reletting (including, without limitation, all repossession costs, customary brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, alteration costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate of preparation for such reletting). Tenant will pay such current damages on the days on which the Base Rent and Additional Rent would have been payable under this Lease and declare 100% in the absence of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablesuch expiration, and thereupon such amount shall be accelerated termination or repossession, and Landlord shall be entitled to recover the net same from Tenant on each such day. In the event that Landlord terminates the Term hereof, Tenant will pay to Landlord all Rent and other sums due and payable by Tenant through the date of termination, plus (l) an amount equal to the present value thereof employing an assumed discount rate of 2% per annum the Rent and other sums, provided herein to be paid by Tenant for purposes the remainder of present value computation;
the Term, (c) Landlord may elect taking into account the time and expense necessary to repossess obtain a replacement tenant or tenants, if any, including expenses relating to repossession of the Premises and to relet the Premises Premises, preparation for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between reletting itself), (2) the amount unamortized cost of Rent received from such reletting leasehold improvements, additions and the amount due and payable under the terms of this Lease; providedAlterations, howeverif any, that Tenant shall not, in such circumstances, be responsible paid for any cost by Landlord pursuant to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for (3) the cost of performing any expenses that Landlord may incur other covenants to be performed by Tenant. Nothing in effecting compliance with Tenant’s obligations under this LeaseSection 21.2 is intended to, and Landlord shall not be liable for or shall, obviate any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts statutory or common law duty to mitigate damages incumbent on Landlord upon its damages which efforts shall include efforts to re-let the Property. The above exercise of its remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)hereunder.
Appears in 7 contracts
Sources: Lease Agreement, Industrial Building Lease (Bway Corp), Industrial Building Lease (Bway Corp)
Remedies. 18.1 Upon the occurrence of any event of default set forth in Section 8.1by Tenant, Landlord shall be entitled have the option to pursue any and all remedies which Landlord then may have hereunder or at law or in equity, including, without limitation, any one or more of the following remedies:following, in each case, without any notice or demand whatsoever.
(a) Terminate this Lease by notice in writing to Tenant in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have for possession or arrearage in rent, enter upon and take possession of the Premises. To the extent permitted by Texas law, Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may terminate this Leasesuffer by reason of such termination, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of whether through inability to relet the date of dispossessionPremises on satisfactory terms or otherwise, plus all other reasonable costs and expenses incurred by Landlord including the amounts described in (b)(i) to dispossess Tenant(b)(vi) below.
(b) Enter upon and take possession of the Premises, and relet all or any part of the Premises on such reasonable terms as Landlord may terminate this Lease elect (including, without limitation, such concessions and declare 100% free rent as Landlord deems necessary or desirable) and receive the rent therefor, and Tenant agrees (i) to pay to Landlord on demand any deficiency that may arise by reason of all Rent to be paid pursuant to this Lease such reletting for the remainder of the Term to be immediately due and payableLease Term, and thereupon such amount (ii) that Tenant shall be accelerated and Landlord shall not be entitled to recover any rent or other payments received by Landlord in connection with such reletting even if such rent or other payments exceed the net present value thereof employing an assumed discount rate amounts that otherwise would be payable to Landlord under this Lease. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in repossessing and reletting the Premises, including, without limitation, brokers’ commissions, reasonable attorney’s fees incurred in connection with the reletting and in connection with Tenant’s default hereunder, expenses of 2% per annum for purposes of present value computation;
(c) repairing, altering and remodeling the Premises required by the reletting, and like costs. Alternatively, Landlord may elect to repossess the Premises and ▇▇▇ to relet recover the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.following amounts:
(di) After the provision worth at the time of notice and summary proceedings if required by law Landlord may enter award of any unpaid rent which had been earned at the Premises and take any actions required time of Tenant under the terms termination (of possession or of this Lease, as applicable); plus
(ii) the worth at the time of award of the amount by which the unpaid rent which would have been earned after such termination until the time of award exceeds the amount of such rental loss which Tenant proves could have been reasonably avoided; plus
(iii) the worth at the time of award of the amount by which the unpaid rent for the balance of the Lease Term after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus
(iv) any other amount, including court costs, expenses of repossessing the Premises and Tenant shall reimburse expenses of restoring the Premises to a good condition of repair, necessary to compensate Landlord on demand for any expenses that Landlord may incur in effecting compliance with all the detriment proximately caused by Tenant’s failure to perform Tenant’s obligations under this Lease, and Landlord shall not Lease or which in the ordinary course of things would be liable for any damages resulting likely to Tenant from such action.result therefrom;
(ev) If at Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law; and
(vi) all reasonable attorneys’ fees incurred by Landlord relating to the default and termination of this Lease plus interest on all sums due Landlord by Tenant at the Past Due Rate. As used in subparagraphs (i) and (ii) above, the “worth at the time of award” is terminated to be computed by allowing interest at the Past Due Rate. As used in accordance with subparagraph (iii) above, the provisions “worth at the time of this Section, then Landlord agrees make good faith and commercially reasonable efforts award” is to mitigate its damages which efforts shall include efforts to re-let be computed by discounting such amount at the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more discount rate of the remedies upon an event Federal Reserve Bank of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, New York at the ownership, possession, use, sale or distribution time of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof award plus one percent (“Federal Issues”1%).
Appears in 7 contracts
Sources: Lease Agreement (Chuy's Holdings, Inc.), Lease Agreement (Chuy's Holdings, Inc.), Lease Agreement (Chuy's Holdings, Inc.)
Remedies. AMAC may, if the Supplies or any part or portion thereof are non-compliant with the Supplier's warranties, do any or all of the following:
a) Reject or return those Supplies which, in AMAC's judgment, fail to pass inspection or meet warranty or conform to the requirements of the PO, including with respect to timeliness of delivery. As to returned Supplies (and as to rejected Supplies, but only if AMAC so directs), the Supplier shall promptly, at its expense, and at AMAC's discretion, repair or replace such Supplies, and the Supplier shall also be responsible for AMAC's cost of removal and reinstallation of such Supplies. Upon rejection or failure to promptly repair or replace, AMAC may cancel the occurrence of any event of default set forth PO in Section 8.1, Landlord which case Supplier shall be entitled responsible to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant reimburse AMAC for any and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and damages in relation to such cancelled PO.
b) Accept or retain non-compliant Supplies and either equitably reduce the purchase price of those Supplies or repair them at Supplier's expense. AMAC reserves the right to require repayment, or to set off any expenses incurred by Landlord AMAC resulting from rejection, return or repair and any amount paid for such non- compliant Supplies pending a compliant redelivery against any amounts owed to dispossess Tenant.
the Supplier (b) Landlord irrespective of whether such amounts owed are in connection with the PO or not). Acceptance of Supplies previously rejected or returned or of used Supplies may terminate this Lease be refused or revoked if delivery is not accompanied by written notice that those Supplies were previously rejected, returned or used, even if delivery is otherwise compliant. Any and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount remedies herein specified shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or addition to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)further remedies provided in law.
Appears in 6 contracts
Sources: General Terms of Purchase, General Terms of Purchase, General Terms of Purchase
Remedies. Upon the occurrence of an Event of Default, UBS-S LLC shall have the right, in addition to any other remedy available to UBS-S LLC at law or in equity, and in addition to any other action UBS-S LLC may deem appropriate under the circumstances, to liquidate any or all open Contracts held in or for the Account, sell any or all of the securities or other property of Customer held by UBS-S LLC and to apply the proceeds thereof to any amounts owed by Customer to UBS-S LLC, borrow or buy any options, securities, Contracts or other property for the Account and cancel any unfilled orders for the purchase or sale of Contracts for the Account, or take such other or further actions as UBS-S LLC, in its reasonable discretion, deems necessary or appropriate for its protection, all without demand for margin and without notice or advertisement. In the event of default set forth in Section 8.1UBS-S LLC's position would not be jeopardized thereby, Landlord UBS-S LLC will make reasonable efforts under the circumstances to notify Customer prior to taking any such action. Any such liquidation, sale, purchase, borrowing or cancellation shall be entitled made at the discretion of UBS-S LLC acting in good faith in a commercially reasonable manner on a contract market, through a clearing house, on other markets, at public auction or by private transaction. Customer acknowledges and agrees that a prior demand or margin call of any kind from UBS-S LLC or prior notice from UBS-S LLC shall not be considered a waiver of UBS-S LLC's right to take any action without notice or demand. In any transaction described above, UBS-S LLC may sell any Collateral to itself or its affiliates or buy any Collateral from itself or its affiliates. UBS-S LLC may, to the following remedies:
(a) Landlord may terminate this Leaseextent permitted by law, dispossess Tenant purchase the whole or any part thereof free from any right of redemption. In all cases, Customer shall remain liable for and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord shall pay to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between UBS-S LLC on demand the amount of Rent received any deficiency in its Account resulting from any such reletting transaction, and Customer shall reimburse, compensate and indemnify UBS-S LLC for any and all costs, losses, penalties, fines, taxes and damages which UBS-S LLC may incur, including reasonable attorneys' fees incurred in connection with the exercise of its remedies and the amount due recovery of any such costs, losses, penalties, fines, taxes and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesdamages.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 5 contracts
Sources: Customer Agreement (Frontier Fund), Customer Agreement (Frontier Fund), Customer Agreement (Frontier Fund)
Remedies. a. Upon and anytime after the occurrence of an Event of Default, the Pledgee shall have the right to provide written notice of such Event of Default (the “Default Notice”) to the Escrow Agent, with a copy to the Pledgor. As soon as practicable after receipt of the Default Notice, the Escrow Agent shall deliver to Pledgee the Pledged Materials held by the Escrow Agent hereunder. Upon receipt of the Pledged Materials, the Pledgee shall have the right to (i) sell the Pledged Shares and to apply the proceeds of such sales, net of any event selling commissions, to the Obligations owed to the Pledgor by the Company under the Transaction Documents, including, without limitation, outstanding principal, interest, legal fees, and any other amounts owed to the Pledgee, and exercise all other rights and (ii) any and all remedies of default set forth a secured party with respect to such property as may be available under the Uniform Commercial Code as in Section 8.1effect in the State of New Jersey. To the extent that the net proceeds received by the Pledgee are insufficient to satisfy the Obligations in full, Landlord the Pledgee shall be entitled to a deficiency judgment against the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Pledgor or the Company for such amount. The Pledgee shall have the absolute right to sell or dispose of the date Pledged Shares in any manner it sees fit and shall have no liability to the Pledgor, the Company or any other party for selling or disposing of dispossession, plus such Pledged Shares even if other methods of sales or dispositions would or allegedly would result in greater proceeds than the method actually used. The Escrow Agent shall have the absolute right to disburse the Pledged Shares to the Pledgee in batches not to exceed 9.9% of the outstanding capital of the Company (which limit may be waived by the Pledgee providing not less than 65 days’ prior written notice to the Escrow Agent). The Pledgee shall return any Pledged Shares released to it and remaining after the Pledgee has applied the net proceeds to all other reasonable costs and expenses incurred by Landlord amounts owed to dispossess Tenantthe Pledgee.
(b) Landlord may terminate this Lease b. Each right, power and declare 100% of all Rent to be paid pursuant to this Lease for the remainder remedy of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum Pledgee provided for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in this Agreement or any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies other Transaction Document shall be cumulative and concurrent and shall not preclude Landlord from pursuing be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the Pledgee of any other remedies permitted by law. Landlord’s election not to enforce one or more of the rights, powers or remedies upon an event of default provided for in this Agreement or any other Transaction Document or now or hereafter existing at law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee to exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on the Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiverwaiver of any of the rights of the Pledgee to any other further action in any circumstances without demand or notice. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute The Pledgee shall have the full power to enforce or to assign or contract might arise in or is rights under this Agreement to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)a third party.
Appears in 5 contracts
Sources: Insider Pledge and Escrow Agreement (I2 Telecom International Inc), Insider Pledge and Escrow Agreement (I2 Telecom International Inc), Insider Pledge and Escrow Agreement (I2 Telecom International Inc)
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default, Landlord shall be entitled to -------- have the following remedies, which shall not be exclusive but shall be cumulative and shall be in addition to any other remedies now or hereafter allowed by law:
(a) Landlord may terminate this LeaseTenant's right to possession of the Premises at any time by written notice to Tenant. Tenant expressly acknowledges that in the absence of such written notice from Landlord, dispossess Tenant no other act of Landlord, including re-entry into the Premises, efforts to relet the Premises, reletting of the Premises for Tenant's account, storage of Tenant's personal property and recover as damages Trade Fixtures, acceptance of keys to the Premises from Tenant all Rent that is due but unpaid as or exercise of any other rights and remedies under this Section, shall constitute an acceptance of Tenant's surrender of the date Premises or constitute a termination of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% or of all Rent Tenant's right to be paid pursuant possession of the Premises. Upon such termination in writing of Tenant's right to possession of the Premises, as herein provided, this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated terminate and Landlord shall be entitled to recover damages from Tenant as provided in California Civil Code Section 1951.2 and any other applicable existing or future Law providing for recovery of damages for such breach, including the net present value thereof employing an assumed worth at the time of award of the amount by which the rent which would be payable by Tenant hereunder for the remainder of the Term after the date of the award of damages, including Additional Rent as reasonably estimated by Landlord, exceeds the amount of such rental loss as Tenant proves could have been reasonably avoided, discounted at the discount rate published by the Federal Reserve Bank of 2% per annum San Francisco for purposes member banks at the time of present value computation;the award plus one percent (1%).
(b) Landlord shall have the remedy described in California Civil Code Section 1951.4 (Landlord may continue this Lease in effect after Tenant's breach and abandonment and recover rent as it becomes due, if Tenant has the right to sublet or assign, subject only to reasonable limitations).
(c) Landlord may elect to repossess cure the Premises and to relet Event of Default at Tenant's expense. If Landlord pays any sum or incurs any expense in curing the Premises Event of Default, Tenant shall reimburse Landlord upon demand for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received such payment or expense with interest at the Interest Rate from such reletting and the amount due and payable under date the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit sum is paid or alter the Premisesexpense is incurred until Landlord is reimbursed by Tenant.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter remove all Tenant's property from the Premises and take any actions required of Tenant under the terms of this LeasePremises, and Tenant shall reimburse such property may be stored by Landlord in a public warehouse or elsewhere at the sole cost and for the account of Tenant. If Landlord does not elect to store any or all of Tenant's property left in the Premises, Landlord may consider such property to be abandoned by Tenant, and Landlord may thereupon dispose of such property in any manner deemed appropriate by Landlord. Any proceeds realized by Landlord on demand for the disposal of any such property shall be applied first to offset all expenses that of storage and sale, then credited against Tenant's outstanding obligations to Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to balance remaining after satisfaction of all obligations of Tenant from such action.
(e) If under this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not delivered to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Tenant.
Appears in 5 contracts
Sources: Lease Agreement (Talk City Inc), Lease Agreement (Natus Medical Inc), Lease Agreement (Mediaplex Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled 1. The BOARD may temporarily suspend grant assistance obligated to the following remedies:PROJECT SPONSOR pending required corrective action by the PROJECT SPONSOR or pending a decision to terminate the grant by the BOARD.
(a) Landlord 2. The PROJECT SPONSOR may unilaterally terminate this Agreement at any time before the first payment is made. After the initial payment, this Agreement may be terminated, modified, or amended by the PROJECT SPONSOR only by written mutual agreement of the Parties.
3. The BOARD may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of Agreement in whole or in part at any time before the date of dispossessioncompletion if it determines that the PROJECT SPONSOR has failed to comply with the terms or conditions of the grant. The BOARD will promptly notify the PROJECT SPONSOR in writing of the determination and the reasons for the termination, plus all other reasonable costs and expenses incurred by Landlord including the effective date. All payments made to dispossess Tenantthe PROJECT SPONSOR must be returned to the BOARD if this Agreement is terminated for cause.
(b) Landlord 4. The BOARD or PROJECT SPONSOR may terminate this Lease and declare 100% Agreement in whole or in part at any time before the date of all Rent completion when both Parties agree that the continuation of the development project would not produce beneficial results commensurate with the further expenditure of funds. The two Parties must agree upon the termination conditions, including the effective date and, in the case of partial termination, the portion to be paid pursuant to this Lease terminated. The PROJECT SPONSOR must not incur new obligations for the remainder terminated portion after the effective date and must cancel as many outstanding obligations as possible. The BOARD may allow full credit to the PROJECT SPONSOR for the grant share of properly incurred obligations that cannot otherwise be cancelled before the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate effective termination date.
5. The BOARD may require specific performance of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost Agreement or take legal steps necessary to retrofit or alter recover the Premises.
(d) After funds granted if the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under PROJECT SPONSOR fails to comply with the terms of the grant or breaches any condition or special condition of this Lease, Agreement.
6. The BOARD may request and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations the PROJECT SPONSOR must deliver repayment of funds advanced under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such actionagreement in conjunction with the remedies in this section.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property7. The above remedies shall be cumulative and shall expressed in this Agreement do not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more limit the rights of the remedies upon an event of default shall BOARD. This Agreement does not constitute a waiver. Howeverin any way abridge, notwithstanding anything else hereindefer, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or limit the BOARD'S right to any marijuana product and/or related products, chemicals right or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal remedy under law or Federal regulations or enforcement positions by equity that might otherwise be available to the Federal government or any agency, arm or authority thereof (“Federal Issues”)BOARD.
Appears in 5 contracts
Sources: Project Sponsor Agreement, Project Sponsor Agreement, Project Sponsor Agreement
Remedies. Upon 4.1 The Company and Participant agree that the occurrence provisions of any event of default set forth in Section 8.1, Landlord shall be entitled this Exhibit B do not impose an undue hardship on Participant and are not injurious to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant public; that these provisions are necessary to protect the business of the Company and recover as damages from Tenant all Rent its Subsidiaries; that the nature of Participant’s responsibilities with the Company provide and/or will provide Participant with access to Confidential Information that is due valuable to the Company and its Subsidiaries; that the Company would not grant this Award to Participant if Participant did not agree to the provisions of this Exhibit B; that the provisions of this Exhibit B are reasonable in terms of length of time and scope; and that adequate consideration supports the provisions of this Exhibit B. In the event that a court determines that any provision of this Exhibit B is unreasonably broad or extensive, Participant agrees that such court should narrow such provision to the extent necessary to make it reasonable and enforce the provisions as narrowed. The Company reserves all rights to seek any and all remedies and damages permitted under law, including, but unpaid as of the date of dispossessionnot limited to, plus all other reasonable costs injunctive relief, equitable relief and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in compensatory damages for all expenses incurred in any such reletting and for any difference between the amount breach of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with TenantParticipant’s obligations under this LeaseExhibit B.
4.2 Without limiting the generality of the remedies available to the Company pursuant to Section 4.1, if Participant, except with the prior written consent of the Company, materially breaches the restrictive covenants contained in this Exhibit B, Participant shall forfeit any PSU’s that vested during the 12-month period prior to the date of termination of Participant’s employment with the Company, and Landlord any Shares acquired on settlement of such PSU’s (including the proceeds from the sale of any such Shares) shall not be liable subject to clawback or recoupment by the Company. These rights of forfeiture and recoupment are in addition to any other remedies the Company may have against Participant for any damages resulting to Tenant from such action.
(e) If Participant’s breach of the restrictive covenants contained in this Lease is terminated in accordance with the provisions of Exhibit B. Participant’s obligations under this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies Exhibit B shall be cumulative and shall (but not preclude Landlord from pursuing operate to extend the length of any such obligations) of any similar obligations Participant has under the Plan, the Agreement or any other remedies permitted by law. Landlord’s election not to enforce one or more of agreement with the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government Company or any agency, arm or authority thereof (“Federal Issues”)Affiliate.
Appears in 5 contracts
Sources: Performance Stock Unit Agreement (SiteOne Landscape Supply, Inc.), Performance Stock Unit Agreement (SiteOne Landscape Supply, Inc.), Performance Stock Unit Agreement (SiteOne Landscape Supply, Inc.)
Remedies. Upon the occurrence of any event Event of default set forth in Section 8.1, Landlord shall be entitled to the following remediesDefault by Tenant:
(a) Landlord may terminate this Leaseperform for the account of Tenant any such act, dispossess the omission of which constituted an Event of Default by Tenant and immediately recover as damages Additional Rent any expenditures made and the amount of any obligations incurred in connection therewith, plus interest at the Default Rate from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses the obligations are incurred by Landlord until payment therefor to dispossess TenantLandlord, whether before or after entry of judgment and issuance of execution thereon.
(b) Landlord may terminate accelerate all Minimum Annual Rent and Additional Rent due for the balance of the Term of this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term same to be immediately due and payable. In determining the amount of any future payments due Landlord relating to Operating Expenses and/or Real Estate Taxes, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover make such determination based upon the net present value thereof employing an assumed discount rate most recent estimates of 2% per annum for purposes of present value computation;Operating Expenses and/or Real Estate Taxes available.
(c) Landlord Landlord, at its option, may elect serve notice upon Tenant that this Lease and the then unexpired term thereof shall cease and expire and become absolutely void on the date specified in such notice, to repossess be not less than five (5) days after the Premises date of such notice without any right on the part of the Tenant to save the forfeiture by payment of any sum due or by the performance of any term or condition broken; and, thereupon and at the expiration of the time limit in such notice, this Lease and the Term hereof, as well as the right, title and interest of the Tenant hereunder, shall wholly cease and expire and become void in the same manner and with the same force and effect (except as to relet the Premises for Tenant’s account, holding Tenant liable liability) as if the date fixed in damages such notice were the date herein granted for all expenses incurred in any such reletting and for any difference between expiration of the amount of Rent received from such reletting and the amount due and payable under the terms Term of this Lease; provided. Thereupon, however, that Tenant shall notimmediately quit and surrender to Landlord the Leased Space, in and Landlord may enter into and repossess the Leased Space by summary proceedings, detainer, ejectment or otherwise and remove all occupants thereof and, at Landlord’s option, any property thereon, without being liable to indictment, prosecution or damages therefor. No such circumstancesexpiration or termination of this Lease shall relieve Tenant of its liability and obligations under the Lease, whether or not the Leased Space shall be responsible for any cost to retrofit or alter the Premisesrelet.
(d) After Landlord may, at any time after the provision occurrence of notice any Event of Default, re-enter and summary proceedings repossess the Leased Space and any part thereof and attempt in its own name, as agent for Tenant if required by law Landlord may enter this Lease not be terminated, or on its own behalf if this Lease be terminated, to relet all or any part of the Premises Leased Space for and take any actions required of Tenant under upon such terms and to such persons and for such period or periods as Landlord, in its sole discretion, shall determine, including a term beyond the terms termination of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, ; and Landlord shall not be liable for required to accept any damages resulting tenant offered by Tenant or observe any instruction given by Tenant about such reletting. For the purpose of such reletting, Landlord may decorate or make repairs, changes, alterations or additions in or to the Leased Space to the extent deemed by Landlord desirable or convenient; and the cost of such decoration, repairs, changes, alterations or additions shall be charged to and be payable by Tenant as Additional Rent hereunder, as well as any reasonable brokerage and attorneys fees incurred by Landlord; and any sums collected by Landlord from any new tenant obtained shall be credited against the balance of the rent due hereunder as aforesaid. Tenant shall pay to Landlord monthly, on the days when the rent would have been payable under this Lease, the amount due hereunder less the amount obtained by Landlord from such actionnew tenant.
(e) If Landlord shall have the right of injunction, in the event of a breach or threatened breach by Tenant of any of the terms and conditions hereof, to restrain the same and the right to invoke any remedy allowed by law or in equity, whether or not other remedies, indemnities or reimbursements are herein provided. The rights and remedies given to Landlord in this Lease is terminated are distinct, separate and cumulative remedies; and no one of them, whether or not exercised by Landlord, shall be deemed to be in exclusion of any of the others.
(f) In the event of the occurrence of an Event of Default hereunder, Landlord shall have the right to change the locks on the Leased Space and exclude Tenant therefrom, and to discontinue all or part of the services and facilities provided to Tenant under this Lease or otherwise, which-action shall not be deemed an eviction. Such action may be taken, however, only upon five (5) days prior notice to Tenant, and Tenant hereby releases Landlord from any liability for any damages sustained by Tenant or its property as a result of the same.
(g) If Tenant has paid accelerated rent to Landlord and Landlord thereafter re-lets any portion of the Leased Space, any sums collected by Landlord from any new tenant obtained in excess of the cost of decoration, repairs, changes, alterations or additions, and any reasonable brokerage and attorneys fees incurred by Landlord in connection with such re-letting, to the extent the same exceed all other damages incurred by Landlord as a result of Tenant’s default, shall be paid to Tenant if, as and when received by Landlord from the replacement tenant, but in no event shall the amount to be paid to Tenant by Landlord exceed the amount of accelerated rent and other damages paid by Tenant to Landlord.
(h) Following an Event of Default, Landlord agrees not to unreasonably withhold, delay or condition (including, for example, the requirement of any back-rent payments by Tenant) its consent to any subtenants or assignees which Tenant may propose for all or any portion of the Leased Space provided that Landlord’s acceptance of any such subtenant or assignee shall not be deemed to cure Tenant’s default nor otherwise relieve Tenant of its obligations hereunder, unless Landlord otherwise agrees in writing. Any rent paid as a result of any such assignment or sublease shall be applied in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof subsection (“Federal Issues”)g) above.
Appears in 5 contracts
Sources: Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Castle Creek Biosciences, Inc.), Lease Agreement (Viropharma Inc)
Remedies. Upon In the occurrence event Subcontractor is in default of any event term of this Subcontract, WSP will promptly notify Subcontractor of the default set forth in Section 8.1and, Landlord unless prohibited under the Prime Agreement or applicable law, shall be entitled to withhold payment until the following remedies:
default is corrected. If Subcontractor fails to timely perform Services, or fails to perform Services in accordance with contract requirements (“Performance Deficiencies”), WSP may, in its sole discretion, elect to either (a) Landlord may terminate this Leaserequire Subcontractor to correct the designated Performance Deficiencies within the period stipulated in the notice, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
without additional compensation; or (b) Landlord may terminate this Lease correct the deficiencies itself or through other means and declare 100% deduct from Subcontractor’s compensation all costs reasonably incurred by reason of such default. If Subcontractor’s remaining compensation is not sufficient to reimburse WSP for such costs, Subcontractor shall reimburse WSP promptly upon demand. These remedies shall be in addition to all Rent other remedies available to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payableWSP herein or otherwise at law or in equity, and thereupon such amount all rights and remedies shall be accelerated cumulative. Remedies in a breach of contract action by either party hereto shall be limited to actual damages resulting from the breach, and Landlord neither party hereto shall be entitled to recover from the net present value thereof employing an assumed discount rate other for breach of 2% per annum for purposes this Subcontract incidental, nominal, special, indirect, exemplary, or consequential damages, including but not limited to lost profits and lost opportunity, or damages that in their nature or amount constitute a penalty. Notwithstanding the foregoing, nothing herein is intended, nor shall it, limit WSP’s right to seek, recover, and recoup from Subcontractor those types of present value computation;
(c) Landlord damages, of whatever nature, as WSP may elect be held accountable to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable Client under the terms of this Lease; providedthe Prime Agreement, howeveror to third parties, that Tenant were caused by or attributable to Subcontractor, its agents, servants, or employees, or for which Subcontractor is otherwise legally responsible. Neither the pendency of a dispute nor consideration of claims by WSP pertaining to this Subcontract shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice excuse Subcontractor from full and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated timely performance in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)terms hereof.
Appears in 4 contracts
Sources: Subcontract Agreement, Subcontract Agreement, Subcontract Agreement
Remedies. Upon During the occurrence period of twelve (12) months from the date of Buyer’s acceptance of Goods or performance of Services hereunder (or during such other warranty period as is specified in Buyer’s Purchase Order or otherwise agreed to in writing), Seller shall, at its sole cost and expense, promptly repair or replace defective or nonconforming Goods by delivering and installing replacements or, in the case of Services, re- perform the Services and pay all costs incurred by Buyer with respect to the defective or non-conforming Goods or Services, including, but not limited to, all costs and expenses of identifying, uncovering, exposing, reassembling, reconstructing, packing, storing, setting aside and shipping such Goods and, in the case of Services, all costs and expenses of identifying the non-conforming or defective Services and of any event accommodations or changes taken by Buyer as a result of default such non-conforming or defective Services (collectively, “Corrective Costs”). If Seller fails to promptly repair or replace any defective or non-complying Goods or re-perform such Services, or if the repair, replacement, or re-performance needs to be made on an emergency basis, Buyer may repair or replace the Goods or re-perform the Services and hold Seller responsible for all reasonable costs thereof, including without limitation Corrective Costs. Any repair or replacement of Goods shall be automatically subject to the same warranties as are set forth in Section 8.1, Landlord this Purchase Order. All claims for moneys due or to become due from Buyer shall be entitled subject to the following remedies:
(a) Landlord may terminate deduction by Buyer for any setoff or counterclaim arising out of this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as or any other of the date Buyer’s Purchase Orders with Seller. Each of dispossession, plus all other reasonable costs Buyer’s rights and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate remedies specified in this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies Purchase Order shall be cumulative and shall not preclude Landlord from pursuing additional to any other or further remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise provided in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations equity, including but not limited to, Buyer’s right of revocation of acceptance or enforcement positions by the Federal government rejection. The remedies and rights reserved to Buyer herein shall be cumulative with, and in addition to, all other rights and remedies provided in law or any agency, arm or authority thereof (“Federal Issues”)equity. The remedies and rights reserved to Seller herein shall be Seller’s sole and exclusive rights and remedies available to Seller hereunder.
Appears in 4 contracts
Sources: General Terms and Conditions of Purchase, General Terms and Conditions of Purchase, General Terms and Conditions of Purchase
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord Rent payment shall be entitled made as stated herein without delay. If payment is not received, Lessee shall have ten (10) days to make such payment or Lessor shall notify Lessee that the Lease has been terminated. Termination shall be effective on the date specified by the Lessor in its notice to the following remedies:
(a) Landlord may terminate Lessee which date shall allow for any grace period specified in this Lease. Upon such termination, dispossess Tenant and recover Lessor may reenter the Leased Premises with or without process of law using such force as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablenecessary, and thereupon such amount shall be accelerated remove all persons and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises chattels therefrom and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord Lessor shall not be liable for any damages resulting to Tenant or otherwise by reason of reentry or termination of the term of this Lease. Any crops remaining on the Leased Premises at the time notice of termination is given shall become the property of the Lessor. No receipt of money by Lessor from such action.
(e) If Lessee after termination of this Lease is terminated or after the service of any notice or after the commencement of any suit, or after final judgment for possession of the Leased Premises shall reinstate, continue or extend the term of this Lease or affect any such notice, demand or suit. All rights and remedies of the Lessor herein enumerated shall be cumulative and none shall exclude any other right or remedy allowed by law or equity, and such rights and remedies may be exercised and enforced concurrently and whenever and as often as the occasion therefore arises. The failure or forbearance on the part of the Lessor to enforce any of its rights or remedies in accordance connection with any default shall not be deemed a waiver of such default, nor a consent to any continuation thereof, nor a waiver of the same default at any subsequent date. Any actions taken by the Lessor under the provisions of this SectionLease, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not or to enforce one the provisions of this Lease, or more to declare a termination of the remedies upon an event of default shall not constitute a waiver. HoweverLessee's interest under this Lease, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to repossess itself of the Leased Premises (whether through the medium of legal proceedings instituted for that purpose or otherwise), shall not, in any marijuana product and/or related productsevent, chemicals release or substances thatrelieve the Lessee from its continuing obligations hereunder, the ownershipincluding, possessionwithout limitation, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary its continuing obligation to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)make all payments herein provided.
Appears in 4 contracts
Sources: Agricultural Lease Agreement, Agricultural Lease Agreement, Agricultural Lease Agreement
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) If Tenant defaults with respect to the Guaranteed Obligations, and if Guarantor does not fulfill Tenant's obligations immediately upon its receipt of written notice of such default from Landlord, Landlord may terminate at its election proceed immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not necessary for Landlord, in order to enforce payment and performance by Guarantor under this LeaseGuaranty, dispossess first or contemporaneously to institute suit or exhaust remedies against Tenant and recover as damages from Tenant all Rent that is due but unpaid as or other liable for any of the date Guaranteed Obligations or to enforce rights against any collateral securing any of dispossessionit. Guarantor hereby waives any right to require Landlord to join Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues to have any rights that it may enforce against Tenant under the Lease after such termination, plus then Landlord may at its election enforce such rights against Guarantor. Unless and until all other reasonable costs and expenses incurred Guaranteed Obligations have been fully satisfied, Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to exercise) by Landlord to dispossess Tenantof any of Landlord's rights or remedies (including, without limitation, compromise or adjustment of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in favor of Tenant regarding the fulfillment by Tenant of any obligation under the Lease.
(b) Notwithstanding anything in the foregoing to the contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for joined in any action by or against Tenant in connection with the remainder of Lease. Guarantor also agrees that, in any jurisdiction, it will be conclusively bound by the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred judgment in any such reletting and for any difference between the amount of Rent received from action by or against Tenant (wherever brought) as if Guarantor were a party to such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, action even though Guarantor is not joined as a party in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 4 contracts
Sources: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Innovative Industrial Properties Inc)
Remedies. Upon If Tenant defaults with respect to the occurrence Guaranteed Obligations, and if Guarantor does not fulfill Tenant's obligations within a reasonable time period (not to exceed five (5) days with respect to any monetary obligation and thirty (30) days with respect to any non-monetary obligation) upon its receipt of written notice of such default from Landlord, Landlord may at its election proceed immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not necessary for Landlord, in order to enforce payment and performance by Guarantor under this Guaranty, first or contemporaneously to institute suit or exhaust remedies against Tenant or other liable for any of the Guaranteed Obligations or to enforce rights against any collateral securing any of it. Guarantor hereby waives any right to require Landlord to join Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues to have any rights that it may enforce against Tenant under the Lease after such termination, then Landlord may at its election enforce such rights against Guarantor. Unless and until all Guaranteed Obligations have been fully satisfied, Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to exercise) by Landlord of any event of default set forth Landlord's rights or remedies (including, without limitation, compromise or adjustment of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in Section 8.1, Landlord shall be entitled favor of Tenant regarding the fulfillment by Tenant of any obligation under the Lease. Notwithstanding anything in the foregoing to the following remedies:
(a) contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may terminate this be joined in any action by or against Tenant in connection with the Lease. Guarantor also agrees that, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of in any jurisdiction, it will be conclusively bound by the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred judgment in any such reletting and for any difference between the amount of Rent received from action by or against Tenant (wherever brought) as if Guarantor were a party to such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, action even though Guarantor is not joined as a party in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 4 contracts
Sources: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)
Remedies. Upon In the occurrence event of any event such material default or breach by Lessee, Lessor may at any time thereafter, with or without notice or demand and without limiting Lessor in the exercise of any other right or remedy which Lessor may have by reason of such default set forth in Section 8.1, Landlord shall be entitled to the following remediesor breach:
(a) Landlord may Terminate Lessee’s right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Lessee shall immediately surrender possession of the Premises to Lessor. In such event, Lessor shall be entitled to recover from Lessee all damages incurred by Lessor by reason of Lessee’s default including, but not limited to, the cost of recovering possession of the Premises; expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys’ fees, and any real estate commission actually paid; the “worth at the time of award” established by the court having jurisdiction thereof of the amount by which the unpaid rent and other charges due for the balance of the Term after the time of Lessee’s default exceeds the amount of such rental loss for the same period that Lessee proves by clear and convincing evidence could have been reasonably avoided; and that portion of the leasing commission paid by Lessor applicable to the unexpired term of this Lease. Unpaid installments of rent or other sums shall bear interest from the date due at the rate of 15% per annum. For purposes of this Section 15.2(a), dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as “worth at the time of award” of the date amount referred to above shall be computed by discounting each amount by a rate equal to the prime rate (or its equivalent) of dispossessionBank One at the time of the award, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenantbut in no event more than a rate of ten percent (10%) per annum.
(b) Landlord may terminate Re-enter the Premises, without terminating this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payableLease, and thereupon such amount shall be accelerated and Landlord remove any property from the Premises in which case Lessor shall be entitled to enforce all of Lessor’s rights and remedies under this Lease, including the right to recover the net present value rent and all other amounts due hereunder as they become due. No re-entry or taking possession of the Premises by Lessor pursuant to this Section 15.2 or other action on Lessor’s part shall be construed as an election to terminate the Lease unless a written notice of such intention is given to Lessee or unless the termination thereof employing an assumed discount rate is decreed by a court of 2% per annum for purposes competent jurisdiction. Lessor’s election not to terminate this Lease pursuant to this Section 15.2(b) or pursuant to any other provision of present value computation;this Lease shall not preclude Lessor from subsequently electing to terminate this Lease or pursuing any of its other remedies.
(c) Landlord may elect Maintain Lessee’s right to repossess possession, in which case this Lease shall continue in effect, whether or not Lessee shall have abandoned the Premises Premises. In such event Lessor shall be entitled to enforce all of Lessor’s rights and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable remedies under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost including the right to retrofit or alter recover the Premisesrent and all other amounts due hereunder as they become due hereunder.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take Pursue any actions required of Tenant other or additional remedy now or hereafter available to Lessor under the terms laws or judicial decisions of the State of Arizona. The expiration or termination of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with TenantLease and/or the termination of Lessee’s obligations under this Lease, and Landlord right to possession shall not be liable for relieve Lessee from liability under any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the indemnity provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts Lease as to mitigate its damages which efforts shall include efforts to re-let matters occurring or accruing during the PropertyTerm hereof or by reason of Lessee’s occupancy of the Premises. The above remedies set forth herein shall be deemed cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)exclusive.
Appears in 4 contracts
Sources: Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc), Standard Commercial Industrial Multi Tenant Triple Net Lease (HTG Molecular Diagnostics, Inc)
Remedies. Upon In the occurrence event that this Lease is terminated under any of the provisions contained in Section 8.1 or shall be otherwise terminated for breach of any event obligation of default set forth in Section 8.1Tenant, Landlord Tenant covenants to pay forthwith to Landlord, as compensation, the excess of the total rent reserved for the residue of the term over the rental value of the Premises for said residue of the term. In calculating the rent reserved there shall be entitled included, in addition to the following remedies:
(a) Landlord may terminate this LeaseFixed Rent and Additional Rent, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as the value of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent considerations agreed to be paid or performed by Tenant for said residue. Tenant further covenants as additional and cumulative obligations after any such termination, to pay punctually to Landlord all the sums and to perform all the obligations which Tenant covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the next preceding sentence Tenant shall be credited with any amount paid to Landlord as compensation as in this Lease Section 8.2, provided and also with the net proceeds of any rent obtained by Landlord by reletting the Premises, after deducting all Landlord’s expense in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, fees for legal services and expenses of preparing the remainder Premises for such reletting, it being agreed by Tenant that Landlord may (i) relet the Premises or any part or parts thereof, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term to be immediately due term and payable, may grant such concessions and thereupon such amount shall be accelerated and free rent as Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and in its sole judgment considers advisable or necessary to relet the same and (ii) make such alterations, repairs and decorations in the Premises for as Landlord in its sole judgment considers advisable or necessary to relet the same, and no action of Landlord in accordance with the foregoing or failure to relet or to collect rent under reletting shall operate or be construed to release or reduce Tenant’s accountliability as aforesaid. In lieu of any other damages or indemnity and in lieu of full recovery by Landlord of all sums payable under all the foregoing provisions of this Section 8.2, holding Landlord may by written notice to Tenant, at any time after this Lease is terminated under any of the provisions contained in Section 8.1 or is otherwise terminated for breach of any obligation of Tenant liable and before such full recovery, elect to recover, and Tenant shall thereupon pay, as liquidated damages, an amount equal to the aggregate of the Fixed Rent and Additional Rent accrued in damages for all expenses incurred in any the twelve (12) months ended next prior to such reletting and for any difference between termination plus the amount of Rent received from such reletting rent of any kind accrued and unpaid at the time of termination and less the amount due and payable of any recovery by Landlord under the terms foregoing provisions of this Lease; providedSection 8.2 up to the time of payment of such liquidated damages. Nothing contained in this Lease shall, however, that Tenant shall not, limit or prejudice the right of Landlord to prove for and obtain in such circumstances, be responsible proceedings for any cost to retrofit bankruptcy or alter insolvency by reason of the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms termination of this Lease, and Tenant shall reimburse Landlord on demand for an amount equal to the maximum allowed by any expenses that Landlord may incur statute or rule of law in effecting compliance with Tenant’s obligations under this Leaseeffect at the time when, and Landlord shall governing the proceedings in which, the damages are to be proved, whether or not the amount be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with greater than, equal to, or less than the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more amount of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute loss or contract might arise in or damages referred to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)above.
Appears in 4 contracts
Sources: Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc), Lease Agreement (ConforMIS Inc)
Remedies. Upon In the occurrence event of any event of default set forth in Section 8.1default, Landlord shall be entitled to the following remedies:
re-entry by Landlord, termination and/or eviction by summary proceedings or otherwise (a) Landlord may terminate this Lease, dispossess Tenant Rent and recover as damages from Tenant all Additional Rent that is due but unpaid as of up to the date of dispossessionsuch re-entry and/or eviction or termination shall be due, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent re-rent the Office, in whole or in part, for a term equal to be paid pursuant to this Lease for the remainder or in excess of the Term to be immediately due and payableTermination Date, and thereupon Landlord may be free to grant such amount shall be accelerated and concessions or charge rent in excess of the Rent as the Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
sees fit, and/or (c) Tenant shall be obligated to Landlord may elect for liquated damages (“Liquidated Damages”) for such default, termination and/or eviction in an amount equal to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount rent to be charged up to the Termination Date and any charges incurred by Landlord including, but not limited to reasonable attorneys’ fees, litigation costs and expenses, brokers’ fees, advertising fees, maintenance charges in keeping the Office in good condition and charges incurred in getting the Office in a condition for such re-renting. Landlord’s failure to re-rent the Office shall not affect or release Tenant form said liquidated damages. The Liquidated Damages shall be paid in monthly installment when Rent is due and payable under prorated over the terms remaining term of this Lease; provided, however, that Tenant shall not. Landlord may, in getting the Office in condition for such circumstancesre-renting, be responsible for any cost to retrofit or alter make such alterations, repairs and/or decorations in the Premises.
(d) After the provision of notice Office as in Landlord’s sole judgment are necessary and summary proceedings if required such undertakings by law Landlord may enter the Premises and take any actions required of shall not release Tenant from liability under the terms terms, conditions and provisions of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and . Landlord shall not in no way be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts for failing to re-let the PropertyOffice or to collect rent from the new tenant. The above rights afforded Landlord under this Paragraph are not exclusive and Landlord may avail itself of any and all remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by available to it under law. Landlord’s election not to enforce one Tenant expressly waives any right of redemption Tenant may now have or more of will have should Tenant be evicted from the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute Office or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)dispossessed therefrom.
Appears in 4 contracts
Sources: Office Lease, Office Lease (Cannabis Global, Inc.), Office Lease
Remedies. Upon Lessor, to the occurrence extent permitted by law, may take any one or more of any the remedial steps set forth below, when there exists an event of default set forth in Section 8.1, Landlord shall be entitled to the following remediesby Lessee:
(a) Landlord may terminate this LeaseLessor may, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of at its option, declare the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% present value of all Rent to be paid pursuant to this Lease installments of rent as determined at the time of default for the remainder of the Term Lease term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover less the net present value thereof employing an assumed discount rate of 2% per annum the reasonably foreseeable rental income from the Leased Property for purposes the remainder of present value computation;the term.
(b) Lessor may re-enter and take possession of the Leased Property without terminating this Lease, and re-lease the Leased Property in its entirety for the account of Lessee, holding Lessee liable for the difference in rent and other amounts actually paid by the new tenant, and the rents and other amounts payable by Lessee hereunder.
(c) Landlord Lessor may elect terminate the Lease, exclude Lessee from possession of the Leased Property, and use its best efforts to repossess lease the Premises and same to relet another for the Premises for Tenant’s accountaccount of Lessee, holding Tenant Lessee liable in damages for all expenses incurred in any such reletting rent and for any difference between the amount of Rent received from such reletting and the amount due and other amounts payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesby Lessee hereunder.
(d) After Lessor may take whatever action at law or in equity it may deem necessary or desirable to collect the provision rent and other amounts then due and thereafter to become due, or to enforce performance of notice and summary proceedings if required by law Landlord may enter any obligation, agreement, or covenant of the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance connection with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action, may recover all damages to Lessor for Lessee's violation or breach of the Lease.
(e) If this Lease No remedy reserved to Lessor hereunder is terminated in accordance with the provisions of this Sectionintended to be exclusive, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies each and every remedy shall be cumulative and cumulative. No delay or omission to exercise any right or power accruing to Lessor upon any default by Lessee shall not preclude Landlord from pursuing impair any other remedies permitted such right or shall be construed to be a waiver thereof.
(f) Lessee shall pay Lessor as additional damages in the event of breach the reasonable fees of any attorneys employed by law. Landlord’s election not to enforce one Lessor for the collection of rent or more the enforcement or performance of the remedies upon Lease, and all other expenses incurred by Lessor in connection therewith, including but not limited to litigation expenses, court costs, and court reporter's fees. If an event of default by Lessor shall not constitute a waiver. Howeveroccur hereunder, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects in addition to any Landlord’s lien that otherwise other remedies granted or permitted by law, statute or contract might arise in or Lessee may cure such default and may deduct the cost of such cure, plus interest thereon at the Prime Rate, from the rents payable hereunder, provided, however, Lessee has first provided written notice of such alleged default and Lessor has not commenced to cure such alleged default within thirty (30) days following such notice. Provided, if any marijuana product and/or related productssuch default cannot be completely cured within such thirty (30) day period, chemicals or substances thatdespite Lessor's diligent, best faith effort, commenced immediately, then Lessor shall have a reasonable time to complete the ownership, possession, use, sale or distribution cure of which, but such default for the Legal Compliance Clarification, would or might be deemed contrary a period not to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof exceed ninety (“Federal Issues”)90) days.
Appears in 4 contracts
Sources: Operating Agreement (Casino Resource Corp), Lease Agreement (Casino Resource Corp), Operating Agreement (Casino Resource Corp)
Remedies. Upon the occurrence of Whenever any event of default set forth in Section 8.1shall have occurred and be subsisting, Landlord shall be entitled to the following remediesmay elect either:
(a) Landlord may 1. To cancel and terminate this Lease, dispossess Tenant ; or
2. To reenter and recover as damages from Tenant all Rent that is due but unpaid as take possession of the date leased premises, and terminate Tenant's right to possession of dispossessionthe leased premises, plus without terminating this Lease or any of Tenant's obligations for the balance of the term of this Lease. Landlord may at any time elect to terminate this Lease despite a prior election to exercise its remedies under Paragraph 2 above. In the event Landlord exercises its remedies under Paragraph 2 above, it may remove all persons and property from the leased premises and store such property at the cost of and for the account of Tenant, may make alterations and repairs and redecorate the premises to the extent deemed by Landlord necessary or desirable, and may relet the premises, or any part thereof, for the account of Tenant, to any person, firm or corporation, other reasonable than Tenant, for such rent, for such time and upon such terms as Landlord, in Landlord's sole discretion, shall determine; but Landlord shall not be required to accept any tenant offered by Tenant or to observe any instruction given by Tenant concerning such reletting. Any rent and other amounts received by Landlord upon such reletting shall be applied first to the costs and expenses incurred by of Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder in regaining possession of the Term to be immediately due and payableleased premises, storing property removed from the premises, making alterations or repairs or redecorating the leased premises, and thereupon such amount shall be accelerated reletting the premises, including, without limitation, brokerage and Landlord shall be entitled reasonable attorneys fees, then to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises rentals and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required other obligations of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and any surplus shall be paid to Tenant. In the event Landlord elects to terminate this Lease, all base rent and payments for hazard insurance premiums and taxes (excluding special assessments) for the balance of the term or any renewal term of this Lease shall not be liable immediately due and payable to Landlord, without credit for any damages resulting to Tenant from subsequent reletting by Landlord, provided that all such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies payments shall be cumulative discounted from the unaccelerated due dates to present value on the date of termination, using a discount factor of five percent (5%), and such accelerated payments shall not preclude Landlord bear interest from pursuing any other remedies permitted by lawthe date of termination to the date actually paid at the rate of ten percent (10%) per annum. Landlord’s election not For purposes of making this calculation, payments for hazard insurance premiums shall be presumed to enforce one or more remain the same as the last annual hazard insurance premium paid, and to be due and payable on each anniversary of said last hazard insurance premium payments and payments for taxes and installments of special assessments shall be presumed to remain the remedies upon an event same as the last semiannual payment of default shall not constitute a waiver. Howevertaxes and installments of special assessments, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution be due and payable semi-annually on May 15 and October 15 of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)each year.
Appears in 4 contracts
Sources: Building Lease (Keystone Automotive Industries Inc), Building Lease (Keystone Automotive Industries Inc), Building Lease (Keystone Automotive Industries Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as 1. If one or more of the date of dispossessioncircumstances enumerated above occur with respect to any Reinsurer, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for then the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord Company may elect to repossess terminate such Reinsurer's participation on a cut-off basis upon consultation with and approval of the Premises and Original Insured (which approval shall not be unreasonably withheld). The Company shall give written notice to relet such Reinsurer stating the Premises grounds for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting termination and for any difference between when the amount of Rent received from such reletting and the amount due and payable under the terms of this Leasetermination shall be effective; provided, however, that Tenant shall not(i) in the event of a Credit Rating Downgrade, the Company must provide prior written notice to the applicable Reinsurer of its intention to terminate within at least thirty (30) calendar days following the later of (x) the date on which the Company receives notice of such Credit Rating Downgrade from such Reinsurer and (y) the date on which such Credit Rating Downgrade takes effect; and (ii) in the event that the Company intends to cancel a Reinsurer's participation in this Contract pursuant to Article 8 - SPECIAL TERMINATION subparagraph A(8) based upon a breach by such circumstances, be responsible for Reinsurer of any cost representations and warranties provided to retrofit the Company in this Contract or alter the Premises.
(d) After the provision a breach by such Reinsurer of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s its material obligations under this LeaseContract, (x) the Company shall notify such Reinsurer in writing, and Landlord (y) such Reinsurer shall have thirty (30) calendar days following the date on which such Reinsurer receives such notice to cure such breach, and if such Reinsurer fails to cure such breach within such thirty (30) day period, then such Reinsurer's participation in this Contract shall terminate effective as of the end of such thirty (30) day period.
2. Should a Reinsurer experience a Credit Rating Downgrade, by any credit rating agency identified in the applicable Trust Supplement, then upon consultation with and approval of the Original Insured (which approval shall not be liable for any damages resulting unreasonably withheld), the Company shall have the option to Tenant from require that such action.
(e) If this Lease is terminated Reinsurer deposit additional Eligible Assets into the Trust Account, as set forth in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Propertyapplicable Trust Supplement. The above remedies deposit of such additional Eligible Assets at the request of the Company pursuant to this subparagraph C(2) shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more in lieu of the remedies upon an event of default shall not constitute terminating such Reinsurer's participation on a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or cut-off basis as per subparagraph C(1) above with respect to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)termination triggers set forth in subparagraph A(10) above.
Appears in 4 contracts
Sources: Quota Share Reinsurance Contract, Quota Share Reinsurance Contract, Quota Share Reinsurance Contract
Remedies. Upon a) If Tenant defaults with respect to the occurrence Guaranteed Obligations, and if Guarantor does not fulfill Tenant's obligations within thirty (30) days following its receipt of written notice of such default from Landlord, Landlord may at its election proceed immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not necessary for Landlord, in order to enforce payment and performance by Guarantor under this Guaranty, first or contemporaneously to institute suit or exhaust remedies against Tenant or other liable for any of the Guaranteed Obligations or to enforce rights against any collateral securing any of it. Guarantor hereby waives any right to require Landlord to join Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues to have any rights that it may enforce against Tenant under the Lease after such termination, then Landlord may at its election enforce such rights against Guarantor. Unless and until all Guaranteed Obligations have been fully satisfied, Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to exercise) by Landlord of any event of default set forth Landlord's rights or remedies (including, without limitation, compromise or adjustment of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in Section 8.1, Landlord shall be entitled favor of Tenant regarding the fulfillment by Tenant of any obligation under the Lease.
b) Notwithstanding anything in the foregoing to the following remedies:
(a) contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may terminate this be joined in any action by or against Tenant in connection with the Lease. Guarantor also agrees that, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of in any jurisdiction, it will be conclusively bound by the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred judgment in any such reletting and for any difference between the amount of Rent received from action by or against Tenant (wherever brought) as if Guarantor were a party to such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, action even though Guarantor is not joined as a party in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 4 contracts
Sources: Lease Agreement (Innovative Industrial Properties Inc), Lease Agreement (Innovative Industrial Properties Inc), Multi Party Pa Agreement (Innovative Industrial Properties Inc)
Remedies. Upon the occurrence of any event of default set forth If Tenant is in Section 8.1default, then, in addition to all other rights and remedies which Landlord may have at law or in equity, Landlord shall be entitled to has the following remediesrights and remedies which are not exclusive but are cumulative:
(a) To the extent permitted by law, Landlord can, with or without terminating this Lease, reenter the Premises and remove all property and persons therefrom, and any such property may be removed and stored in a public warehouse or elsewhere at the cost and for the account of Tenant. If Landlord elects to reenter or shall take possession of the Premises pursuant to legal proceedings or pursuant to any notice provided by law, and if Landlord has not elected to terminate this Lease, dispossess Landlord may either recover all rent as it becomes due under this Lease or relet the Premises or any part or parts thereof for such term or terms and upon such provisions as Landlord may deem advisable and will have the right to make repairs to and alterations of the Premises. No reentry or taking possession of the Premises by Landlord is to be construed as an election to terminate this Lease unless a written notice of such intention is given to Tenant and recover by Landlord. Notwithstanding any reletting without termination by Landlord because of Tenant’s default, Landlord may at any time after such reletting elect to terminate this Lease because of such default. If Landlord elects to relet the Premises without terminating this Lease, then rent received by Landlord therefrom will be applied as damages follows:
i. First, to any indebtedness from Tenant to Landlord other than rent due from Tenant;
ii. Second, to all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses expenses, including, without limitation, for maintenance, repairs or alterations, incurred by Landlord in connection with reletting the Premises; and
iii. Third, to dispossess the payment of rent due and unpaid under this Lease and the residual, if any, will be held by Landlord and applied to payment of future rent as the same may become due and payable under this Lease and to any damages and other amounts which Landlord is otherwise entitled to under this Lease. Should that portion of such rent received from such reletting during any month, which is applied to the payment of rent hereunder, be less that the rent payable hereunder during that month by Tenant, then Tenant agrees to pay such deficiency to Landlord immediately upon demand. In no event will Tenant be entitled to any excess rent received by Landlord from such reletting.
(b) Landlord may can terminate Tenant’s right to possession of the Premises at any time. No act by Landlord other than giving written notice to Tenant will terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s right to possession. On termination, Landlord has the right to recover from Tenant:
i. The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease;
ii. The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided;
iii. The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; and
iv. Any other amount, and declare 100% court costs, necessary to compensate Landlord for all detriment proximately caused by Tenant’s default. “The worth, at the time of all Rent the award,” as used in (i) and (ii) of this subsection (b), is to be paid pursuant computed by allowing interest at the maximum rate an individual is permitted by law to this Lease for charge. “The worth, at the remainder time of the Term award,” as referred to in (iii) of this subsection (b), is to be immediately due and payable, and thereupon such computed by discounting the amount shall be accelerated and Landlord shall be entitled to recover at the net present value thereof employing an assumed discount rate of 2% per annum for purposes the Federal Reserve Bank of present value computation;San Francisco at the time of the award, plus 1%.
(c) Landlord may elect can have a receiver appointed to repossess the Premises collect rent and to relet the Premises for conduct Tenant’s account, holding Tenant liable in damages business. Neither the filing of a petition for all expenses incurred in any such reletting and for any difference between the amount appointment of Rent received from such reletting and a receiver nor the amount due and payable under the terms of appointment itself shall constitute an election by Landlord to terminate this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After Without waiving the provision of notice and summary proceedings if required by law default, Landlord may enter can, at its sole option, pay such sums and/or take such actions as are necessary in Landlord’s reasonable judgment in order to cure the Premises and take any actions required of Tenant under the terms of this Leasedefault, and Tenant shall reimburse all sums expended or incurred by Landlord on demand for any expenses that Landlord may incur in effecting compliance connection therewith, together with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with interest thereon at the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies maximum rate permitted by law. Landlord’s election not , shall be paid by Tenant to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)immediately on demand.
Appears in 4 contracts
Sources: Lease Agreement, Lease Agreement, Lease Agreement
Remedies. Upon the occurrence of any event of default set forth in Section 8.1Default under Sections 19.2A, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable19.2B, and thereupon such amount 19.2C, Starwood shall be accelerated and Landlord shall be entitled have the right to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in pursue any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the following remedies upon an (without limitation to Starwood’s right to terminate this Agreement under Sections 19.2A and 19.2B):
(i) institute any and all proceedings permitted by Applicable Law or in equity with respect to such event of default shall not constitute Default, including, without limitation, actions for injunctive and/or declaratory relief (including specific performance) and/or damages. Vistana acknowledges and agrees that, in the event that Starwood terminates this Agreement pursuant to a waivertermination right expressly identified in Section 19.2A or 19.2B, Starwood will, in addition to the right to terminate, have the right to seek and obtain damages with respect to the termination of the Agreement. HoweverVistana agrees that Starwood has devoted substantial resources to developing and building the Licensed Business (including the Existing Properties, notwithstanding anything else hereinLicensed Marks and the System) and that the Licensed Business, Landlord hereby expressly disclaimsincluding the significant reputation and goodwill associated therewith, relinquishes has been developed by Starwood over a period of years prior to the Effective Date. Vistana further acknowledges and rejects agrees that, in the event Starwood terminates this Agreement as a result of a Default hereunder by Vistana, it would be commercially impossible for Starwood to take measures to recreate the Licensed Business or develop an equivalent business, and, therefore, it would be unreasonable to expect or require Starwood to mitigate its damages resulting from such Default and termination;
(ii) suspend Vistana’s right to use or access the Reservation System, except for booking of Owner usage rights, in accordance with Section 9.3 of this Agreement, at any Landlordor all Licensed Vacation Ownership Properties or the entire Licensed Business until the Default is cured;
(iii) suspend Vistana’s lien that otherwise by law, statute or contract might arise right to access and use of information included in or the Brand Loyalty Programs and/or the Guest Data for sales and marketing efforts with respect to any marijuana product and/or related productsor all Licensed Vacation Ownership Properties or the entire Licensed Business until the Default is cured;
(iv) suspend or limit Vistana’s rights to develop any New Property, chemicals as determined by Starwood in its sole discretion, until the Default is cured;
(v) suspend or substances that, prohibit any New Property from opening or operating under the ownership, possession, use, sale Licensed Marks as part of the Licensed Business until the Default is cured; and
(vi) refuse to provide any operational support or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary Centralized Services to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Licensed Vacation Ownership Property that this Agreement otherwise requires.
Appears in 4 contracts
Sources: License, Services and Development Agreement (Starwood Hotel & Resorts Worldwide, Inc), Separation Agreement (Starwood Hotel & Resorts Worldwide, Inc), License, Services and Development Agreement (Vistana Signature Experiences, Inc.)
Remedies. Upon In the occurrence event that this Lease is terminated under any of the provisions contained in Section 7.1 or shall be otherwise terminated for breach of any event obligation of default set forth in Section 8.1Tenant, Landlord Tenant covenants to pay forthwith to Landlord, as compensation, the excess of the total rent reserved for the residue of the Term over the fair market rental value of the Premises for said residue of the Term. In calculating the rent reserved there shall be entitled included, in addition to the following remedies:
(a) Landlord may terminate this LeaseFixed Rent and Additional Rent, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as the value of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent considerations agreed to be paid or performed by Tenant during said residue. Tenant further covenants (as additional and cumulative obligations) after any such termination to pay punctually to Landlord all the sums and to perform all the obligations which Tenant covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the next preceding sentence Tenant shall be credited with any amount paid to Landlord as compensation as in this Lease Section 7.2 provided and also with the net proceeds of any rent obtained by Landlord by reletting the Premises, after deducting all of the Landlord's reasonable expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, fees for legal services and expenses of preparing the remainder Premises for such reletting, it being agreed by Tenant that Landlord may (i) relet the Premises or any part or parts thereof, for a term or terms which may at Landlord's option be equal to or less than or exceed the period which would otherwise have constituted the balance of the Term to be immediately due and payable, may grant such concessions and thereupon such amount shall be accelerated and free rent as Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and in its reasonable judgment considers advisable or necessary to relet the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord in its reasonable judgment considers advisable or necessary to relet the same, and no action of Landlord in accordance with the foregoing or failure to relet or to collect rent under reletting shall operate or be construed to release or reduce Tenant's liability as aforesaid. In lieu of any other damages or indemnity and in lieu of full recovery by Landlord of all sums payable under all the foregoing provisions of this Section 7.2, Landlord may by notice to Tenant, at any time after this Lease is terminated under any of the provisions contained in Section 7.1 or is otherwise terminated for Tenant’s accountbreach of any obligation of Tenant and before such full recovery, holding elect to recover, and Tenant liable shall thereupon pay, as liquidated damages, an amount equal to the aggregate of the Fixed Rent and Additional Rent accrued in damages for all expenses incurred in any the 12 months ended next prior to such reletting and for any difference between termination, plus the amount of Rent received from such reletting rent of any kind accrued and unpaid at the time of termination and less the amount due and payable of any recovery by Landlord under the terms foregoing provisions of this Lease; providedSection 7.2 up to the time of payment of such liquidated damages. Nothing contained in this Lease shall, however, that Tenant shall not, limit or prejudice the right of Landlord to prove for and obtain in such circumstances, be responsible proceedings for any cost to retrofit bankruptcy or alter insolvency by reason of the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms termination of this Lease, and Tenant shall reimburse Landlord on demand for an amount equal to the maximum allowed by any expenses that Landlord may incur statute or rule of law in effecting compliance with Tenant’s obligations under this Leaseeffect at the time when, and Landlord shall governing the proceedings in which, the damages are to be proved, whether or not the amount be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with greater than, equal to, or less than the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more amount of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute loss or contract might arise in or damages referred to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)above.
Appears in 4 contracts
Sources: Lease (Vertex Pharmaceuticals Inc / Ma), Lease (BioMed Realty Trust Inc), Lease (BioMed Realty Trust Inc)
Remedies. Upon the occurrence The net Proceeds of any event sale of default the Collateral will be applied against the Indebtedness. Borrower, without duplication, will forthwith pay to Lender any deficiency upon demand. Borrower hereby waives demand of performance, advertisement and presence of property at sale and Lender is hereby authorized to sell hereunder any evidence of debt it may hold as security for any Indebtedness of Borrower to Lender in value of up to the amount of the unpaid aggregate amount drawn on the Line of Credit. Borrower hereby waives all demands and presentments of any kind or nature. Borrower hereby waives the right to require Lender to pursue any remedy for the benefit of Borrower other than as set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord this Agreement and agrees that Lender may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease proceed against Borrower for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting Indebtedness owed by Borrower to Lender without taking any action against any account debtor or any other party and without selling or otherwise proceeding against or applying any Collateral it may hold, including, but not limited to, Accounts and Inventory in value of up to the amount due of the unpaid aggregate amount drawn on the Line of Credit. Borrower authorizes Lender, at Lender's option, to apply toward the payment of the Indebtedness all balances of any deposit account in the name of Borrower held by Lender. Lender will have the right to enforce any or all rights and payable under the terms of this Lease; provided, however, that Tenant shall not, in remedies hereunder cumulatively and successively or concurrently and any such circumstances, be responsible for any cost to retrofit action will not stop or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord prevent Lender from pursuing any other remedies permitted further right or remedy which it may have hereunder or by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 4 contracts
Sources: Loan and Security Agreement (Voyager Entertainment International Inc), Loan and Security Agreement (Voyager Entertainment International Inc), Loan and Security Agreement (Voyager Entertainment International Inc)
Remedies. Upon the occurrence of an Event of Default, Landlord may at any event time thereafter, with reasonable notice, but without demand and without limiting Landlord in the exercise of default set forth any right or remedy which Landlord may have by reason of such default:
(a) Terminate Tenant’s right to possession of the Leased Premises by any lawful means, in Section 8.1which case this Lease and the term hereof shall terminate and Tenant shall immediately surrender possession of the Leased Premises to Landlord. In such event, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses damages incurred by Landlord by reason of Tenant’s default including, without limitation, the cost of recovering possession of the Leased Premises, expenses of re-letting, including reasonable and necessary renovation and alteration of the Leased Premises, reasonable attorneys’ fees and expenses, any real estate commission actually paid, and the present value of the unpaid Base Rent for the balance of the Lease Term determined on the basis of a discount rate equal to dispossess Tenantseven percent (7%) per annum.
(b) Landlord may terminate Maintain Tenant’s right to possession of the Leased Premises by any lawful means, in which case this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of term hereof shall continue in effect whether or not Tenant shall have vacated or abandoned the Term to be immediately due and payable, and thereupon Leased Premises In such amount shall be accelerated and event Landlord shall be entitled to enforce all of Landlord’s rights and remedies under the Lease, including the right to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;rent as it becomes due hereunder.
(c) Pursue any other remedy now or hereafter available to Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under this Lease or under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit laws or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more judicial decisions of the remedies upon an event State of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Michigan.
Appears in 3 contracts
Sources: Lease Agreement (ProNAi Therapeutics Inc), Lease Agreement (ProNAi Therapeutics Inc), Lease Agreement (ProNAi Therapeutics Inc)
Remedies. Upon In the occurrence event of any default by Tenant, Landlord shall have the following remedies, in addition to all other rights and remedies provided by any law or otherwise provided in this Lease, to which Landlord may resort cumulatively or in the alternative:
a. Landlord may, at Landlord’s election, keep this Lease in effect and enforce by an action at law or in equity all of its rights and remedies under this Lease, including (i) the right to recover the Rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required of Tenant or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof, (iii) the remedies of injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease, and (iv) the right to recover the Rent as it becomes due under this Lease.
b. Landlord may, at Landlord’s election, terminate this Lease by giving Tenant written notice of termination, in which event of default this Lease shall terminate on the date set forth for termination in Section 8.1such notice. Any such termination shall not relieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or Rent previously accrued or then accruing. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to damages in an amount as permitted under applicable law, including, without limitation: (i) the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as worth at the time of award of the date of dispossession, plus all other reasonable costs and expenses incurred amount by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all which the unpaid Rent to be paid pursuant to this Lease for the remainder balance of the Term to term after the time of award exceeds the amount of such rental loss that Tenant proves could be immediately due and payablereasonably avoided, and thereupon computed by discounting such amount shall be accelerated and Landlord shall be entitled to recover at the net present value thereof employing an assumed discount rate of 2% per annum the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%); and (ii) any other amount necessary to compensate Landlord for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for all detriment proximately caused by Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost failure to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with perform Tenant’s obligations under this Lease, and Landlord shall not or which in the ordinary course of things would be liable for any damages resulting likely to Tenant from such actionresult therefrom.
(e) If this Lease is terminated in accordance with the provisions of this Sectionc. Landlord waives any right by statute, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing common law, contract or otherwise for distraint, landlord’s lien or any other remedies permitted by law. Landlord’s election not similar right or remedy with respect to enforce one or more the personal property of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Tenant.
Appears in 3 contracts
Sources: Real Estate Matters Agreement, Real Estate Matters Agreement (Keysight Technologies, Inc.), Real Estate Matters Agreement (Agilent Technologies Inc)
Remedies. Upon In the occurrence event of any event of such uncured default set forth in Section 8.1or breach by Tenant, Landlord may at any time thereafter, with or without notice or demand and without limiting Landlord on the exercise of any right or remedy which Landlord may have by reason of such default or breach, enter and/or taking of possession of the Premises without a court order. Landlord may proceed by forcible detainer or by other judicial remedy to obtain possession of the Premises.
17.2.1 Landlord shall not have the immediate right of re-entry (with or without notice) and may not remove all persons and property (subject to applicable law) from the Premises without first obtaining a court order allowing Landlord to take possession of the Premises. If Landlord obtains a court order for possession or if Tenant shall abandon the Premises for more than thirty (30) days, all property left on the Premises will be entitled considered abandoned and may be sold, removed, or stored in a public warehouse or elsewhere at the cost of and for the account of Tenant.
17.2.2 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 Landlord in Landlord's sole discretion may deem advisable with the right to make reasonable alterations and repairs to the following remedies:Premises.
17.2.3 Upon each such re-letting (a) Tenant shall be immediately liable to pay to Landlord, in addition to any indebtedness other than rent due hereunder, for the reasonable cost and expenses of such re-letting and of such alterations and repairs incurred by Landlord may terminate and the amount, if any, by which the rent reserved in this Lease for the period of such re-letting (up to but not beyond the term of this Lease) exceeds the amount agreed to be paid as rent for the Premises for such period on such re-letting, dispossess Tenant and recover as damages or (b) at the option of Landlord, rents received by such Landlord from such re-letting shall be applied, first to the payment of any indebtedness other than rent due hereunder from Tenant all Rent that is due but unpaid as to Landlord, second to the payment of the date of dispossession, plus all other any reasonable costs and expenses incurred of such re-letting and of such alterations and repairs, and 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 dispossess Tenant.
be received by such re-letting under option (a), and such rent shall not be promptly paid to Landlord by the new tenant, or if such rentals received from such re-letting under option (b) during any month shall 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.
17.2.4 No such re-entry or taking possession of the Premises by Landlord may shall be construed as an election on Landlord's part to terminate this Lease and declare 100% unless a written notice of all Rent such intention be given to be paid pursuant Tenant. Notwithstanding any such re-letting without termination, Landlord may at any time thereafter elect to terminate this Lease for the remainder of the Term to be immediately due and payablesuch previous breach, and thereupon unless such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for previous breach has already been cured by Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Lease Agreement (Zoned Properties, Inc.), Lease Agreement (Zoned Properties, Inc.), Lease Agreement (Zoned Properties, Inc.)
Remedies. Upon In the occurrence of any event of a material default set forth in Section 8.1by Tenant, Landlord shall be entitled County may at any time thereafter, with or without notice or demand and without limiting any other right or remedy which County may have under the law by reason of such default or breach, elect to exercise any one of the following remedies:
(aA) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Declare the entire rent for the balance of the date Term or any part thereof due and payable forthwith, and bring an action for the recovery thereof.
(B) Terminate Tenant’s right to possession of dispossessionthe Premises by any lawful means and re-enter and re-take possession of the Premises for the account of Tenant, in which case the rent and other sums hereunder shall be accelerated and due in full, and Tenant shall be liable for the difference between the rent which is stipulated to be paid hereunder plus other sums as described herein and what County is able to recover from its good faith efforts to relet the Premises, which deficiency shall be paid by Tenant. Upon such reletting, all rentals received by County shall be applied, first to the payment of any indebtedness, other than rent due hereunder from Tenant; second, to the payment of any reasonable costs and expenses of such reletting, which shall include all damages incurred by Landlord County due to dispossess Tenant’s default including, but not limited to, the reasonable cost of recovering possession of the Premises including reasonable attorneys’ fees, and reasonable real estate commissions paid by County relating to the unexpired term of this Lease; third, to the payment of rent due and unpaid hereunder; and the remainder, if any, shall be paid to Tenant.
(bC) Landlord may terminate Treat this Lease as terminated and declare 100% re-enter and re-take possession of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s accountthe account of County, thereby terminating any further liability under this Lease on the part of Tenant and County. Notwithstanding the foregoing, County shall have a cause of action to recover any rent remaining unpaid when County retakes possession of the Premises for the account of County.
(D) Stand by and do nothing, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesrental as it comes due.
(dE) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take Pursue any actions required of Tenant other remedy now or hereinafter available to County under the terms laws of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur the State of Florida. Notwithstanding anything in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with to the provisions of this Sectioncontrary, then Landlord agrees make good faith and commercially reasonable efforts County shall have the right to mitigate bring an action for its damages upon the occurrence of a default by Tenant and County reserves all rights which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more laws of the remedies State of Florida confer upon an event of default shall not constitute a waiverlandlord against a tenant in default. However, notwithstanding anything else herein, Landlord Tenant hereby expressly disclaims, relinquishes and rejects waives any Landlord’s lien that otherwise by additional notice Tenant may be entitled to pursuant to Florida law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Development Site Lease Agreement, Development Site Lease Agreement, Hotel Development Site Lease Agreement
Remedies. Upon During the occurrence continuance of any event of default set forth a Default by Tenant as described in Section 8.110.1, Landlord may, at any time thereafter, upon statutory notice to Tenant:
1. Terminate Tenant’s right to possession of the Premises. No act by Landlord other than giving notice of termination to Tenant pursuant to this Section 10.2.1. or the other termination rights granted by Landlord hereunder shall be entitled terminate this Lease. Acts of maintenance, efforts to relet the following remediesPremises, or the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s right to possession. On termination, Landlord has the right to recover from Tenant:
(a) Landlord may terminate The worth, at the time of the award, of the unpaid rent that had been earned at the time of termination of this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.;
(b) Landlord may terminate The worth, at the time of the award, of the amount by which the unpaid rent that would have been earned after the date of termination of this Lease and declare 100% until the time of all Rent to be paid pursuant to this Lease for award exceeds the remainder amount of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate loss of 2% per annum for purposes of present value computationrent that Tenant proves could have been reasonably avoided;
(c) The worth, at the time of the award, of the amount by which the unpaid rent for the balance of the term after the time of award exceeds the amount of the loss of rent that Tenant proves could have been reasonably avoided; and
(d) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s Default. “The worth, at the time of the award,” as used in subsections a, b and c, above, is to be computed by utilizing a discount rate of ten percent (10%) per annum and calculating the present value of the applicable rent to be paid over the applicable period.
2. Utilize the remedy described in California Civil Code section 1951.4 (which says landlord may continue the lease in effect after a tenant’s breach and abandonment and recover rent as it becomes due, if tenant has the right to sublet or assign subject to reasonable limitations). If an abandonment of the Premises by Tenant occurs or if Landlord elects to reenter as provided above or shall take possession of the Premises pursuant to legal proceeding or pursuant to any notice provided by law, then if Landlord does not elect to terminate this Lease as provided above, Landlord may elect from time to repossess the Premises and to time, without terminating this Lease, either recover all rent as it becomes due or relet the Premises or any part thereof for the Term on terms and conditions as Landlord in its commercially reasonable discretion may deem advisable. If Landlord elects to so relet, then rentals received by Landlord from that reletting shall be applied: first, to the payment of any indebtedness other than rent due under this Lease from Tenant to Landlord; second, to the payment of any reasonable cost of such reletting; third, to the payment of the reasonable cost of any alterations and repairs to the Premises that are Tenant’s accountobligation under this Lease; fourth, holding Tenant liable in damages for all expenses incurred in any to the payment of rent due and unpaid under this Lease; and the residue, if any, shall be held by Landlord and applied to payment of future rent as the same may become due and payable under this Lease. Should that portion of such reletting and for any difference between the amount of Rent rentals received from such reletting and during any month, which is applied to the amount due and payable under the terms payment of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations rent under this Lease, be less than the rent payable during that month by Tenant under this Lease, then Tenant shall pay such deficiency to Landlord immediately upon demand therefor by Landlord. Such deficiency shall be calculated and paid monthly.
3. Landlord may, during the continuance of a Default by Tenant, cure the Default at Tenant’s cost provided Tenant is given notice and time to cure the Default and Landlord provides an additional notice that Landlord intends to cure Tenant’s Default under this Section 10.2(3). If Landlord cures Tenant’s Default after such notice by paying any sum or doing any act that was Tenant’s obligation under this Lease, the amount paid by Landlord (or the reasonable cost incurred by Landlord in performing the act) shall not be liable for any damages resulting due immediately from Tenant to Tenant Landlord at the time the sum is paid, and if paid at a later date shall bear interest at the rate of ten percent (10%) per annum from such action.
(e) If this Lease the date the sum is terminated in accordance with the provisions of this Section, then paid by Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Propertyuntil Landlord is reimbursed by Tenant. The above remedies sum, together with interest on it, shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Additional Rent.
Appears in 3 contracts
Sources: Lease Agreement (St John Knits International Inc), Agreement for Purchase and Sale and Lease of Property (St John Knits International Inc), Lease Agreement (St John Knits International Inc)
Remedies. Upon The parties hereto agree that, except as provided herein, this Agreement will be enforceable by all parties hereto by all available remedies at Law or in equity (including, without limitation, specific performance, without bond or other security being required). In the occurrence event that an Investor is a Failing Investor, the parties hereto agree that any Funding Investor shall be entitled, in its discretion, to either (a) specific performance of the terms of this Agreement, whether before or after the Closing, together with any costs of enforcement incurred by such Funding Investor in seeking to enforce such remedy, without bond or other security being required or (b) provided that the Funding Investor elects to fund the Failing Investor’s Commitment, specific performance of the payment by such Failing Investor in an amount equal to such Failing Investor’s pro rata percentage (based on its Commitment) of Investor Transaction Expenses, as applicable, in accordance with Section 3.2.3 hereof. If the Merger fails to be consummated due to an Investor’s breach of any event of default set forth its obligations under this Agreement or the Support Agreement (including by causing Parent to either take an action or fail to take an action which, in Section 8.1either case, Landlord gives rise to a breach of the terms of the Merger Agreement), the non-breaching Lead Investors shall be entitled to the following remedies:
(a) Landlord may terminate specific performance of this LeaseAgreement, dispossess Tenant and recover as (b) payment or reimbursement by the breaching Investor of all out-of-pocket damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and or expenses incurred by Landlord to dispossess Tenant.
Parent, Merger Sub or the non-breaching Investors (b) Landlord may terminate this Lease and declare 100% including recovery of all Rent to be paid pursuant to this Lease for termination fee, expense reimbursement obligations or other amounts payable by Parent or Merger Sub under the remainder of the Term to be immediately due and payableMerger Agreement) relating to, and thereupon or arising from, such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
breach, and/or (c) Landlord may elect to repossess reimbursement by the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and breaching Investor for any difference between costs of enforcement incurred by the non-breaching Investors in seeking to enforce such remedies. Such Investor will not have the right to recover lost profits or benefit of the bargain damages from the Failing Investor or breaching Investor, and the only damages remedy against the Failing Investor or breaching Investor are set forth above. If the majority of Funding Investors or non-breaching Investors, as applicable, determine to enforce the remedy in accordance with this Section 5.3 against any Failing Investor or breaching Investor, as applicable, they must do so against all Failing Investors or breaching Investors, as applicable. If there are multiple Failing Investors or breaching Investors, each Failing Investor’s or breaching Investor’s portion of the total obligations hereunder shall be the amount equal to the product of (x) the amounts due from all Failing Investors and breaching Investors, as applicable, hereunder multiplied by (y) a fraction of which the numerator is such Failing Investor’s or Breaching Investor’s Commitment and the denominator is the sum of all Failing Investors’ or Breaching Investors’ Commitments. Notwithstanding anything in this Agreement to the contrary, in no event will a Failing Investor or breaching Investor be liable under this Agreement in an amount that exceeds the aggregate amount of damages, settlements amounts and out-of-pocket fees and expenses paid to third parties. If a Failing Investor or breaching Investor for any reason pays damages to the Company and/or Parent in an amount greater than the amount of Rent its Commitment, to the extent that Parent receives any such amount, Parent shall promptly return to such Failing Investor or breaching Investor the amount received from such reletting and the amount due and payable under the terms Failing Investor or breaching Investor in excess of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesits Commitment.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Interim Investors' Agreement (General Atlantic, L.P.), Interim Investors' Agreement (Dragoneer Investment Group, LLC), Interim Investors' Agreement (De Sa Cavalcante Neto Ari)
Remedies. Upon (a) If an Event of Default with respect to the occurrence Notes occurs and is continuing of any event which a Responsible Officer of default the Indenture Trustee has Knowledge, the Indenture Trustee shall immediately give notice to each Noteholder as set forth in Section 8.1, Landlord 7.2 hereof and shall be entitled solicit such Noteholders for advice. The Indenture Trustee shall then take such action as so directed by the Noteholders representing a majority of the Outstanding Note Balance of each Class of Notes then Outstanding subject to the following remedies:
(a) Landlord may terminate provisions of this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess TenantIndenture.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder Following any acceleration of the Term Notes, the Indenture Trustee shall have all of the rights, powers and remedies with respect to the Trust Estate as are available to secured parties under the UCC or other applicable law, subject to the limitations set forth in subsection (d) below and provided such action is not inconsistent with any other provision of this Indenture. Such rights, powers and remedies may be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover exercised by the net present value thereof employing Indenture Trustee in its own name as trustee of an assumed discount rate of 2% per annum for purposes of present value computation;express trust.
(c) Landlord may elect If an Event of Default specified in subparagraph (a) of the definition of Event of Default occurs and is continuing, the Indenture Trustee is authorized to repossess recover judgment in its own name and as trustee of an express trust against the Premises Issuer for the Aggregate Outstanding Note Balance and interest remaining unpaid with respect to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the PremisesNotes.
(d) After Subject to the provision provisions set forth herein, if an Event of notice Default occurs and summary proceedings if required by law Landlord may enter is continuing, the Premises and take any actions required of Tenant under the terms of this LeaseIndenture Trustee may, in its discretion, and Tenant at the instruction of the Noteholders representing a majority of the Outstanding Note Balance of each Class of Notes shall, proceed to protect and enforce its rights and the rights of the Noteholders by such appropriate judicial or other proceedings as the Indenture Trustee shall reimburse Landlord on demand deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any expenses that Landlord may incur covenant or agreement in effecting compliance with Tenant’s obligations under this LeaseIndenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. The Indenture Trustee shall notify the Issuer, the Agent, the Servicer and Landlord shall not be liable for the Noteholders of any damages resulting to Tenant from such action.
(e) If this Lease the Indenture Trustee shall have received instructions, within 45 days from the date notice pursuant to Section 6.3(a) hereof is terminated first given, from Noteholders representing at least 66-2/3% of the Outstanding Note Balance of each Class of Notes that such Persons approve of or request the liquidation of the Trust Estate, the Indenture Trustee shall to the extent lawful, promptly sell, dispose of or otherwise liquidate all of the Trust Estate in a commercially reasonable manner and on commercially reasonable terms, which shall include the solicitation of competitive bids from third parties including any Noteholder (other than Bluegreen or any Affiliates thereof), such bids to be approved by the Noteholders representing a majority of the Outstanding Note Balance of each Class of Notes. The Indenture Trustee may obtain a prior determination from any conservator, receiver or liquidator of the Issuer that the terms and manner of any proposed sale, disposition or liquidation are commercially reasonable. Notwithstanding anything to the contrary herein, unless such bidding has been approved in advance by a majority of the Noteholders, neither Bluegreen nor any of its Affiliates may make a bid in connection with the disposition of the Timeshare Loans in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”Section 6.3(e).
Appears in 3 contracts
Sources: Indenture (Bluegreen Corp), Amended and Restated Indenture (Bluegreen Corp), Indenture (Bluegreen Corp)
Remedies. Upon If Subtenant commits a default under this Sublease, and such default is not cured within the occurrence applicable cure period, Sublandlord may do any one or more of the following, in addition to pursuing its remedies under law or the Master Lease:
13.1 Cure the default and charge the costs to Subtenant, in which case Subtenant shall pay such costs as Additional Rent promptly on demand.
13.2 Terminate this Sublease.
13.3 Enter and take possession of the Sublease Premises and remove Subtenant and all other persons and any event property from the Sublease Premises, with process of default set forth in Section 8.1law.
13.4 Hold Subtenant liable for and collect Rent and other indebtedness owed by Subtenant to Sublandlord or rent that would have accrued during the remainder of the term had there been no default, Landlord shall be entitled less any sums Sublandlord receives by reletting the Sublease Premises.
13.5 Hold Subtenant liable for that part of the following sums paid by Sublandlord that are attributable to the following remediesremainder of the Term:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant Customary broker’s fees incurred by Sublandlord in reletting part or all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.Sublease Premises;
(b) Landlord may terminate this Lease The cost of removing and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computationstoring Subtenant’s property;
(c) Landlord may elect The cost of repairs and alterations reasonably necessary to repossess put the Sublease Premises and in a condition reasonably acceptable to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Leasea new subtenant; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.and
(d) After the provision of notice Other necessary and summary proceedings if required reasonable expenses incurred by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur Sublandlord in effecting compliance with Tenant’s obligations enforcing its remedies under this Lease, and Landlord Sublease and/or at law. Sublandlord shall not be liable for any mitigate its damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially by making reasonable efforts to mitigate its damages which efforts shall include efforts to re-let relet the PropertySublease Premises on reasonable terms. The above remedies Sublandlord may relet for a shorter or longer period of time than the Sublease Term and make reasonably necessary repairs and alterations. All sums collected from reletting shall be cumulative applied first to Sublandlord’s expenses of reletting, and shall not preclude Landlord then to the payment of amounts due from pursuing any other remedies permitted by law. Landlord’s election not Subtenant to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Sublandlord under this Sublease.
Appears in 3 contracts
Sources: Sublease Agreement (Juno Therapeutics, Inc.), Sublease Agreement (Juno Therapeutics, Inc.), Sublease Agreement (Juno Therapeutics, Inc.)
Remedies. Upon the occurrence of a default, Lessor may, in its sole discretion, do any event or all of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
following: (a) Landlord may terminate this Leaseprovide written notice to Lessee of default, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease as liquidated damages for loss of a bargain and not as a penalty, declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(ci) Landlord any and all amounts which may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount be then due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost by Lessee to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations Lessor under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
plus (eii) If this Lease is terminated in accordance with all Rent payments remaining through the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more end of the remedies upon an event Lease Term, discounted at the higher of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise 3% or the lowest rate allowed by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances thatplus the Fair Market Value of the Equipment (collectively, the ownership“Net Book Value”). Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession during reasonable business hours or Lessor may repossess the Equipment, possessionso long as Lessor does not breach the peace in doing so, useor Lessor may use legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against Lessor or the Equipment for trespass, damage or any other reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the Equipment at public or private sale or distribution of whichlease, but for and/or (b) exercise such other rights as may be allowed by applicable law. Although Lessee agrees that Lessor has no obligation to sell the Legal Compliance ClarificationEquipment, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the Federal government or amounts Lessor receives. Lessee will immediately pay Lessor the remaining Net Book Value. Lessee agrees (a) that Lessor only needs to give Lessee ten days’ advance notice of any agencysale and no notice of advertising, arm or authority thereof (“Federal Issues”)b) to pay all of the costs Lessor incurs to enforce Lessor’s rights against Lessee, including attorney’s fees, and (c) that Lessor will retain all of Lessor’s rights against Lessee even if Lessor does not choose to enforce them at the time of Lessee’s default.
Appears in 3 contracts
Sources: Participating Addendum, Lease Agreement, Lease Agreement
Remedies. Upon If a Default occurs, the occurrence Lessor may do one or more of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remediesfollowing:
(a) Landlord may terminate declare the entire amount of Lease Payments due hereunder through the remaining of this LeaseLease immediately due and payable without notice or demand to Lessee, dispossess Tenant and recover as damages each discounted from Tenant all Rent that is its respective due but unpaid as date at a discount rate of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.4% per annum;
(b) Landlord may terminate this Lease ▇▇▇ for and declare 100% of recover all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payableRents, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computationother payments, then accrued or thereafter accruing as they come due;
(c) Landlord take possession of the Equipment, without demand or notice, wherever same may elect to repossess the Premises and to relet the Premises for Tenant’s accountbe located, holding Tenant liable in damages for all expenses incurred in without any such reletting and for any difference between the amount court order or other process of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.law;
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of terminate this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.; or
(e) If pursue any other remedy at law or in equity. Notwithstanding any repossession or any other action which the Lessor may take, the Lessee shall be and remain liable for the full performance of all obligations on the part of the Lessee to be performed under this Lease. All of the Lessor's remedies are cumulative, and may be exercised concurrently or separately. Lessee agrees to pay all of the Lessor’s costs of enforcing the Lessor’s rights against the Lessee, repossess the Equipment without court order including reasonable legal fees and the Lessee will not make any claims against the Lessor for damages or trespass or any other reason. The Lessor may exercise any other right or remedy available at law or in equity and no remedy referred to in this Lease is terminated intended to be exclusive, but each shall be in accordance with addition to any other remedy referred to or otherwise available to the provisions Lessor. If the Lessor takes possession of this Sectionthe Equipment, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to the Lessor may sell, re-let lease or otherwise dispose of it with or without notice, at a public or private sale, and apply the Propertynet proceeds (after deducting all costs related to the sale or disposition of the Equipment) to the amounts that the Lessee owes the Lessor. The above remedies Lessee agrees that if notice of sale is required by law to be given, ten (10) business days’ notice shall be cumulative and shall not preclude Landlord from pursuing constitute reasonable notice. The Lessee will remain responsible for any other remedies permitted by law. Landlord’s election not to enforce one or more of amounts that are due after the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Lessor has applied such net proceeds.
Appears in 3 contracts
Sources: Lease Agreement (GoldLand Holdings Corp.), Asset Purchase Agreement (GoldLand Holdings Corp.), Lease Agreement (GoldLand Holdings Corp.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) If Tenant defaults with respect to the Guaranteed Obligations, and if Guarantor does not fulfill Tenant’s obligations immediately upon its receipt of written notice of such default from Landlord, Landlord may terminate at its election proceed immediately against Guarantor, Tenant, or any combination of Tenant, Guarantor, and/or any other guarantor. It is not necessary for Landlord, in order to enforce payment and performance by Guarantor under this LeaseGuaranty, dispossess first or contemporaneously to institute suit or exhaust remedies against Tenant and recover as damages from Tenant all Rent that is due but unpaid as or other liable for any of the date Guaranteed Obligations or to enforce rights against any collateral securing any of dispossessionit. Guarantor hereby waives any right to require Landlord to join Tenant in any action brought hereunder or to commence any action against or obtain any judgment against Tenant or to pursue any other remedy or enforce any other right. If any portion of the Guaranteed Obligations terminates and Landlord continues to have any rights that it may enforce against Tenant under the Lease after such termination, plus then Landlord may at its election enforce such rights against Guarantor. Unless and until all other reasonable costs and expenses incurred Guaranteed Obligations have been fully satisfied, Guarantor shall not be released from its obligations under this Guaranty irrespective of: (i) the exercise (or failure to exercise) by Landlord to dispossess Tenantof any of Landlord’s rights or remedies (including, without limitation, compromise or adjustment of the Guaranteed Obligations or any part thereof); or (ii) any release by Landlord in favor of Tenant regarding the fulfillment by Tenant of any obligation under the Lease.
(b) Notwithstanding anything in the foregoing to the contrary, Guarantor hereby covenants and agrees to and with Landlord that Guarantor may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for joined in any action by or against Tenant in connection with the remainder of Lease. Guarantor also agrees that, in any jurisdiction, it will be conclusively bound by the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred judgment in any such reletting and for any difference between the amount of Rent received from action by or against Tenant (wherever brought) as if Guarantor were a party to such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, action even though Guarantor is not joined as a party in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Lease Agreement (Vireo Health International, Inc.), Lease Agreement (Vireo Health International, Inc.), Lease Agreement (Vireo Health International, Inc.)
Remedies. Upon In the occurrence event of any event material default of default set forth this Lease by Tenant, Landlord may at any time thereafter, with or without notice or demand and without limiting Landlord in Section 8.1the exercise of any right or remedy which Landlord may have by reason of such default:
(a) Terminate this Lease and Tenant’s right to possession of the Premises by any lawful means, in which case Tenant shall immediately surrender possession of the Premises to Landlord. In such event, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses damages incurred by Landlord by reason of Tenant’s default including, but not limited to, the cost of recovering possession of the Premises; expenses of reletting, including necessary renovation and alteration of the Premises, reasonable attorneys’ fees, and any real estate commission actually paid; the worth at the time of award by the court having jurisdiction thereof of the amount by which the unpaid rent for the balance of the Term after the time of such award exceeds the amount of such rental loss for the same period that Tenant proves could be reasonably avoided; and that portion of the leasing commission paid by Landlord pursuant to dispossess TenantSection 14 applicable to the unexpired Term of this Lease. As used herein, the term “rent” shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease.
(b) Landlord may terminate Without terminating this Lease Lease, re-enter and declare 100% take possession of all Rent to be paid pursuant to this Lease the Premises or any part thereof, and expel Tenant and those claiming through or under Tenant, and remove the effects of both or either, and relet the Premises, or any part thereof, in Landlord’s or Tenant’s name, but for the remainder account of Tenant. In such event, Tenant shall in no manner be relieved from liability for payment of rent covering the balance of the Term to be immediately due and payableof this Lease, and thereupon Landlord’s retaking shall not be considered an acceptance of the Premises nor a manifestation of an intent to terminate this Lease.
(c) Landlord shall have the remedy described in California Civil Code Section 1951.4. Accordingly, Landlord may maintain Tenant’s right to possession in which case this Lease shall continue in effect whether or not Tenant shall have vacated or abandoned the Premises. In such amount shall be accelerated and event Landlord shall be entitled to enforce all of Landlord’s rights and remedies under this Lease, including the right to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount rent as it becomes due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premiseshereunder.
(d) After Pursue any other remedy now or hereafter available to Landlord under the provision laws or judicial decisions of notice and summary proceedings if required by law Landlord may enter the state in which the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such actionare located.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Building Lease Agreement (Artes Medical Inc), Building Lease Agreement (Artes Medical Inc), Building Lease Agreement (Artes Medical Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1by Tenant under this Lease, Landlord shall be entitled have the option to pursue any one or more of the following remedies, in addition to the remedies otherwise provided herein or otherwise available at law or in equity, without any notice or demand whatsoever:
(a) Landlord may cancel and terminate this Lease, dispossess Tenant Lease and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.;
(b) Landlord may terminate without terminating or canceling this Lease declare all amounts and declare 100% of all Rent to be paid pursuant to rents due under this Lease for the remainder of the Lease Term (or any applicable extension or renewal thereof) to be immediately due and payable, and thereupon such amount all rents and other charges due hereunder to the end of the Lease Term or any renewal term, if applicable, shall be accelerated and Landlord shall be entitled (after discounting the same to recover the net their present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;value).
(c) Landlord may elect to enter and repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter upon the Premises and take any actions required of do whatever Tenant is obligated to do under the terms of this Lease, Lease (and Tenant shall reimburse Landlord on demand for any expenses that which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to the Tenant from such action.
(e) If this Lease is terminated in accordance with ), whether caused by the provisions negligence of this SectionLandlord or otherwise. All of the foregoing rights, then remedies, powers and elections of Landlord agrees make good faith reserved herein are cumulative, and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let pursuit of any of the Property. The above foregoing remedies shall be cumulative and shall not preclude other remedies available under this Lease or provided by law, nor shall pursuit of any remedy herein provided constitute a forfeiture or waiver of any rent due to Landlord from pursuing hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms, provisions and covenants herein contained. No waiver by Landlord of any violation or breach of any of the terms, provisions and covenants herein contained shall be deemed or construed to constitute a waiver of any other remedies permitted violation or breach of any of the terms, provisions and covenants herein contained. Forbearance by law. Landlord’s election not Landlord to enforce one or more of the remedies herein provided upon an event of default default, or delay by Landlord in enforcing one or more of such remedies upon an event of default, shall not be deemed or construed to constitute a waiverwaiver of such default. HoweverAll monies expended by Landlord for which Tenant is liable under this Lease, notwithstanding anything else herein, and all amounts and charges due to Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might under this Lease shall be deemed contrary to Federal law constitute rents and all rents shall be paid by Tenant to Landlord without any setoff or Federal regulations or enforcement positions by counterclaim whatsoever and all past due rents shall bear interest at the Federal government or maximum legal rate per annum and shall be included in any agency, arm or authority thereof (“Federal Issues”)lien for rent.
Appears in 3 contracts
Sources: Office Lease (Ladenburg Thalmann Financial Services Inc), Office Lease (Opko Health, Inc.), Office Lease (Ladenburg Thalmann Financial Services Inc)
Remedies. Upon the occurrence of any In each and every such event of default set forth in Section 8.112.1 above, from the date of such default and at all times thereafter, at the option of Landlord, Tenant's right of possession shall thereupon cease and terminate. Landlord shall be entitled to all rights and remedies now or later allowed at law or in equity, all of which shall be cumulative to the following remedies:
(a) extent that the exercise of any one or more rights or remedies shall not be deemed to constitute a waiver of the Landlord's right to exercise any one or more other rights and remedies herein provided or provided at law or in equity. Landlord may shall be entitled to obtain possession of the Demised Premises whether or not Landlord elects to terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as to re-enter the same without demand of rent or demand of possession of the date Demised Premises and may forthwith proceed to recover possession of dispossessionthe Demised Premises by any lawful means or process of law whether or not Landlord elects to terminate this Lease, plus any notice to quit being hereby expressly waived by Tenant. In the event of such re-entry by process of law or otherwise, Tenant nevertheless agrees to remain liable for all Base Annual Rent, Additional Rent and other sums due under this Lease, and shall pay the same as and when it accrues and is payable hereunder. Landlord may (but shall not be obligated to) declare the entire balance (or any portion thereof) of Base Annual Rent, Additional Rent and all other reasonable costs and expenses incurred sums payable by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease Tenant hereunder for the remainder of the Lease Term to be immediately due and payablepayable in full, and thereupon such amount which shall be accelerated and Landlord shall be entitled recoverable pursuant to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect Section 12.4 below. Tenant further agrees to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be remain liable for any and all damage, deficiency, and loss of Base Annual Rent, Additional Rent and other sums herein specified, and all other damages resulting to Tenant from which Landlord may sustain by such action.
(e) re-entry, including reasonable attorneys' fees and costs. If this Lease is terminated in accordance with under the provisions of this Sectionhereof, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies a seven (7) days summons or other applicable summary process shall be cumulative served, and a compromise or settlement thereof shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default be made, such action shall not constitute a waiver. Howeverwaiver of any breach of any covenant, notwithstanding anything else hereinterm, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute condition or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)agreement herein contained.
Appears in 3 contracts
Sources: Office Building Lease (Techteam Global Inc), Office Building Lease (Otg Software Inc), Office Building Lease (Net2000 Communications Inc)
Remedies. Upon In the occurrence event that this Lease is terminated under any of the provisions contained in Section 8.1 or shall be otherwise terminated for breach of any event obligation of default set forth Tenant, Tenant covenants to pay punctually to Landlord all the sums and to perform all the obligations which Tenant covenants in Section 8.1, Landlord this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated. In calculating the amounts to be paid by Tenant pursuant to the next preceding sentence Tenant shall be entitled credited with any amount paid to Landlord as compensation as in this Section 8.2 provided and also with the following remedies:
net proceeds of any rent obtained by Landlord by reletting the Premises, after deducting all Landlord’s expense in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, fees for legal services and expenses of preparing the Premises for such reletting, it being agreed by Tenant that Landlord may (ai) relet the Premises or any part or parts thereof, for a term or terms which may at Landlord’s option be equal to or less than or exceed the period which would otherwise have constituted the balance of the term and may grant such concessions and free rent as Landlord in its sole judgment considers advisable or necessary to relet the same and (ii) make such alterations, repairs and decorations in the Premises as Landlord in its sole judgment considers advisable or necessary to relet the same, and no action of Landlord in accordance with the foregoing or failure to relet or to collect rent under reletting shall operate or be construed to release or reduce Tenant’s liability as aforesaid. In lieu of full recovery by Landlord of the sums payable under the foregoing provisions of this Section 8.2 (except for the amount of any rent of any kind accrued and unpaid at the time of termination) Landlord may terminate this Leaseby written notice to Tenant, dispossess elect to recover, and Tenant and recover shall thereupon pay forthwith to Landlord, as damages from Tenant all Rent that compensation, the discounted present value (calculated using a discount factor equal to the then “Prime Rate” as is due but unpaid as used by the Bank of America or its successor) of the date excess of dispossessionthe total rent reserved for the residue of the term over the rental value of the Premises for said residue of the term. In calculating the rent reserved there shall be included, plus in addition to the Fixed Rent and Additional Rent, the value of all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent considerations agreed to be paid pursuant to or performed by Tenant for said residue. Nothing contained in this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; providedshall, however, that Tenant shall not, limit or prejudice the right of Landlord to prove for and obtain in such circumstances, be responsible proceedings for any cost to retrofit bankruptcy or alter insolvency by reason of the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms termination of this Lease, and Tenant shall reimburse Landlord on demand for an amount equal to the maximum allowed by any expenses that Landlord may incur statute or rule of law in effecting compliance with Tenant’s obligations under this Leaseeffect at the time when, and Landlord shall governing the proceedings in which, the damages are to be proved, whether or not the amount be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with greater than, equal to, or less than the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more amount of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute loss or contract might arise in or damages referred to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)above.
Appears in 3 contracts
Sources: Office Lease (Avid Technology, Inc.), Office Lease (Avid Technology, Inc.), Lease Agreement (Avid Technology, Inc.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1above and the expiration of any applicable cure and grace period, Landlord shall be entitled have the rights and remedies hereinafter set forth to the following remediesextent permitted by law, which shall be distinct, separate and cumulative with and in addition to any other right or remedy allowed under law or any other provision of this Lease:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b1) Landlord may terminate this Lease and declare 100% ▇▇▇▇▇▇’s right of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due possession, reenter and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises by detainer suit, summary proceedings or other lawful means, and to relet recover from Tenant: (i) any unpaid Rent as of the termination date; (ii) the amount by which: (a) any unpaid Rent which would have accrued after the termination date during the balance of the term exceeds (b) the reasonable rental value of the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost a lease substantially similar to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, taking into account among other things the condition of the Premises, market conditions and Tenant shall reimburse the period of time the Premises may reasonably remain vacant before Landlord on demand for any expenses is able to re-lease the same to a suitable replacement tenant, and Costs of Reletting (as defined in Paragraph (g) below) that Landlord may incur in effecting compliance with order to enter such replacement lease, (iii) any other amounts necessary to compensate Landlord for all damages proximately caused by Tenant’s failure to perform its obligations under this Lease. For purposes of computing the amount of rent herein that would have accrued after the termination date, Tenant’s obligations for Real Estate Taxes and Operating Costs shall be projected based upon the average rate of increase in such items from the Commencement Date through the termination date (or if such period shall be less than three years, then based on Landlord’s reasonable estimates). The amounts computed in accordance with the foregoing subclauses (a) and (b) shall both be discounted in accordance with accepted financial practice at the rate of four (4%) percent per annum to the then present value.
(2) Landlord may terminate Tenant’s right of possession, reenter and repossess the Premises by detainer suit, summary proceedings or other lawful means, without terminating this Lease, and recover from Tenant: (i) any unpaid Rent as of the date possession is terminated, (ii) any unpaid rent which thereafter accrues during the term from the date possession is terminated through the time of judgment (or which may have accrued from the time of any earlier judgment obtained by Landlord), less any consideration received from replacement tenants as further described and applied pursuant to Paragraph (g) below, and (iii) any other amounts necessary to compensate Landlord for all damages proximately caused by ▇▇▇▇▇▇’s failure to perform its obligations under this Lease, and including all Costs of Reletting. Tenant shall pay any such amounts to Landlord shall not be liable for as the same accrue or after the same have accrued from time to time upon demand. At any damages resulting time after terminating ▇▇▇▇▇▇’s right to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else possession as provided herein, Landlord hereby expressly disclaimsmay terminate this Lease as provided in clause (1) above by notice to Tenant, relinquishes and rejects any Landlord’s lien that otherwise by Landlord may pursue such other remedies as may be available to Landlord under this Lease or applicable law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii), Office Lease Agreement (Alpha Healthcare Acquisition Corp Iii)
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default under this Lease by Tenant, Landlord shall be entitled may, without prejudice to any other rights and remedies available to a landlord at law, in equity or by statute, Landlord may exercise one or more of the following remedies, all of which shall be construed and held to be cumulative and non-exclusive:
(a) Terminate this Lease and re-enter and take possession of the Leased Premises, in which event, Landlord is authorized to make such repairs, redecorating, refurbishments or improvements to the Leased Premises as may be necessary in the reasonable opinion of Landlord acting in good faith for the purposes of reletting the Leased Premises and the costs and expenses incurred in respect of such repairs, redecorating and refurbishments and the expenses of such reletting (including brokerage commissions) shall be paid by Tenant to Landlord within ten (10) days after receipt of Landlord's statement; or (b) Without terminating this Lease, re-enter and take possession of the Leased Premises; or (c)Without such re-entry, recover possession of the Leased Premises in the manner prescribed by any statute relating to summary process, and any demand for Annual Basic Rent, re-entry for condition broken, and any and all notices to quit, or other formalities of any nature to which Tenant may be entitled, are hereby specifically waived to the extent permitted by law; or (d) Without terminating this Lease, Landlord may relet the Leased Premises as Landlord may see fit without thereby avoiding or terminating this Lease, and for the purposes of such reletting, Landlord is authorized to make such repairs, redecorating, refurbishments or improvements to the Leased Premises as may be necessary Ill the reasonable opinion of Landlord acting in good faith for the purpose of such reletting, and if a sufficient sum is not realized from such reletting (after payment of all costs and expenses of such repairs, redecorating and refurbishments and expenses of such reletting (including brokerage commissions) and the collection of rent accruing therefrom) each month to equal the Annual Basic Rent and Additional Rent payable under this Lease, then Tenant shall pay such deficiency each month within ten (10) days after receipt of Landlord's statement; or (e) Landlord may declare immediately due and payable all the remaining installments of Annual Basic Rent and Additional Rent, and such amount, less the fair rental value of the Leased Premises for the remainder of the Lease Term shall be paid by Tenant within ten (10) days after receipt of Landlord's statement. Landlord shall not by re-entry or any other act, be deemed to have terminated this Lease, or the liability of Tenant for the total Annual Basic Rent and Additional Rent reserved under this Lease or for any installment of Annual Basic Rent and Additional Rent then due or subsequently accruing, or for damages. unless Landlord notifies Tenant in writing that Landlord has so elected to terminate this Lease. After the occurrence of an Event of Default, dispossess Tenant the acceptance of Annual Basic Rent or Additional Rent, or the failure to re-enter by Landlord shall not be deemed to be a waiver of Landlord's right to subsequently terminate this Lease and recover as damages from Tenant all Rent that is due but unpaid as exercise any other rights and remedies available to it, and Landlord may re-enter and take possession of the date Leased Premises as if no Annual Basic Rent or Additional Rent had been accepted after the occurrence of dispossessionan Event of Default. Upon an Event of Default, plus Tenant shall also pay to Landlord all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease Landlord, including court costs and declare 100% of all Rent to be paid pursuant to this Lease for the remainder attorneys' fees, in retaking or otherwise obtaining possession of the Term to be immediately due Leased Premises, removing and payablestoring all equipment, fixtures and thereupon such amount shall be accelerated and Landlord shall be entitled to recover personal property on the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Leased Premises and to relet the Premises for Tenant’s accountotherwise enforcing any of Landlord's rights, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount remedies or recourses arising as a result of Rent received from such reletting and the amount due and payable under the terms an Event of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).Default
Appears in 3 contracts
Sources: Office Lease (Dimensional Visions Inc/ De), Office Lease (Dimensional Visions Inc/ De), Office Lease (Dimensional Visions Inc/ De)
Remedies. If Tenant shall default under this Lease as set forth in Section 31, Landlord shall have the following rights and remedies in addition to all other remedies at law or equity, and none of the following, whether or not exercised by Landlord, shall preclude the exercise of any other right or remedy whether herein set forth or existing at law or equity:
(a) Landlord shall have the right to terminate this Lease by giving Tenant notice in writing, and upon the giving of such notice, this Lease and the Term hereof as well as the right, title and interest of Tenant under this Lease shall wholly cease and expire in the same manner and with the same force and effect (except as to Tenant's liability on the date specified in such notice as if such date were the expiration date of the Term of this Lease) without the necessity of re-entry or any other act on Landlord's part. Upon any termination of this Lease, Tenant shall quit and surrender to Landlord the Premises as set forth in Section 23. If this Lease is terminated, Tenant shall remain liable to Landlord for all Base Rent accrued and unpaid and other sums due hereunder to the date of termination of this Lease. Landlord shall also be entitled to recover from Tenant the worth at the time of such termination of the excess, if any, of the amount of Base Rent reserved in this Lease for the balance of the Term of this Lease (which shall be calculated using a reasonable discount rate determined at that time) over the then reasonable rental value of the Premises for the same period.
(b) To the extent permitted in accordance with applicable law, Landlord may without demand or notice, re-enter and take possession of the Premises or any part thereof, and repossess the same as of Landlord's former estate and expel Tenant and those claiming through or under Tenant, and remove the effects of any and all such persons (forcibly, if necessary) without being deemed guilty of any manner of trespass and without prejudice to any remedies for arrears of rent or preceding breach of covenants. Should landlord elect to re-enter as provided in this Section 32(b), or should Landlord take possession pursuant to legal proceedings or pursuant to any notice provided for by law, Landlord may, from time to time, without terminating this Lease, relet the Premises or any part thereof for such term or terms and at such rental or rentals, and upon such other conditions as Landlord may deem advisable, with the right to make alterations and repairs to the Premises. No such re-entry or repossession of the Premises by Landlord shall be construed as an election on Landlord's part to terminate this Lease unless a written notice of termination is given to Tenant by Landlord. No such re-entry or repossession of the Premises shall relieve Tenant of its liability and obligation under this Lease, all of which shall survive such re-entry or repossession. Upon the occurrence of any event of default set forth in Section 8.1such re-entry or repossession, Landlord shall be entitled to the following remedies:
amount of the monthly Base Rent, and any other sums, which would be payable hereunder if such re-entry or repossession had not occurred, less the net proceeds, if any, of any reletting of the Premises after deducting all of Landlord's expenses in connection with such reletting, including but without limitation, all repossession costs, brokerage commissions, legal expenses, reasonable attorney's fees, expenses of employees, alteration costs and expenses of preparation for such reletting. Tenant shall pay such amount to Landlord on the days on which the Base Rent or any other sums due hereunder would have been payable hereunder if possession had not been retaken. In no event shall Tenant be entitled to receive the excess, if any, of net rent collected by Landlord as a result of such reletting over the sums payable by Tenant to Landlord hereunder. Notwithstanding the provisions of this Section 32 or any other provision of this Lease to the contrary, (a) Landlord may terminate shall not have the right to accelerate the rent and other charges due hereunder so long as Tenant is not in default in the payment of any rent or charges due under this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Lease for a period of the date of dispossession, plus all other reasonable more than thirty (30) days; (b) any costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and in attempting to relet the Premises for Tenant’s account(including renovation expenses, holding Tenant liable in damages for all expenses incurred in reasonable attorney fees and any such reletting and for any difference between free rent granted to a new tenant) shall be spread over the amount entire term of Rent received from such reletting the new lease, and the amount due and payable under rent to be received by Landlord shall be likewise determined at an average annual rate over the terms entire term of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Leaselease, and Tenant shall reimburse Landlord on demand be obligated only for any the expenses that Landlord may incur attributable to the balance of the Term and Tenant shall receive credit for such rent attributable to the Term; and (c) in effecting compliance with Tenant’s obligations under exercising its remedies pursuant to this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and use commercially reasonable efforts to mitigate its damages which efforts damages.
(c) If Tenant shall include efforts default in making any payment required to re-let be made by Tenant (other than payments of Base Rent) or shall default in performing any other obligations of Tenant under this Lease (after applicable grace and cure periods), Landlord may, but shall not be obligated to, make such payment or on behalf of Tenant, expend such sum as may be necessary to perform such obligation. All sums so expended by Landlord with interest thereon at the Property. The above remedies Default Rate shall be cumulative and repaid by Tenant to Landlord as additional rent. No such payment or expenditure by Landlord shall not preclude Landlord from pursuing be deemed a waiver of Tenant's default nor shall it affect any other remedies permitted remedy of Landlord by lawreason of such default. Landlord’s election not If Tenant shall fail to enforce one or more pay by the fifth day of the remedies upon an event month any installment of default shall not constitute a waiver. However, notwithstanding anything else hereinBase Rent due on the first of the month (even if such failure is timely cured), Landlord hereby expressly disclaims, relinquishes may charge and rejects any Landlord’s lien that otherwise by law, statute or contract might arise Tenant shall pay upon demand interest thereon at the Default Rate from the first day of the month and a collection charge (in or addition to any marijuana product and/or related products, chemicals or substances thatreasonable attorney's fees incurred) equal to five percent (5%) of the amount of said late payment. If either party shall fail to pay when due any sum other than Base Rent due under this Lease (even if such failure is timely cured), the ownershipreceiving party may charge and the paying party shall pay upon demand interest thereon at the Default Rate, possessionand if any such amount is not paid within ten (10) days after written notice of delinquency, use, sale or distribution a collection charge (in addition to any reasonable attorney's fees incurred) equal to five percent (5%) of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)amount of said late payment.
Appears in 3 contracts
Sources: Lease (Brooks Automation Inc), Lease (Brooks Automation Inc), Lease (Helix Technology Corp)
Remedies. Upon the occurrence happening of any event Event of default Default hereunder, the rights and duties of the parties shall be as set forth in Section 8.1, Landlord shall be entitled to the following remedies:this Paragraph 24.
(a) Landlord may terminate this LeaseUpon Lessor's demand, dispossess Tenant the Equipment shall be promptly delivered to Lessor, at that place or those places designated by Lessor. If Lessee does not so deliver the Equipment, Lessee shall make the Equipment available for retaking and recover as damages from Tenant all Rent that is due but unpaid as authorizes Lessor, its employees and agents to enter the premises of the date Lessee and any other premises (insofar as Lessee can permit) for the purpose of dispossessionretaking. In the event of retaking, plus Lessee expressly waives all other reasonable costs rights to possession and expenses incurred all claims for injuries suffered through or loss caused by Landlord to dispossess Tenantretaking. Any repossession accomplished under this Paragraph 24(a) shall not release Lessee from liability for damages of Lessor sustained by reason of Lessee's default hereunder.
(b) Landlord Lessor may terminate this Lease and declare 100% revoke Lessee's privilege of all Rent paying rent in installments and, upon Lessor's demand, the Lessee shall promptly pay to be paid pursuant to this Lease for Lessor the remainder portion of the Term to be immediately rent then remaining unpaid plus all other sums due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;unpaid.
(c) Landlord Lessor may elect sell or release the Equipment or any part thereof, at public auction or by private sale or lease at such time or times and upon such terms as Lessor may determine, free and clear of any rights of Lessee and, if notice thereof is required by law, any notice in writing of such sale or lease by Lessor to repossess Lessee not less than ten (10) days prior to the Premises and date thereof shall constitute reasonable notice thereof to relet Lessee. All proceeds of the Premises for Tenant’s accountsale or releasing, holding Tenant liable in damages for or both (less (i) all expenses incurred in any such reletting retaking the Equipment, making necessary repairs to the Equipment and enforcing this Lease, (ii) all damages that Lessor shall have sustained by reason of Lessee's default, and (iii) reasonable attorney's fees) shall be credited against Lessee's liability hereunder as and when received by Lessor. Sums in excess of Lessee's liability shall belong to Lessee. The Lessee shall be liable for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesdeficiency.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms The provisions of this LeaseParagraph 24 shall not prejudice Lessor's right to recover or prove damages for unpaid rent accrued prior to default, or bar an action for a deficiency as herein provided, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance the bringing of an action with Tenant’s obligations under this Lease, and Landlord an entry of judgment against Lessee shall not be liable for bar the Lessor's right to repossess any damages resulting to Tenant from such actionor all Items of Equipment.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above Lessor's remedies shall be cumulative available to Lessor's successors and assigns, shall not preclude Landlord from pursuing any be in addition to all other remedies permitted by lawprovided bylaw, and may be exercised concurrently or consecutively. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiverLESSEE WAIVES ANY AND ALL RIGHTS TO NOTICE AND TO JUDICIAL HEARING WITH RESPECT TO THE REPOSSESSION OF THE EQUIPMENT BY LESSOR IN THE EVENT OF A DEFAULT HEREUNDER BY LESSEE. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)LESSEE HEREBY WAIVES ANY RIGHT TO DEMAND A JURY TRIAL WITH RESPECT TO ANY ACTION OR PROCEEDING INSTITUTED BY THE LESSOR OR THE LESSEE IN CONNECTION WITH THIS LEASE.
Appears in 3 contracts
Sources: Finance Lease (SMT Health Services Inc), Finance Lease (SMT Health Services Inc), Finance Lease (SMT Health Services Inc)
Remedies. Upon (A) During the occurrence continuance of a default, the Defaulting Party shall not have a right to its Entitlement which shall vest in and be the property of the non-defaulting Parties. Operator (or the notifying Party if Operator is a Defaulting Party) shall be authorized to sell such Entitlement in an arm’s-length sale on terms that are commercially reasonable under the circumstances and, after deducting all costs, charges and expenses incurred in connection with such sale, pay the net proceeds to the non-defaulting Parties in proportion to the amounts they are owed by the Defaulting Party hereunder (and apply such net proceeds toward the Profit Reserve Account, if applicable) until all such amounts are recovered and from the Profit Reserve Account or other account of the defaulting Party as the case may be. Any surplus remaining shall be reinstated to the Defaulting Party, and/or any deficiency shall remain a debt due from the Defaulting Party to the non-defaulting Parties. When making sales under this Article 7.3(A), the non-defaulting Parties shall have no obligation to share any existing market or obtain a price equal to the price at which their own production of goods is sold.
(B) If Operator disposes of any event of default set forth Project Property or any other credit or adjustment is made to the Project Account while a Party is in Section 8.1, Landlord default. Operator (or the notifying Party if Operator is a Defaulting Party) shall be entitled to apply the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Defaulting Party’s Participating Interest share of the date proceeds of dispossessionsuch disposal, plus credit or adjustment against all other reasonable costs amounts owing by the Defaulting Party to the non-defaulting Parties hereunder (and expenses incurred by Landlord toward the Profit Reserve Account, if applicable). Any surplus remaining shall be Reinstated to dispossess Tenantthe Defaulting Party, and any deficiency shall remain a debt due from the Defaulting Party to the non-defaulting Parties.
(bC) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord The non-defaulting Parties shall be entitled to recover apply proceeds received from the net present value thereof employing Profit Reserve Account in an assumed discount rate amount equal to the Defaulting Party’s Participating Interest share of 2% per annum (i) the estimated cost to surrender any Lease Areas and other property in which the Defaulting Party participated, (ii) the estimated cost of severance benefits for purposes local employees upon cessation of present value computation;
operations and (ciii) Landlord may elect to repossess any other identifiable costs that the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses non-defaulting Parties anticipate will be incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance connection with the provisions cessation of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)operations.
Appears in 3 contracts
Sources: Joint Venture & Partnership Agreement (Guskin Gold Corp.), Joint Venture & Partnership Agreement (Guskin Gold Corp.), Joint Venture & Partnership Agreement (Guskin Gold Corp.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1Default, Landlord shall be entitled to have the following rights and remedies, in addition to those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a) Landlord may terminate this Leasere-enter the Leased Premises and cure any Default of Tenant, dispossess and Tenant and recover shall reimburse Landlord as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable additional rent for any costs and expenses incurred which Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by Landlord to dispossess Tenantreason of Landlord's action.
(b) Landlord may terminate this Lease and thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) Landlord may re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of Tenant's right to possession of the Leased Premises, with or without terminating this Lease, Landlord may declare 100% the present value discounted at a rate of ten percent (10%) of all Rent to be paid pursuant to rent which would have been due under this Lease for the remainder balance of the Lease Term less the present value discounted at the rate of ten percent (10%) of all net rent that Landlord reasonably estimates that Landlord will receive via a reletting of the Leased Premises for the balance of the Lease Term after taking into account anticipated vacancy periods, to be immediately due and payable, and thereupon such amount whereupon Tenant shall be accelerated obligated to pay the same to Landlord. In addition, Tenant shall pay to Landlord all costs and expenses which Landlord may incur by reason of Tenant's Default ("Default Damages"), which shall be entitled to recover include without limitation expenses of preparing the net present value thereof employing an assumed discount rate Leased Premises for re-letting, demolition, repairs, tenant finish improvements and brokers' and attorneys' fees, it being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of 2% per annum for purposes of present value computation;this Lease.
(c) Landlord may elect to repossess may, without terminating this Lease, re-enter the Leased Premises and to relet re-let on a commercially reasonable terms all or any part thereof for a term different from that which would otherwise have constituted the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting balance of the Lease Term and for any rent and on terms and conditions different from those contained herein, whereupon Tenant shall be immediately obligated to pay to Landlord as liquidated damages the present value (as calculated in subsection (b) above of the difference between the amount rent provided for herein and that provided for in any lease covering a subsequent re-letting of Rent received from such reletting and the amount due and payable under Leased Premises, for the terms period which would otherwise have constituted the balance of this Lease; providedthe Lease Term, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisestogether with all of Landlord's Default Damages.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand s▇▇ for injunctive relief or to recover damages for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages loss resulting to Tenant from such actionthe breach.
(e) If Landlord terminates this Lease is terminated in accordance with the provisions of this Sectionor Tenant's right to possession, then Landlord agrees make good faith and commercially reasonable efforts Landlord's duty to mitigate its damages which efforts under this Lease shall include be as follows:
(1) Landlord shall be required only to use reasonable efforts to re-let mitigate, which shall not exceed such efforts as Landlord generally uses to lease other space in other buildings which it leases, and (2) Landlord shall not be deemed to have failed to mitigate if it incurs costs and expenses for repairs, maintenance, changes, alterations and improvements to the PropertyLeased Premises (whether to prevent damage or to prepare the Leased Premises for reletting), brokerage commissions, advertising costs, attorneys' fees, any economic incentives given to replacement tenants, and costs of collecting rent from replacement tenants. The above remedies shall be cumulative and obligations set forth in this paragraph shall not preclude serve to shift the burden of proof from Tenant to Landlord from pursuing any other remedies permitted by law. Landlord’s election with respect to proving whether or not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)mitigated its damages.
Appears in 3 contracts
Sources: Office Lease (Interactive Intelligence Group, Inc.), Office Lease (Interactive Intelligence Group, Inc.), Office Lease (Interactive Intelligence Group, Inc.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Lease Agreement (Power REIT), Lease Agreement (Power REIT), Lease Agreement (Power REIT)
Remedies. Upon the occurrence of any event Default, Landlord may, immediately or at any time thereafter, elect to terminate this Lease by notice of default set forth in Section 8.1termination, by entry, or by any other means available under Law and may recover possession of the Premises as provided herein. Upon termination by notice, by entry, or by any other means available under Law, Landlord shall be entitled to immediately, in the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as case of the date of dispossession, plus all other reasonable costs and expenses incurred termination by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablenotice or entry, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated otherwise in accordance with the provisions of Law to recover possession of the Premises from Tenant and those claiming through or under the Tenant. Such termination of this Section, then Landlord agrees make good faith Lease and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let repossession of the Property. The above remedies Premises shall be cumulative without prejudice to any remedies which Landlord might otherwise have for arrears of rent or for a prior breach of the provisions of this Lease. Landlord may, without notice, store Tenant’s personal property (and those of any person claiming under Tenant) at the expense and risk of Tenant or, if Landlord so elects, Landlord may sell such personal property at public auction or auctions or at private sale or sales after thirty (30) days’ notice to Tenant and apply the net proceeds to the earliest of installments of rent or other charges owing Landlord. Tenant agrees that a notice by Landlord alleging any default shall, at Landlord’s option (the exercise of such option shall be indicated by the inclusion of the words “notice to quit” in such notice), constitute a statutory notice to quit. If Landlord exercises its option to designate a notice of default hereunder as a statutory notice to quit, any grace periods provided for herein shall run concurrently with any statutory notice periods. Tenant further agrees that it shall not preclude Landlord from pursuing interpose any other remedies permitted by law. Landlord’s election not counterclaim or set-off in any summary proceeding or in any action based in whole or in part on non-payment of Rent, unless Tenant would have no right to enforce one or more commence an independent proceeding to seek to recover on account of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)such claim.
Appears in 3 contracts
Sources: Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Monte Rosa Therapeutics, Inc.), Lease Agreement (Ikena Oncology, Inc.)
Remedies. Upon the occurrence of an Event of Default:
1. LANDLORD may re-enter the Demised Premises by summary proceedings or otherwise and re-let the Demised Premises, or any part thereof, as TENANT’S agent, in the name of LANDLORD or otherwise for a term shorter or longer than the balance of the term of this Lease, and may grant concessions of free rent, make improvements to the Demised Premises, and may grant any other concessions in connection therewith as are necessary to re-let the Demised Premises. In computing the net amount of rents collected through such re-letting, LANDLORD may deduct all reasonable expenses incurred in obtaining repossession or re-letting the Demised Premises, including rent concessions, attorney’s fees, brokerage fees, the cost of restoring or improving the Demised Premises, and the cost of all alterations and decorations deemed necessary by LANDLORD to effect re-letting. In no event of default set forth in Section 8.1, Landlord shall TENANT be entitled to a credit or repayment for re-rental income which exceeds the following remedies:sums payable by TENANT hereunder.
2. LANDLORD may give TENANT fifteen (a15) Landlord may terminate days notice of termination of this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as . Upon the expiration of the date of dispossessionfifteen (15) day notice period, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% any rights of renewal or extension thereof shall come to an end and shall terminate as if that were the date originally fixed for the expiration of the term of this LEASE, but TENANT shall remain liable as hereinafter provided.
3. LANDLORD may accelerate and claim and demand, as liquidated and agreed upon damages, immediate payment of a sum equal to the amount by which the Base Rent and all Rent to be paid pursuant to this Lease forms of additional rent (as reasonably estimated by LANDLORD), due for the remainder of the Term term of this Lease and any extensions thereof which may have been exercised by TENANT, exceeds the then fair and reasonable rental value of the Demised Premises for the same period, both discounted to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover present worth at the net present value thereof employing an assumed discount rate of 2% twelve (12%) percent per annum annum. If, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Demised Premises or any part thereof shall have been re-let by LANDLORD for purposes the period which otherwise would have constituted the unexpired portion of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s accountterm or any part thereof, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from rent reserved upon such reletting re-letting shall be deemed, prima facie, to be the fair and reasonable rental value for the amount due and payable under part or the terms whole of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Demised Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to so re-let during the Propertyterm of the re-letting.
4. The above remedies shall be cumulative and shall not preclude Landlord from pursuing LANDLORD may pursue any other remedies permitted by law. Landlord’s election not remedy available to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal it at law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)in equity.
Appears in 3 contracts
Sources: Lease Agreement, Lease Agreement (Bankrate Inc), Lease Agreement (Bankrate Inc)
Remedies. Upon the occurrence of any event of default set forth Subtenant Default, Sublandlord may, in Section 8.1addition to any other remedies available hereunder, Landlord shall be entitled to the following remediesat law or in equity:
(ai) Landlord may terminate Without terminating this LeaseSublease, dispossess Tenant enter upon and recover as damages from Tenant all Rent that is due but unpaid as take possession of the date of dispossessionSubleased Premises, plus expel or remove Subtenant, relet the Subleased Premises on such terms and conditions as Sublandlord deems advisable, and receive the rent therefor, with or without due process and Subtenant hereby expressly waives any and all other claims for damages resulting therefrom. In the event Sublandlord elects to exercise the remedy provided under this subsection, Subtenant agrees to reimburse Sublandlord for (A) any third-party actual, verifiable and reasonable costs and expenses incurred by Landlord that Sublandlord incurs to dispossess Tenant.
effect compliance with Subtenant’s obligations under this Sublease through the date the Subleased Premises are relet, plus Subtenant shall pay Sublandlord an administrative fee equal to five percent (b5%) Landlord may terminate this Lease of such costs and declare 100% expenses, (B) the costs Sublandlord incurs to recover possession of the Subleased Premises from Subtenant, including, but not limited to, reasonable attorneys’ fees, (C) the market brokerage commissions, advertising costs and other similar expenses Sublandlord incurs to relet the Subleased Premises, and (D) all damages that Sublandlord suffers as a result of such default or the termination of Subtenant’s right to possession of the Subleased Premises, including, without limitation, the difference between the Rent that Subtenant is required to be paid pursuant to this Lease for pay hereunder during the remainder of the Term to be immediately due and payablethe rent received by Sublandlord on account of such reletting during the remainder of the Term, and thereupon such which amount shall be accelerated and Landlord paid monthly, in arrears. In the event Sublandlord is successful in reletting the Subleased Premises at a rental in excess of that agreed to be paid by Subtenant pursuant to the terms of this Sublease, Sublandlord shall be entitled to recover retain such excess, provided any such excess that is allocable to periods falling within the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect Term shall be first applied to repossess pay the Premises and costs Sublandlord incurs to relet the Subleased Premises for Tenant(including, without limitation, costs and expenses that Sublandlord incurs to effect compliance with Subtenant’s accountobligations under this Sublease, holding Tenant liable in damages for all the costs Sublandlord incurs to recover possession of the Subleased Premises, the brokerage commissions, advertising costs and other similar expenses incurred in any such reletting and for any difference between Sublandlord incurs to relet the amount of Rent received from such reletting Subleased Premises, and the amount cost of Alterations to the Subleased Premises paid for by Sublandlord) and then to reduce any other amounts Subtenant owes Sublandlord hereunder.
(ii) Terminate this Sublease, in which event Subtenant shall immediately surrender the Subleased Premises to Sublandlord, and if Subtenant fails to do so, Sublandlord may enter upon and take possession of the Subleased Premises and expel or remove Subtenant. In the event this Sublease is terminated pursuant to this subsection, Subtenant agrees to reimburse Sublandlord for: (A) any unpaid Rent that was due and payable owing prior to such termination, (B) any third-party actual, verifiable and reasonable costs and expenses that Sublandlord incurs to effect compliance with Subtenant’s obligations under this Sublease through the date of such termination, (C) the third-party actual, verifiable and reasonable costs Sublandlord incurs to recover possession of the Subleased Premises from Subtenant, including, but not limited to, reasonable attorneys’ fees, and (D) any other damages that Sublandlord reasonably incurs as a result of the termination of this Sublease or Subtenant’s default hereunder.
(iii) Without terminating this Sublease, enter upon the Subleased Premises, by force if necessary, without being liable for prosecution or any claim for damages thereof, and do whatever Subtenant is obligated to do under the terms of this Lease; providedSublease, howeverand Subtenant agrees to reimburse Sublandlord, that Tenant shall noton demand, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice third-party actual, verifiable and summary proceedings if required by law Landlord may enter the Premises reasonable costs and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord which Sublandlord may incur in effecting compliance with TenantSubtenant’s obligations under this LeaseSublease, plus Subtenant shall pay Sublandlord an administrative fee equal to five percent (5%) of such costs and Landlord shall not be liable for any damages resulting to Tenant from such actionexpenses.
(eiv) If this Lease is terminated Pursue any other remedy available at law or in accordance with equity, subject to the limitations set forth in the other provisions of this SectionSublease. The foregoing remedies are cumulative and non-exclusive, then Landlord agrees make good faith and commercially the exercise by Sublandlord of any of its remedies under this Sublease shall not prevent the subsequent exercise by Sublandlord of any other remedies provided herein. All remedies provided for in this Sublease may, at the election of Sublandlord, be exercised alternatively, successively, or in any other manner. Sublandlord shall use reasonable efforts to mitigate the damages it suffers that arise out of or result from a Subtenant Default. In no event shall Subtenant be liable to Sublandlord for any punitive or exemplary damages as a result of its damages which efforts shall include efforts to re-let the Propertydefault under this Sublease. The above remedies No provision of this Sublease shall be cumulative deemed to have been waived by Sublandlord, unless such waiver is in writing and signed by Sublandlord. No custom or practice between the parties in connection with the terms of this Sublease shall not preclude Landlord from pursuing any other remedies permitted by law. Landlordbe construed to waive or lessen Sublandlord’s election not right to enforce one or more insist upon strict performance of the remedies upon an event of default terms hereof. No act by Sublandlord with respect to the Subleased Premises shall be deemed to terminate this Sublease, including, but not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances thatlimited to, the ownershipacceptance of keys or the institution of dispossessory proceedings; it being understood that this Sublease may only be terminated by express written notice from Sublandlord to Subtenant, possessionand any reletting of the Subleased Premises shall be presumed to be for and on behalf of Subtenant, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary unless Sublandlord expressly provides otherwise in writing to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Subtenant.
Appears in 3 contracts
Sources: Sublease Agreement (Smith & Wesson Brands, Inc.), Sublease Agreement (American Outdoor Brands, Inc.), Sublease Agreement (American Outdoor Brands, Inc.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1a Default, Landlord shall be entitled to have the following remedies, in addition to all other rights and remedies provided by law or otherwise provided in this Lease, to which Landlord may resort cumulatively or in the alternative:
(ai) Landlord may continue this Lease in full force and effect, and this Lease shall continue in full force and effect as long as Landlord does not terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled have the right to recover collect Rent when due. During the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s accountperiod Tenant is in Default, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take relet it, or any actions part of it, to third parties for Tenant’s account, provided that any Rent in excess of the Monthly Rent due hereunder shall be payable to Landlord. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises or any part thereof, including, without limitation, broker’s commissions, expenses of cleaning and redecorating the Premises required of Tenant under by the terms reletting and like costs. Reletting may be for a period shorter or longer than the remaining Term of this Lease. Except as set forth in Paragraph 29.C., and no act by Landlord other than giving written notice to Tenant shall reimburse Landlord on demand for any expenses that terminate this Lease.
(ii) Landlord may incur in effecting compliance with by written notice terminate Tenant’s right to possession of the Premises at any time and relet the Premises or any part thereof. Acts of maintenance, efforts to relet the Premises or the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s right to possession. On termination, Landlord has the right to remove all Tenant’s Personal Property and store same at Tenant’s cost and to recover from Tenant:
(a) the worth at the time of award of the unpaid Rent which had been earned at the time of termination including interest at the Interest Rate;
(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 Tenant proves could have been reasonably avoided, including interest at the Interest Rate;
(c) the worth at the time of award of the amount by which unpaid Rent for the balance of the Term after the time of award exceeds the amount of such rental loss for the same period that Tenant proves could be reasonably avoided, discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%);
(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, including without limitation the following: (i) all expenses for repairing or restoring the Premises, (ii) all brokers’ fees, advertising costs and Landlord shall not be liable for any damages resulting to Tenant from such action.other expenses of repairing or restoring the Premises, (iii) all expenses in retaking possession of the Premises, and (iv) reasonable attorneys’ fees, expert witness fees and court costs; and
(e) If as used in subparagraphs (a) through (c) above, the term “time of award” shall mean the date of entry of a judgment or award against Tenant in an action or proceeding arising out of Tenant’s breach of this Lease. Tenant waives redemption or relief from forfeiture under California Code of Civil Procedure Sections 1174 and 1179, or under any other present or future law, in the event Tenant is evicted or Landlord takes possession of the Premises by reason of any Default of Tenant hereunder.
(iii) Landlord may, with or without terminating this Lease, re-enter the Premises and remove all persons and property from the Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. No re-entry or taking possession of the Premises by Landlord pursuant to this Paragraph shall be construed as an election to terminate this Lease unless a written notice of such intention is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts given to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Tenant.
Appears in 3 contracts
Sources: Office Lease Agreement, Office Lease Agreement (Geron Corp), Office Lease Agreement (Geron Corp)
Remedies. Upon the occurrence of any event Event of default set forth in Section 8.1Default, Landlord shall be entitled have the right, at Landlord's option, to the following remedies:
(a) terminate this Lease. With or without terminating this Lease, Landlord may re-enter and take possession of the Premises and the provisions of this SECTION 22.02 shall operate as a notice to quit, any other notice to quit or of Landlord's intention to re-enter the Premises being hereby expressly waived. If necessary, Landlord may proceed to recover possession of the Premises under and by virtue of the laws of the Commonwealth of Virginia or by such other proceedings, including re-entry and possession, as may be applicable. If Landlord elects to terminate this Lease, dispossess Tenant everything contained in this Lease on the part of Landlord to be done and performed shall cease without prejudice; subject, however, to the right of Landlord to recover as damages from Tenant all Rent and other sums accrued up to the time of termination or recovery of possession by Landlord, whichever is later. Whether or not this Lease is terminated by reason of Tenant's Default, Landlord may, but shall not be obligated to, relet the Premises for such rent and upon such terms as are not unreasonable under the circumstances and, if the entire Rent provided in this Lease plus the costs, expenses, and damages hereafter described shall not be realized by Landlord, Tenant shall be liable for all damages sustained by Landlord, including, without limitation, deficiencies in Base Rent, Adjusted Rent and Additional Rent, the value of any rent abatement, tenant allowance or other payments made to Tenant, attorney's fees and expenses reasonably incurred, brokerage fees, and the expense of placing the Premises in first-class rentable condition. Landlord shall in no way be responsible or liable for any failure to collect any rent due and/or accrued from such reletting, to the end and intent that is due but unpaid as of Landlord may elect to hold Tenant liable for the date of dispossessionBase Rent, plus Adjusted Rent, and Additional Rent, and any and all other reasonable costs items of cost and expenses incurred by Landlord expense which Tenant shall have been obligated to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for pay throughout the remainder of the Term Term. Any damages or loss of rent sustained by Landlord may be recovered by Landlord, at Landlord's option, at the time of the reletting, or in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings. The provisions contained in this SECTION 22.02 shall be immediately due and payablein addition to, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover not prevent the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) enforcement of, any claim Landlord may elect to repossess the Premises and to relet the Premises have against Tenant for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms anticipatory breach of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Office Lease Agreement (Pec Solutions Inc), Office Lease Agreement (Pec Solutions Inc), Office Lease Agreement (Pec Solutions Inc)
Remedies. A. Upon the occurrence of any Event of Default, Landlord shall have the following rights and remedies, in addition to those allowed by law or equity, any one or more of which may be exercised without further notice to or demand upon Tenant and which may be pursued successively or cumulatively as Landlord may elect:
(1) Landlord may re-enter the Premises and cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for any cost and expenses which Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of default set forth Landlord’s action, regardless of whether caused by Landlord’s negligence or otherwise.
(2) Landlord may terminate this Lease by giving to Tenant notice of Landlord’s election to do so, in which event the Term shall end, and all right, title and interest of Tenant hereunder shall expire, on the date stated in such notice;
(3) Landlord may terminate the right of Tenant to possession of the Premises without terminating this Lease by giving notice to Tenant that Tenant’s right to possession shall end on the date stated in such notice, whereupon the right of Tenant to possession of the Premises or any part thereof shall cease on the date stated in such notice; and
(4) Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy, including recovery of all moneys due or to become due from Tenant under any of the provisions of this Lease. Landlord shall not be required to serve Tenant with any notices or demands as a prerequisite to its exercise of any of its rights or remedies under this Lease, other than those notices and demands specifically required under this Lease. TENANT EXPRESSLY WAIVES THE SERVICE OF ANY STATUTORY DEMAND OR NOTICE WHICH IS A PREREQUISITE TO LANDLORD’S COMMENCEMENT OF EVICTION PROCEEDINGS AGAINST TENANT. TENANT WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LAWSUIT BROUGHT BY LANDLORD TO RECOVER POSSESSION OF THE PREMISES FOLLOWING LANDLORD’S TERMINATION OF THIS LEASE PURSUANT TO SECTION 23A(2) OR THE RIGHT OF TENANT TO POSSESSION OF THE PREMISES PURSUANT TO SECTION 23A(3) AND ON ANY CLAIM FOR DELINQUENT RENT WHICH LANDLORD MAY JOIN IN ITS LAWSUIT TO RECOVER POSSESSION.
B. If Landlord exercises either of the remedies provided in Sections 23.A.(2) or 23.A.(3), Tenant shall surrender possession and vacate the Premises and immediately deliver possession thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Premises, with process of law, full and complete license to do so being hereby granted to Landlord, and Landlord may remove all occupants and property therefrom, using such force as may be necessary to the extent allowed by law, without being deemed guilty in any manner of trespass, eviction or forcible entry and detainer and without relinquishing Landlord’s right to Rent or any other right given to Landlord hereunder or by operation of law.
C. If Landlord terminates the right of Tenant to possession of the Premises without terminating this Lease, Landlord shall have the right to immediate recovery of all amounts then due hereunder. Such termination of possession shall not release Tenant, in whole or in part, from Tenant’s obligation to pay Rent hereunder for the full Term, and Landlord shall have the right, from time to time, to recover from Tenant, and Tenant shall remain liable for, all Base Rent, Additional Rent and any other sums accruing as they become due under this Lease during the period from the date of such notice of termination of possession to the stated end of the Term. In any such case, Landlord may relet the Premises or any part thereof for the account of Tenant for such rent, for such time (which may be for a term extending beyond the Term) and upon such terms as Landlord shall determine and may collect the rents from such reletting. Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord 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 in connection therewith change the locks to the Premises, and Tenant upon demand shall pay the cost of all of the foregoing together with Landlord’s expenses of reletting. The rents from any such reletting shall be applied first to the payment of the expenses of reentry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Rent herein provided to be paid by Tenant. Any excess or residue shall operate only as an offsetting credit against the amount of Rent due and owing as the same thereafter becomes due and payable hereunder, and the use of such offsetting credit to reduce the amount of Rent due Landlord, if any, shall not be deemed to give Tenant any right, title or interest in or to such excess or residue and any such excess or residue shall belong to Landlord solely, and in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of the aggregate sum (including Base Rent and Additional Rent) which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no Event of Default occurred. No such reentry or repossession, repairs, alterations and additions, or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord’s part to terminate this Lease, unless a written notice of such intention is given to Tenant, or shall operate to release Tenant in whole or in part from any of Tenant’s obligations hereunder, and Landlord, at any time and from time to time, may s▇▇ and recover judgment for any deficiencies remaining after the application of the proceeds of any such reletting.
D. If this Lease is terminated by Landlord pursuant to Section 8.123 .A.(2), Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that accrued and unpaid for the period up to and including such termination date, as well as all other additional sums payable by Tenant, or for which Tenant is due but unpaid as liable or for which Tenant has agreed to indemnify Landlord under any of the date provisions of dispossessionthis Lease, plus which may be then owing and unpaid, and all other reasonable costs and expenses expenses, including without limitation court costs and attorneys’ fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and, in addition, Landlord shall be entitled to dispossess Tenant.
recover as damages for loss of the bargain and not as a penalty (bi) the unamortized portion of any concessions offered by Landlord may terminate to Tenant in connection with this Lease Lease, including without limitation Landlord’s contribution to the cost of tenant improvements and declare 100% of all Rent to be paid alterations, if any, installed by either Landlord or Tenant pursuant to this Lease or any work letter in connection with this Lease, (ii) the aggregate sum which at the time of such termination represents the excess, if any, of the present value of the aggregate rents which would have been payable after the termination date had this Lease not been terminated, including, without limitation, Base Rent at the annual rate or respective annual rates for the remainder of the Term provided for in this Lease and the amount projected by Landlord to represent Additional Rent for the remainder of the Term over the then present value of the then aggregate fair rent value of the Premises for the balance of the Term, such present worth to be immediately due and payablecomputed in each case on the basis of a ten percent (10%) per annum discount from the respective dates upon which such Rents would have been payable hereunder had this Lease not been terminated, and thereupon such amount (iii) any damages in addition thereto, including without limitation reasonable attorneys’ fees and court costs, which Landlord sustains as a result of the breach of any of the covenants of this Lease other than for the payment of Rent.
E. Landlord shall use commercially reasonable efforts to mitigate any damages resulting from an Event of Default by Tenant under this Lease. Landlord’s obligation to mitigate damages after an Event of Default by Tenant under this Lease shall be accelerated and satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:
(1) Landlord shall be entitled have no obligations to recover the net present value thereof employing an assumed discount rate of 2% per annum solicit or entertain negotiations with any other prospective tenants for purposes of present value computation;
(c) Landlord may elect to repossess the Premises until Landlord obtains full and complete possession of the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant;
(2) Landlord shall not be obligated to lease or show the Premises, on a priority basis, offer the Premises to a prospective tenant when other premises in the Building suitable for that prospective tenant’s use are available;
(3) Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a Rent less than the current fair market Rent then prevailing for similar uses in comparable buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space in the Building;
(4) Landlord shall not be obligated to enter into a lease with a Substitute Tenant whose use would:
(i) violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building;
(ii) adversely affect the reputation of the Building; or
(iii) be incompatible with the operation of the Building as an office building;
(5) Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant which does not have, in Landlord’s reasonable opinion, sufficient financial resources to operate the Premises in a first class manner; and
(6) Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:
(i) Tenant pays any such sum to Landlord in advance of Landlord’s execution of a lease with such tenant (which payment shall not be in lieu of any damages or other sums to which Landlord may be entitled as a result of Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations default under this Lease); or
(ii) Landlord, in Landlord’s reasonable discretion, determines that any such expenditure is financially justified in connection with entering into any such substitute lease.
F. All property of Tenant removed from the Premises by Landlord pursuant to any provision of this Lease or applicable law may be handled, removed or stored by Landlord at the cost and expense of Tenant, and Landlord shall not be liable responsible in any event for any damages resulting the value, preservation or safekeeping thereof. Tenant shall pay Landlord for all expenses incurred by Landlord with respect to such removal and storage so long as the same is in Landlord’s possession or under Landlord’s control. All such property not removed from the Premises or retaken from storage by Tenant from such actionwithin thirty (30) days after the end of the Term or the termination of Tenant’s right to possession of the Premises, however terminated, at Landlord’s option, shall be conclusively deemed to have been conveyed by Tenant to Landlord as by b▇▇▇ of sale without further payment or credit by Landlord to Tenant.
(e) If G. Tenant hereby grants to Landlord a first lien upon the interest of Tenant under this Lease is terminated to secure the payment of moneys due under this Lease, which lien may be enforced in accordance with the provisions of this Sectionequity, then and Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative entitled as a matter of right to have a receiver appointed to take possession of the Premises and relet the same under order of court.
H. If Tenant is adjudged bankrupt, or a trustee in bankruptcy is appointed for Tenant, Landlord and Tenant, to the extent permitted by law, agree to request that the trustee in bankruptcy determine within sixty (60) days thereafter whether to assume or to reject this Lease.
I. The receipt by Landlord of less than the full rent due shall not preclude be construed to be other than a payment on account of rent then due, nor shall any statement on Tenant’s check or any letter accompanying Tenant’s check be deemed an accord and satisfaction, and Landlord from pursuing may accept such payment without prejudice to Landlord’s right to recover the balance of the rent due or to pursue any other remedies permitted provided in this lease. The acceptance by lawLandlord of rent hereunder shall not be construed to be a waiver of any breach by Tenant of any term, covenant or condition of this Lease. No act or omission by Landlord or its employees or agents during the term of this Lease shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such a surrender shall be valid unless in writing and signed by Landlord’s election not .
J. In the event of any litigation between Tenant and Landlord to enforce one any provision of this Lease or more any right of either party hereto, the remedies upon an event of default unsuccessful party to such litigation shall not constitute pay to the successful party all costs and expenses, including reasonable attorney’s fees, incurred therein. Furthermore, if Landlord, without fault, is made a waiverparty to any litigation instituted by or against Tenant, Tenant shall indemnify Landlord against, and protect, defend, and save it harmless from, all costs and expenses, including reasonable attorney’s fees, incurred by it in connection therewith. HoweverIf Tenant, notwithstanding anything else hereinwithout fault, is made party to any litigation instituted by or against Landlord, Landlord hereby expressly disclaimsshall indemnify Tenant against, relinquishes and rejects any Landlordprotect, defend, and save it harmless from, all costs and expenses, including reasonable attorney’s lien that otherwise fees, incurred by law, statute or contract might arise it in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)connection therewith.
Appears in 3 contracts
Sources: Office Lease Agreement (Sandridge Energy Inc), Office Lease Agreement (Sandridge Energy Inc), Office Lease Agreement (Sandridge Energy Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1a default, Landlord shall be entitled to have the following remedies:
(a) Landlord may terminate , in addition to all other rights and remedies provided by law or otherwise provided in this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) which Landlord may terminate resort cumulatively or in the alternative:
25.2.1 Landlord may continue this Lease in full force and declare 100% of all Rent to be paid pursuant to effect, and this Lease for the remainder of the Term to be immediately due shall continue in full force and payable, and thereupon such amount shall be accelerated and effect as long as Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under does not terminate this Lease, and Landlord shall have the right to collect Rent when due.
25.2.2 Landlord may terminate Tenant's right to possession of the Premises at any time by written notice in accordance with applicable laws, and upon such termination relet the Premises or any part thereof. No act by Landlord other than the giving of express written notice thereof to Tenant shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Landlord's initiative to protect Landlord's interest under this Lease shall not constitute termination of Tenant's right to possession. On termination, Landlord has the right to remove all Tenant's Personal Property and store same at Tenant's cost and to recover from Tenant as damages:
(a) The worth at the time of award of unpaid Rent and other sums due and payable which had been earned at the time of termination; plus
(b) The worth at the time of award of the amount by which the unpaid Rent and other sums due and payable which would have been payable after termination until the time of award exceeds the amount of such Rent 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 and other sums due and payable for the balance of the Term after the time of award exceeds the amount of such Rent loss that Tenant proves could be liable reasonably avoided; plus
(d) Any other amount necessary which is to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform Tenant's obligations under this Lease, or which, in the ordinary course of things, would be likely to result therefrom, including, without limitation, any costs of expenses incurred by Landlord: (i) in retaking possession of the Premises; (ii) in maintaining, repairing, preserving, restoring, replacing, cleaning, or rehabilitating the Premises or any portion thereof, including such acts for reletting to a new tenant or tenants; (iii) for leasing commissions; or (iv) for any damages resulting other costs necessary or appropriate to Tenant from such action.relet the Premises; plus
(e) If At Landlord's election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by the laws of the State of California. The "worth at the time of award" of the amounts referred to in Paragraphs 25.2.2(a) and 25.2.2(b) is computed by allowing interest at the Interest Rate on the unpaid rent and other sums due and payable from the termination date through the date of award. The "worth at the time of award" of the amount referred to in Paragraph 25.2.2(c) 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%).
25.2.3 Landlord may, upon termination of this Lease is terminated in accordance with the provisions of this Sectionapplicable laws, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let enter the Property. The above remedies shall Premises and remove all persons and property from the Premises; such property may be cumulative removed and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one stored in a public warehouse or more elsewhere at the cost of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)account of Tenant.
Appears in 3 contracts
Sources: Standard Single Tenant Lease Triple Net (Media Arts Group Inc), Standard Single Tenant Lease Triple Net (Media Arts Group Inc), Standard Single Tenant Lease Triple Net (Media Arts Group Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1In addition to all remedies provided by law, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Leaseif Tenant defaults, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and or Tenant’s right of possession of the Premises (without terminating this Lease) by notice to Tenant. If Landlord terminates this Lease or Tenant’s right of possession, Tenant shall remain liable for all Rent owed for the full Lease Term. In addition, Landlord may declare 100% the entire balance of all forms of Rent to be paid pursuant to due under this Lease for the remainder of the Lease Term to be immediately forthwith due and payablepayable and may collect the then present value of the Rents (calculated using a discount rate equal to the discount rate of the branch of the Federal Reserve Bank closest to the Premises in effect as of the date of the default). In the event that Landlord re-lets the Premises to another tenant during any portion of the remaining Lease Term, Landlord shall account to Tenant, at the date of the expiration of the Lease Term, for the net amounts (after deduction of any or all of the following: marketing/advertising costs, legal expenses, brokerage commissions, “free rent”, moving costs, or other incentives granted, and thereupon such amount the cost of alterations or improvements to the Premises required by any replacement tenant, together with any tenant improvement allowances granted to any replacement tenant) actually collected by Landlord as a result of a re-letting; provided, however, under no circumstances shall be accelerated and Landlord have any duty to re-let the Premises or attempt to re-let the Premises. Further, under no circumstances shall Tenant be entitled to recover any recovery by Landlord for the net present value thereof employing an assumed discount rate re-letting of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet which is in excess of the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the full amount of Rent received from such reletting and the amount due and payable for which Tenant is otherwise obligated to pay Landlord under the terms of this Lease; provided, however, that Tenant . Landlord shall not, in such circumstances, be responsible for any cost entitled to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant any/all remedies provided under common Law and/or specifically provided under the terms of this Lease, and Tenant shall reimburse Landlord on demand for which remedies may be exercised at any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Leasetime or times by Landlord, as it so chooses, and Landlord shall not be liable for any damages resulting such remedies are cumulative to Tenant from such actionone another.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Lease Agreement (Protective Products of America, Inc.), Lease Agreement (Protective Products of America, Inc.), Lease Agreement (China Direct, Inc.)
Remedies. Upon In the occurrence event of any event of default set forth hereunder by Tenant, then without prejudice to any other rights which it has pursuant to this Lease or at law or in Section 8.1equity, Landlord shall be entitled to have the following rights and remedies, some or all of which may be exercised by Landlord:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(bA) Landlord may terminate this Lease by notice to Tenant and declare 100% retake possession of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s Landlord's account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(dB) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises as agent of Tenant to take possession of any property of Tenant on the Premises, to store such property at the expense and risk of Tenant or sell or otherwise dispose of such property in Such manner as Landlord may see fit without notice to Tenant, which shall be credited towards any Rent owed Landlord pursuant hereunder.
(C) Landlord may re-take possession of the Premises for the account of Tenant and recover from Tenant all of Landlord's damages incurred by, due to, or arising out of Tenant's default and Landlord's retaking of possession. If this remedy is elected by Landlord, Landlord's damages shall be the value of the Premises for the remaining Term of this Lease after Tenant's default. For the purposes of computing the "value" of the unexpired Lease Term, each Lease Year of the unexpired Term shall be deemed to increase five percent (5%) per year. The amount so calculated shall be added to it all sums owing to Landlord which have accrued prior to Tenant's default, plus all of Landlord's costs, direct and consequential, of re-taking possession, preparing the Premises for re-rental, and re-renting the Premises. If the Premises are not re-rented at the time Landlord brings its action for damages under this provision, or if the term of the re-rental is for a period less than the remaining Term of this Lease and therefore additional re-rentals may be required to fill the remaining Term, then in either case Landlord shall make a reasonable estimate of such costs and such estimate shall be binding on the parties. The costs referred to above shall include, but not be limited to, legal fees, cleaning, painting, re-fixturing, partitioning, repairs, advertising, lease commissions and an administrative fee to Landlord equal to fifteen percent (15%) of all the costs referred to in this Subsection 12.02(C).
(D) Landlord may remedy or attempt to remedy any actions required default of Tenant under this Lease for the terms account of this Lease, Tenant and Tenant shall reimburse Landlord on demand to enter upon the Premises for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and such purposes. Landlord shall not be liable to Tenant for any damages resulting loss or damage caused by acts of Landlord in remedying or attempting to remedy such default and Tenant from shall pay to Landlord all expenses incurred by Landlord in connection with remedying or attempting to remedy such actiondefault.
(eE) If this Lease is terminated in accordance Landlord may recover from Tenant all damages and expenses incurred by Landlord as a result of any breach by Tenant.
(F) Landlord may accelerate all Rent for the entire Term.
(G) At the conclusion of the tenancy described herein for any reason whatsoever, tenant shall cause its telephone lines to be removed from the landlord's switchboard and trunk system. In the event tenant fails to arrange for removal of said telephone lines, it hereby appoints landlord as its agent and authorized representative for the purpose of coordinating with the provisions of this Section, then Landlord agrees make good faith ▇▇▇▇ South and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but carrier for the Legal Compliance Clarification, would or might be deemed contrary removal of said lines and directs the carrier to Federal law or Federal regulations or enforcement positions by accept the Federal government or any agency, arm or authority thereof (“Federal Issues”)authorization set forth herein.
Appears in 3 contracts
Sources: Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc), Lease Agreement (Netmaximizer Com Inc)
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default, Landlord shall be entitled to may, at any time thereafter exercise the following remedies, which shall be in addition to any other rights or remedies now or hereafter available to Landlord at law or in equity:
(a) Maintain this Lease in full force and effect and recover Rent as it becomes due, without terminating Tenant’s right to possession irrespective of whether Tenant shall have abandoned the Premises. In the event Landlord elects not to terminate the Lease, Landlord shall have the right to attempt to relet the Premises at such rent and upon such conditions and for such a term, and to do all acts necessary to maintain or preserve the Premises as Landlord deems reasonable and necessary without being deemed to have elected to terminate the Lease, including removal of all persons and property from the Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. In the event any such reletting occurs, rents received by Landlord from such subletting shall be applied (i) first, to the payment of the costs of maintaining, preserving, altering and preparing the Premises for subletting and other costs of subletting, including but not limited to brokers’ commissions, attorneys’ fees and expenses of removal of Tenant’s personal property, trade fixtures, alterations and leasehold improvements; (ii) second, to the payment of Rent then due and payable; (iii) third, to the payment of future Rent as the same may become due and payable hereunder; and (iv) fourth, the balance, if any, shall be paid to Tenant upon (but not before) expiration of the term of this Lease. If the rents received by Landlord from such subletting, after application as provided above, are insufficient in any month to pay the Rent due and payable hereunder for such month, Tenant shall pay such deficiency to Landlord monthly upon demand. Notwithstanding any such subletting for Tenant’s account without termination, Landlord may at any time thereafter, by written notice to Tenant, elect to terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Lease by virtue of the date a previous Event of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess TenantDefault.
(b) Landlord may terminate this Lease and declare 100% of all Rent Terminate Tenant’s right to be paid pursuant to this Lease for the remainder possession of the Term Premises at any time by written notice to be Tenant, in which case Tenant shall immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate surrender possession of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to Landlord. Tenant expressly acknowledges that in the absence of such written notice from Landlord, no other act of Landlord, including, but not limited to, its re-entry into the Premises, its efforts to relet the Premises, its reletting of the Premises for Tenant’s account, holding its storage of Tenant’s personal property and trade fixtures, its acceptance of keys to the Premises from Tenant liable or its exercise of any other rights and remedies under this Paragraph 18.2, shall constitute an acceptance of Tenant’s surrender of the Premises or constitute a termination of this Lease or of Tenant’s right to possession of the Premises. If Landlord terminates Tenant’s right to possession in writing, Landlord shall be entitled to recover from Tenant all damages as provided in California Civil Code Section 1951.2 or any other applicable existing or future law, ordinance or regulation providing for recovery of damages for all expenses incurred such breach, including but not limited to the following:
(1) The reasonable cost of recovering the Premises; plus
(2) The reasonable cost of removing Tenant’s alterations, trade fixtures and Above-Standard Improvements; plus
(3) All unpaid Rent due or earned hereunder prior to the date of termination, less the proceeds of any reletting or any rental received from subtenants prior to the date of termination applied as provided in any subparagraph (a) above, together with interest at the Default Rate, on such reletting sums from the date such Rent is due and for any difference between payable until the date of the award of damages; plus
(4) The amount by which the Rent which would be payable by Tenant hereunder, including Operating Cost Payments as reasonably estimated by Landlord, from the date of termination until the date of the award of damages exceeds the amount of such rental loss Tenant proves could have been reasonably avoided, together with interest at the Default Rate on such sums from the date such Rent received from such reletting and the amount is due and payable under until the terms date of the award of damages; plus
(5) The amount by which the Rent which would be payable by Tenant hereunder, including Operating Cost Payments, as reasonably estimated by Landlord, for the remainder of the then term, after the date of the award of damages exceeds the amount of such rental loss as Tenant proves could have been reasonably avoided, discounted at the discount rate published by the Federal Reserve Bank of San Francisco for member banks at the time of the award plus one percent (1%); plus
(6) Such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law.
(c) During the continuance of an Event of Default, Landlord may enter the Premises without terminating this Lease; providedLease and remove all Tenant’s personal property, howeverand trade fixtures from the Premises. If Landlord removes such property from the Premises and stores it at Tenant’s risk and expense, and if Tenant fails to pay the cost of such removal and storage after written demand therefor and/or to pay any Rent then due, after the property has been stored for a period of thirty (30) days or more Landlord may sell such property at public or private sale, in the manner and at such times and places as Landlord in its sole discretion deems commercially reasonable following reasonable notice to Tenant of the time and place of such sale. The proceeds of any such sale shall be applied first to the payment of the expenses for removal and storage of the property, preparation for and conducting such sale, and attorneys’ fees and other legal expenses incurred by Landlord in connection therewith, and the balance shall be applied as provided in subparagraph (a) above. Tenant hereby waives all claims for damages that may be caused by Landlord’s reentering and taking possession of the Premises or removing and storing Tenant’s personal property pursuant to this Paragraph, and Tenant shall nothold Landlord harmless from and against any loss, in cost or damage resulting from any such circumstances, act. No reentry by Landlord shall constitute or be responsible for any cost to retrofit or alter the Premisesconstrued as a forcible entry by Landlord.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter cure the Premises and take Event of Default at Tenant’s expense. If Landlord pays any actions required sum or incurs any expense in curing the Event of Tenant under the terms of this LeaseDefault, and Tenant shall reimburse Landlord on upon demand for any expenses that the amount of such payment or expense with interest at the Default Rate from the date the sum is paid or the expense is incurred until Landlord may incur in effecting compliance with is reimbursed by Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Building Lease (Five9, Inc.), Building Lease (Five9, Inc.), Building Lease (Five9, Inc.)
Remedies. Upon If an Event of Default occurs, the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord may elect to re-enter, as herein provided, or take possession pursuant to legal proceedings or pursuant to any notice provided for herein, and Landlord may either terminate this Lease, dispossess Tenant or may from time to time and recover without terminating this Lease make such alterations and repairs as damages may be reasonably and commercially necessary in order to relet the Premises and relet 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 Landlord in its reasonable business judgment and discretion may deem advisable. Upon each such reletting all rentals received by Landlord from such reletting shall be applied first to the payment of any indebtedness other than rent due hereunder from Tenant all Rent that is due but unpaid as to Landlord; second to the payment of the date of dispossession, plus all other reasonable costs and expenses incurred of such reletting, including reasonable brokerage fees and reasonable attorneys' fees, and of reasonable costs 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 to dispossess Tenant.
(b) Landlord and applied in payment of future rent as the same may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately become due and payable, and thereupon payable hereunder from Tenant. If such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent rentals received from such reletting and the amount due and payable under the terms of this Lease; providedduring any month are less than that to be paid during that month by Tenant hereunder, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting the payment of such deficiency to Tenant from Landlord. Such deficiency shall be calculated and become payable monthly. No such action.
(e) If re-entry or the taking of possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease or to accept a surrender thereof unless a written notice of such intention is terminated given to Tenant. 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 Event of Default, in accordance with addition to any other remedies it may have, it may recover from Tenant the reasonable cost of recovering the Leased Premises. Any reletting shall be done in such reasonable and commercially prudent manner as Landlord may deem proper. Tenant agrees that this lease is a lease of "real property in a Property" and that a debtor in possession and/or trustee in bankruptcy acting pursuant to the provisions of the revised bankruptcy code, may assume this Sectionlease only if, then in addition to such other conditions of this lease and of applicable law, said debtor in possession/trustee shall provide Landlord agrees make good faith with such written assurances of future performance as are acceptable to Landlord. Any closing of Tenant's business, or alteration in the size of the premises, by said debtor in possession/trustee shall be deemed to be a material disruption in the tenant mix and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let balance of the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 3 contracts
Sources: Restaurant Lease (Rock Bottom Restaurants Inc), Restaurant Lease (Rock Bottom Restaurants Inc), Restaurant Lease (Rock Bottom Restaurants Inc)
Remedies. Upon 4.1 The Company and Participant agree that the occurrence provisions of any event of default set forth in Section 8.1, Landlord shall be entitled this Exhibit B do not impose an undue hardship on Participant and are not injurious to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant public; that these provisions are necessary to protect the business of the Company and recover as damages from Tenant all Rent its Subsidiaries; that the nature of Participant’s responsibilities with the Company provide and/or will provide Participant with access to Confidential Information that is due valuable to the Company and its Subsidiaries; that the Company would not grant this Award to Participant if Participant did not agree to the provisions of this Exhibit B; that the provisions of this Exhibit B are reasonable in terms of length of time and scope; and that adequate consideration supports the provisions of this Exhibit B. In the event that a court determines that any provision of this Exhibit B is unreasonably broad or extensive, Participant agrees that such court should narrow such provision to the extent necessary to make it reasonable and enforce the provisions as narrowed. The Company reserves all rights to seek any and all remedies and damages permitted under law, including, but unpaid as of the date of dispossessionnot limited to, plus all other reasonable costs injunctive relief, equitable relief and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in compensatory damages for all expenses incurred in any such reletting and for any difference between the amount breach of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with TenantParticipant’s obligations under this LeaseExhibit B.
4.2 Without limiting the generality of the remedies available to the Company pursuant to Section 4.1, if Participant, except with the prior written consent of the Company, materially breaches the restrictive covenants contained in this Exhibit B, Participant shall forfeit any Options that vested during the 12-month period prior to the date of termination of Participant’s employment with the Company, and Landlord the shares acquired from the exercise of any such Options (and the proceeds from the sale of any such shares) shall not be liable subject to clawback or recoupment by the Company. These rights of forfeiture and recoupment are in addition to any other remedies the Company may have against Participant for any damages resulting to Tenant from such action.
(e) If Participant’s breach of the restrictive covenants contained in this Lease is terminated in accordance with the provisions of Exhibit B. Participant’s obligations under this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies Exhibit B shall be cumulative and shall (but not preclude Landlord from pursuing operate to extend the length of any such obligations) of any similar obligations Participant has under the Plan, the Agreement or any other remedies permitted by law. Landlord’s election not to enforce one or more of agreement with the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government Company or any agency, arm or authority thereof (“Federal Issues”)Affiliate.
Appears in 3 contracts
Sources: Stock Option Agreement (SiteOne Landscape Supply, Inc.), Employee Stock Option Agreement (SiteOne Landscape Supply, Inc.), Employee Stock Option Agreement (SiteOne Landscape Supply, Inc.)
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default, Landlord shall be entitled at the option of the Lender, all amounts payable by the Borrowers to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable Lender under the terms of this Lease; providedNote shall immediately become due and payable by the Borrowers to the Lender without notice to the Borrowers or any other person, howeverand the Lender shall have all of the rights, that Tenant shall notpowers, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant remedies available under the terms of this LeaseNote, any of the other Financing Documents and all applicable laws. The Borrowers and all endorsers, guarantors, and Tenant other parties who may now or in the future be primarily or secondarily liable for the payment of the indebtedness evidenced by this Note hereby severally waive presentment, protest and demand, notice of protest, notice of demand and of dishonor and non-payment of this Note and expressly agree that this Note or any payment hereunder may be extended from time to time without in any way affecting the liability of the Borrowers, guarantors and endorsers. Until such time as the Lender is not committed to extend further credit to the Borrowers and all Obligations of the Borrowers to the Lender have been indefeasibly paid in full in cash, and subject to and not in limitation of the provisions set forth in the next following paragraph below, none of the Borrowers shall reimburse Landlord on demand have any right of subrogation (whether contractual, arising under the Bankruptcy Code or otherwise), reimbursement or contribution from any of the Borrowers or any guarantor, nor any right of recourse to its security for any expenses that Landlord may incur in effecting compliance with Tenant’s of the debts and obligations of any of the Borrowers which are the subject of this Note. Except as otherwise expressly permitted by the Financing Agreement, any and all present and future debts and obligations of any of the Borrowers to either of the Borrowers are hereby subordinated to the full payment and performance of all present and future debts and obligations to the Lender under this LeaseNote and the Financing Agreement and the Financing Documents, provided, however, notwithstanding anything set forth in this Note to the contrary, prior to the occurrence of a payment Default, the Borrowers shall be permitted to make payments on account of any of such present and Landlord shall not be liable for any damages resulting future debts and obligations from time to Tenant from such action.
(e) If this Lease is terminated time in accordance with the provisions terms thereof. Each of the Borrowers further agree that, if any payment made by either of the Borrowers or any other person is applied to this SectionNote and is at any time annulled, then Landlord agrees make good faith set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any property hereafter securing this Note is required to be returned by the Lender to either of the Borrowers, its estate, trustee, receiver or any other party, including, without limitation, such Borrower, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, such Borrower's liability hereunder (and commercially reasonable efforts to mitigate its damages which efforts any lien, security interest or other collateral securing such liability) shall include efforts to re-let be and remain in full force and effect, as fully as if such payment had never been made, or, if prior thereto any such lien, security interest or other collateral hereafter securing such Borrower's liability hereunder shall have been released or terminated by virtue of such cancellation or surrender, this Note (and such lien, security interest or other collateral) shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the Propertyobligations of such Borrower in respect of the amount of such payment (or any lien, security interest or other collateral securing such obligation). The above remedies JOINT AND SEVERAL obligations of each of the Borrowers under this Note shall be cumulative absolute, irrevocable and unconditional and shall not preclude Landlord from pursuing any remain in full force and effect until the outstanding principal of and interest on this Note and all other remedies permitted by law. Landlord’s election not to enforce one Obligations or more of amounts due hereunder and under the remedies upon an event of default Financing Agreement and the Financing Documents shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes have been indefeasibly paid in full in cash in accordance with the terms thereof and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)this Note shall have been canceled.
Appears in 3 contracts
Sources: Financing and Security Agreement (Arguss Holdings Inc), Financing and Security Agreement (Arguss Holdings Inc), Financing and Security Agreement (Arguss Holdings Inc)
Remedies. Upon the occurrence of (a) Subject to applicable Utah Laws, on any event of default set forth Tenant Default under this Lease, Landlord may at any time, without waiving or limiting any other right or remedy available to Landlord:
(i) perform in Section 8.1Tenant’s stead any obligation that Tenant has failed to perform, and Landlord shall be entitled to reimbursed within ten (10) business days after demand for any reasonable cost incurred by Landlord, with interest thereon at the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages Default Rate from Tenant all Rent that is due but unpaid as of the date of dispossessionsuch expenditure until paid in full, plus with interest;
(ii) terminate Tenant’s rights under this Lease by notice;
(iii) reenter and take possession of the Premises by any lawful means (with or without terminating this Lease); or
(iv) pursue any other remedy allowed by Law.
(b) Tenant shall pay to Landlord the reasonable cost of recovering possession of the Premises, all reasonable costs of reletting (including reasonable renovation, remodeling and alteration of the Premises in a manner that is typical and customary for Comparable Buildings), the reasonable amount of any commissions paid by Landlord in connection with such reletting, and all other reasonable costs and expenses incurred damages proximately caused by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease the Tenant Default, including attorneys’ fees and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablecosts actually incurred, and thereupon such amount shall be accelerated repay to Landlord all free rent and Landlord shall be entitled any other similar concession given to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that for purposes of Tenant’s liability under the foregoing portion of this sentence, such costs of reletting and commissions (only) shall be amortized over the initial term of the new lease, with interest thereon at the Interest Rate, and Tenant shall notbe liable only for that portion so amortized falling within the remaining portion of the Term.
(c) Notwithstanding any termination or reentry, in such circumstancesthe liability of Tenant for Rent payable under this Lease shall not be extinguished for the balance of the Term, be responsible and Tenant agrees to compensate Landlord on demand for any cost to retrofit or alter deficiency (which deficiency shall be reduced by all amounts actually received by Landlord from reletting the Premises). In the event of a Tenant Default, Landlord shall use its best efforts to mitigate its damages in accordance with Utah law.
(d) After the provision No reentry or taking possession of notice and summary proceedings if required by law Landlord may enter the Premises and take or other action by Landlord or Landlord’s employees, agents or contractors on or following the occurrence of any actions required of Tenant under the terms of this Lease, and Tenant Default shall reimburse be construed as an election by Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If terminate this Lease is terminated in accordance with the provisions or as an acceptance of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more surrender of the remedies upon an event Premises, unless Landlord provides Tenant notice of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute such termination or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)acceptance.
Appears in 3 contracts
Sources: Lease Agreement (Vivint Solar, Inc.), Lease Agreement (Vivint Solar, Inc.), Lease Agreement (Vivint Solar, Inc.)
Remedies. AMAC may, if the Supplies or any part or portion thereof are non-compliant with the Supplier's warranties, do any or all of the following: − Reject or return those Supplies which, in AMAC's judgment, fail to pass inspection or meet warranty or conform to the requirements of the PO, including with respect to timeliness of delivery. As to returned Supplies (and as to rejected Supplies, but only if AMAC so directs), the Supplier shall promptly, at its expense, and at AMAC's discretion, repair or replace such Supplies, and the Supplier shall also be responsible for AMAC's cost of removal and reinstallation of such Supplies. Upon rejection or failure to promptly repair or replace, AMAC may cancel the occurrence of any event of default set forth PO in Section 8.1, Landlord which case Supplier shall be entitled responsible to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant reimburse AMAC for any and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and damages in relation to such cancelled PO. − Accept or retain non-compliant Supplies and either equitably reduce the purchase price of those Supplies or repair them at Supplier's expense. AMAC reserves the right to require repayment, or to set off any expenses incurred by Landlord AMAC resulting from rejection, return or repair and any amount paid for such non- compliant Supplies pending a compliant redelivery against any amounts owed to dispossess Tenant.
the Supplier (b) Landlord irrespective of whether such amounts owed are in connection with the PO or not). Acceptance of Supplies previously rejected or returned or of used Supplies may terminate this Lease be refused or revoked if delivery is not accompanied by written notice that those Supplies were previously rejected, returned or used, even if delivery is otherwise compliant. Any and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount remedies herein specified shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or addition to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)further remedies provided in law.
Appears in 3 contracts
Sources: General Terms of Purchase, General Terms of Purchase, General Terms of Purchase
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default, Landlord shall be entitled at the option of the Lender, all amounts payable by the Borrowers to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable Lender under the terms of this Lease; providedNote shall immediately become due and payable by the Borrowers to the Lender without notice to the Borrowers or any other person, howeverand the Lender shall have all of the rights, that Tenant shall notpowers, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant remedies available under the terms of this LeaseNote, any of the other Financing Documents and all applicable laws. The Borrowers and all endorsers, guarantors, and Tenant other parties who may now or in the future be primarily or secondarily liable for the payment of the indebtedness evidenced by this Note hereby severally waive presentment, protest and demand, notice of protest, notice of demand and of dishonor and non-payment of this Note and expressly agree that this Note or any payment hereunder may be extended from time to time without in any way affecting the liability of the Borrowers, guarantors and endorsers. Until such time as the Lender is not committed to extend further credit to the Borrowers and all Obligations of the Borrowers to the Lender have been indefeasibly paid in full in cash, and subject to and not in limitation of the provisions set forth in the next following paragraph below, the Borrowers shall reimburse Landlord on demand not have any right of subrogation (whether contractual, arising under the Bankruptcy Code or otherwise), reimbursement or contribution from any of the Borrowers or any guarantor, nor any right of recourse to its security for any expenses that Landlord may incur in effecting compliance with Tenant’s of the debts and obligations of any of the Borrowers which are the subject of this Note. Except as otherwise expressly permitted by the Financing Agreement, any and all present and future debts and obligations of any of the Borrowers to either of the Borrowers are hereby subordinated to the full payment and performance of all present and future debts and obligations to the Lender under this LeaseNote and the Financing Agreement and the Financing Documents, provided, however, notwithstanding anything set forth in this Note to the contrary, prior to the occurrence of a payment Default, the Borrowers shall be permitted to make payments on account of any of such present and Landlord shall not be liable for any damages resulting future debts and obligations from time to Tenant from such action.
(e) If this Lease is terminated time in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Propertyterms thereof. The above remedies Borrowers further agree that, if any payment made by any of the Borrowers or any other person is applied to this Note and is at any time annulled, set aside, rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be refunded or repaid, or the proceeds of any property hereafter securing this Note is required to be returned by the Lender to any of the Borrowers, its estate, trustee, receiver or any other party, including, without limitation, such Borrower, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or repayment, such Borrower's liability hereunder (and any lien, security interest or other collateral securing such liability) shall be cumulative and remain in full force and effect, as fully as if such payment had never been made, or, if prior thereto any such lien, security interest or other collateral hereafter securing such Borrower's liability hereunder shall have been released or terminated by virtue of such cancellation or surrender, this Note (and such lien, security interest or other collateral) shall be reinstated in full force and effect, and such prior cancellation or surrender shall not diminish, release, discharge, impair or otherwise affect the obligations of such Borrower in respect of the amount of such payment (or any lien, security interest or other collateral securing such obligation). The JOINT AND SEVERAL obligations of each of the Borrowers under this Note shall be absolute, irrevocable and unconditional and shall not preclude Landlord from pursuing any remain in full force and effect until the outstanding principal of and interest on this Note and all other remedies permitted by law. Landlord’s election not to enforce one Obligations or more of amounts due hereunder and under the remedies upon an event of default Financing Agreement and the Financing Documents shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes have been indefeasibly paid in full in cash in accordance with the terms thereof and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)this Note shall have been canceled.
Appears in 3 contracts
Sources: Financing and Security Agreement (Arguss Holdings Inc), Financing and Security Agreement (Arguss Holdings Inc), Financing and Security Agreement (Arguss Holdings Inc)
Remedies. Upon the occurrence of a default, Lessor may, in its sole discretion, do any event or all of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
following: (a) Landlord may terminate this Leaseprovide written notice to Lessee of default, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease as liquidated damages for loss of a bargain and not as a penalty, declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(ci) Landlord any and all amounts which may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount be then due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost by Lessee to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations Lessor under this Lease, plus (ii) all Rent payments remaining through the end of the then current fiscal year, discounted at the higher of 3% or the lowest rate allowed by law (collectively, the “Net Book Value”) and Landlord shall (c) require Lessee to immediately return the Equipment to Lessor. Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession during reasonable business hours or Lessor may repossess the Equipment, so long as Lessor does not be liable breach the peace in doing so, or Lessor may use legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against Lessor or the Equipment for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Sectiontrespass, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing damage or any other remedies permitted reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the Equipment at public or private sale or lease, and/or (b) exercise such other rights as may be allowed by applicable law. Landlord’s election not Although ▇▇▇▇▇▇ agrees that Lessor has no obligation to sell the Equipment, if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the amounts Lessor receives. Lessee will immediately pay Lessor the remaining Net Book Value. ▇▇▇▇▇▇ agrees (a) that ▇▇▇▇▇▇ only needs to give Lessee ten days’ advance notice of any sale and no notice of advertising, (b) to pay all of the costs Lessor incurs to enforce one or more Lessor’s rights against Lessee, including attorney’s fees, and (c) that Lessor will retain all of Lessor’s rights against Lessee even if Lessor does not choose to enforce them at the remedies upon an event time of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord▇▇▇▇▇▇’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)default.
Appears in 3 contracts
Sources: Lease Purchase Agreement, Lease Purchase Agreement, Lease Agreement
Remedies. Upon In the occurrence of any event Tenant commits an act of default as set forth in Section 8.1subparagraph 15(a) beyond any applicable cure period, Landlord shall be entitled to may exercise one or more of the following described remedies:, in addition to all other rights and remedies available at law or in equity, whether or not stated in this Lease.
(a) Landlord may continue this Lease in full force and effect and shall have the right to collect Rent when due. During the period Tenant is in default, Landlord may re-enter the Premises in accordance with applicable law and relet them, or any part of them, to third parties for Tenant’s account. Tenant shall be liable immediately to Landlord for any brokers’ commissions, expenses of repairing and/or the cost of tenant improvements to the Premises required by the reletting (except to the extent such costs are amortized over the term of a new lease for the Premises), attorneys’ fees and costs and like costs. Reletting can be for a period shorter or longer than the remaining Lease Term. In the event of a default by Tenant, Landlord shall use commercially reasonable efforts to mitigate its damages in accordance with applicable law. On the dates such Rent is due, Tenant shall pay to Landlord a sum equal to the Rent due under this Lease, less the rent Landlord receives from any reletting. No act by Landlord allowed by this Paragraph shall terminate the Lease unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease at any time. Upon termination, Landlord shall have the right to collect an amount equal to: reasonable attorneys’ fees and declare 100% costs in connection with recovering the Premises; all reasonable costs and charges for the care of the Premises while vacant; all repair costs incurred in connection with the preparation of the Premises for a new tenant; all past due Rent to be paid pursuant to this Lease which is unpaid, plus interest thereon at the Interest Rate; and an amount by which the entire Rent for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover exceeds the net present value thereof employing an assumed discount rate loss of 2% per annum for purposes of present value computation;
(c) Rent that Tenant proves could have been reasonably avoided. Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount avail itself of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing these as well as any other remedies permitted or damages allowed by law. Landlord’s election All rights, options and remedies of Landlord provided herein or elsewhere by law or in equity shall be deemed cumulative and not to enforce exclusive of one another. Should any of these remedies, or more of the remedies upon an event of default shall any portion thereof, not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise be permitted by applicable law, statute then such remedy or contract might arise portion thereof shall be considered deleted and unenforceable, and the remaining remedies or portions thereof shall be and remain in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)full force and effect.
Appears in 3 contracts
Sources: Lease Agreement (Recursion Pharmaceuticals, Inc.), Lease Agreement (Recursion Pharmaceuticals, Inc.), Lease Agreement (Recursion Pharmaceuticals, Inc.)
Remedies. Upon If a default occurs and is not cured within any applicable time permitted under paragraph (A), landlord shall have all of the occurrence rights and remedies allowed by law, including the right, without notice, to re-enter the premises and dispossess tenant and the legal representative of tenant or other occupant of the premises by summary proceedings or otherwise and remove their effects and hold the premises as if this lease had not been made; tenant hereby waives the service of notice of intention to re-enter or to institute legal proceedings to that end. If tenant shall make default hereunder prior to the date fixed as the commencement of any event extension of the term of this lease, and shall fail to cure such default set forth in Section 8.1, Landlord within the time provided therefor and landlord shall be thereby become entitled to the following remedies:
(a) Landlord may and shall terminate this Leaselease or re-enter and dispossess tenant, dispossess then landlord may cancel and terminate such extension by written notice. Tenant further agrees that in case of any termination, tenant will indemnify landlord against all loss of rents and recover as damages from Tenant other damage which landlord may incur by reason of such termination, including, but not limited to, costs of restoring and repairing the premises and putting the same into rentable condition, costs of renting the premises to another tenant, loss or diminution of rents and other damage which landlord may incur by reason of such termination, and, to the extent permitted under the then applicable law, all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs attorney fees and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% in enforcing any of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; providedlease or any other rights or remedies of landlord. Neither acceptance of rent by landlord, howeverwith or without knowledge of breach, that Tenant nor failure of landlord to take action on account of any breach hereof or to enforce its rights hereunder shall notbe deemed a waiver of any breach. Absent written notice or consent, in such circumstances, said breach shall be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to a continuing one. The words "re-let the Propertyenter" and "re-entry" as used in this lease are not restricted to their technical legal meaning. The above remedies shall be cumulative Tenant hereby expressly waives any and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not all rights to enforce one recover or more regain possession of the remedies upon an event of default shall not constitute a waiver. Howeverpremises or to reinstate or to redeem this lease as permitted or provided by or under any statute, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise decision now or hereafter in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)force and effect.
Appears in 3 contracts
Sources: Lease Agreement (Southern Bella Inc), Lease Agreement (Southern Bella Inc), Lease Agreement (Southern Bella Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate The Executive acknowledges and agrees that in the event the Executive has breached any provision of this LeaseArticle III, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as such conduct will constitute a failure of the date consideration for which stock awards had been previously granted to the Executive or could be awarded in the future to Executive, and notwithstanding the terms of dispossessionany stock award agreement, plus plan document, or other provision of this Agreement to the contrary, the Corporation may in the event of such breach notify the Executive that all unexercised stock options, performance share units, restricted stock units and other reasonable costs equity awards that Executive has are forfeited. Further, the Executive shall immediately forfeit the right to receive any further grants of or vest any further in any unvested stock options, unvested restricted stock units, unvested performance share units, or other unvested equity awards of the Corporation at the time of such notice and expenses incurred Executive waives any right to assert that any such conduct by Landlord the Corporation violates any federal or state statute, case law or policy. The Executive shall not be subject to dispossess Tenantforfeiture unless, without prejudice to the Corporation’s right to seek immediate equitable relief, she has been provided written notice of an alleged breach and, if curable, fourteen (14) days to cure.
(b) Landlord may terminate If the Executive has breached any provision contained in this Lease and declare 100% of all Rent Article III, subject if applicable to be paid the cure provision set forth in Section 3.5(a) above, the Corporation shall have no further obligation to make any payment or provide any benefit whatsoever to the Executive pursuant to this Lease for the remainder of the Term to be immediately due and payableAgreement, and thereupon may also recover from the Executive all such amount shall be accelerated and Landlord shall damages as it may be entitled to recover at law or in equity. In addition, the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in Executive acknowledges that any such reletting breach is likely to result in immediate and irreparable harm to the Corporation for which money damages are likely to be inadequate. Accordingly, the Executive consents to the Corporation’s right to seek injunctive and other appropriate equitable relief upon the institution of proceedings therefor by the Corporation in order to protect the Corporation’s rights hereunder. Such relief may include, without limitation, an injunction to prevent: (i) the breach or continuation of Executive’s breach; (ii) the Executive from disclosing any difference between trade secrets or Confidential Information (as defined in Section 3.2); (iii) any Competing Business from receiving from the amount of Rent received Executive or using any such trade secrets or Confidential Information; and/or (iv) any such Competing Business from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for retaining or seeking to retain any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more employees of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Corporation.
Appears in 2 contracts
Sources: Employment Agreement (Ralph Lauren Corp), Employment Agreement (Ralph Lauren Corp)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1by Tenant, Landlord shall be entitled have the right, but not the obligation, to re-enter and take the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant Premises and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs resume possession thereof and expenses incurred by Landlord thereafter to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease relet same for the remainder of the period of the Term to be immediately due specified in this Lease; and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover if the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any Rent received through such reletting is not at least equal to the Rent provided for in this Lease, Tenant shall pay and for satisfy any difference deficiencies between the amount of the Rent called for and that received from through reletting, and all expenses incurred as a result of such reletting including, but not limited to the cost of renovating, altering, and decorating for a new occupant. Nothing herein shall be construed as in any way denying Landlord the right, in case of any default by Tenant to treat the default as an entire breach of the Lease and at Landlord's option immediately ▇▇▇ for any and all damages occasioned by Landlord thereby. Should Landlord terminate this Lease and thereafter seek relief pursuant to Section 1951.2 of the California Civil Code, interest shall be allowed upon unpaid rent, and/or late penalties, etc., for the purposes of Section 1941.2(b), at ten percent (10%) per annum. Any proof by Tenant under subparagraphs (2) or (3) of subdivision (a) of Section 1951.2 of the California Civil Code, as the amount due of rental loss that could be reasonably avoided, shall be made in the following manner: Landlord and payable under the terms of this Lease; provided, however, that Tenant shall not, each select a licensed real estate broker in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After business of renting property of the provision of notice and summary proceedings if required by law Landlord may enter same use as the Premises and take any actions required in the same geographic vicinity, and such two real estate brokers shall select a third licensed real estate broker and the three licensed real estate brokers so selected shall determine the amount of Tenant under the terms rental loss that could be reasonably avoided for the balance of the term of this LeaseLease after the time of award. The decision of the majority of said licensed real estate brokers shall be final and binding upon the parties hereto. Until Landlord elects to terminate this lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable have the remedy provided for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more Section 1951.4 of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)California Civil Code.
Appears in 2 contracts
Sources: Lease Agreement (GTC Telecom Corp), Lease (GTC Telecom Corp)
Remedies. Upon (a) Subject to the occurrence of any event of default limitations set forth in Section 8.110.5 (c) below, Landlord shall be entitled in the event the defaulting Party fails to cure the following remedies:
Event of Default within the period for curative action under Sections 10.2 (aEvents of Default by Host) Landlord or 10.3 (Events of Default by CVEC), as applicable, the non-defaulting Party may terminate seek specific performance and/or monetary damages pursuant to this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess TenantSection 10.5.
(b) Landlord may terminate this Lease and declare 100% In the case of all Rent a payment default by Host hereunder, CVEC shall have the obligation, during any cure or waiver period provided to be paid pursuant Host, to this Lease for the remainder of the Term sell Net Energy to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled any other party on Commercially Reasonable terms to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;mitigate its losses.
(c) Landlord may elect to repossess In the Premises and to relet case of a payment default by Host hereunder, CVEC’s monetary damages shall be the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting price under this Agreement and the amount due and payable under price at which CVEC sells Host’s share of the Net Energy on Commercially Reasonable terms to mitigate its losses plus any costs of this Lease; providedarranging for such resale. Provided, however, that Tenant if the price at which CVEC sells Host’s share of the Net Energy to mitigate its losses is greater than the price under this Agreement, CVEC’s monetary damages shall notbe reasonable costs, in including any costs of arranging for such circumstancesresale, be responsible for any cost to retrofit or alter the Premisesincurred by CVEC.
(d) After Both Parties agree that they have a duty to use Commercially Reasonable efforts to mitigate damages that may be incurred as a result of the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant other Party’s performance or non- performance under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such actionAgreement.
(e) If this Lease is terminated in accordance with After the provisions Termination Date of this SectionAgreement, then Landlord Host shall have no further obligation to purchase Net Energy or to make any payment whatsoever under this Agreement, except for payments for obligations arising or accruing prior to the Termination Date. After the Termination Date, this Agreement shall not be construed to provide any residual value to either Party or any successor or any other Person, for rights to, use of, or benefits from the PV System, subject to Section 11.12 (Survival).
(f) Host may not enforce any remedies against Developer under the Solar PPA, except as otherwise provided therein. CVEC agrees make good faith to enforce any and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let all remedies against the PropertyDeveloper under the Solar PPA. The above remedies Host’s sole remedy against Developer under the Solar PPA shall be cumulative to seek specific performance of this Agreement by CVEC. For breach of any provision for which an express remedy or measure of damages is provided, such express remedy or measure of damages will be the sole and shall not preclude Landlord from pursuing any exclusive remedy, the obligor’s liability will be limited as set forth in such provision and all other remedies permitted by lawor damages at law or in equity are waived. Landlord’s election not to enforce one If no remedy or more measure of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else damages is expressly provided herein, Landlord hereby expressly disclaimsthe obligor’s liability will be limited to direct actual damages only, relinquishes such direct actual damages will be the sole and rejects any Landlord’s lien that otherwise by law, statute exclusive remedy and all other remedies or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal damages at law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)in equity are waived.
Appears in 2 contracts
Sources: Inter Governmental Power Purchase and Project Development Agreement, Inter Governmental Power Purchase and Project Development Agreement
Remedies. Upon the occurrence of any event of default set forth in Section 8.1a default, Landlord shall be entitled to have the following remedies, which shall not be exclusive but shall be cumulative and shall be in addition to any other remedies now or hereafter allowed by law or equity:
(a) 1. Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as Tenant’s right to possession of the date Premises at any time by written notice to Tenant. Tenant expressly acknowledges that in the absence of dispossessionsuch written notice from Landlord, plus all no other reasonable costs act of Landlord, including, but not limited to, its reentry into the Premises, its efforts to relet the Premises, its reletting of the Premises for Tenant’s account, its storage of Tenant’s personal property and expenses incurred by Landlord trade fixtures, its acceptance of keys to dispossess the Premises from Tenant.
(b) Landlord may terminate , its appointment of a receiver, or its exercise of any other rights and remedies under this Paragraph 20 or otherwise at law, shall constitute an acceptance of Tenant’s surrender of the Premises or constitute a termination of this Lease and declare 100% or of all Rent Tenant’s right to be paid pursuant possession of the Premises. Ring Central, Inc. Lease 26 Upon such termination in writing of Tenant’s right to possession of the Premises, this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated terminate and Landlord shall be entitled to recover damages from Tenant as provided in California Civil Code Section 1951.2 or any other applicable existing or future Legal Requirement providing for recovery of damages for such breach, including but not limited to the net present value thereof employing an assumed following:
(i) The reasonable cost of recovering the Premises; plus
(ii) The reasonable cost of removing Tenant’s alterations, trade fixtures and improvements; plus
(iii) All unpaid rent due or earned hereunder prior to the date of termination, less the proceeds of any reletting or any rental received from subtenants prior to the date of termination applied as provided in Section 2 below, together with interest at the Default Rate, on such sums from the date such rent is due and payable until the date of the award of damages; plus
(iv) The amount by which the rent which would be payable by Tenant hereunder, including Additional Rent under Article 4 above, as reasonably estimated by Landlord, from the date of termination until the date of the award of damages, exceeds the amount of such rental loss as Tenant proves could have been reasonably avoided, together with interest at the Default Rate on such sums from the date such rent is due and payable until the date of the award of damages; plus
(v) The amount by which the rent which would be payable by Tenant hereunder, including Additional Rent under Article 4 above, as reasonably estimated by Landlord, for the remainder of the then term, after the date of the award of damages exceeds the amount such rental loss as Tenant proves could have been reasonably avoided, discounted at the discount rate published by the Federal Reserve Bank of 2% per annum San Francisco for purposes member banks at the time of present value computation;the award plus one percent (1%); plus
(cvi) Such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law, including without limitation 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.
2. Landlord has the remedy described in California Civil Code Section 1951.4 (a landlord may continue the lease in effect after the tenant’s breach and abandonment and recover rent as it becomes due, if the tenant has the right to sublet and assign subject only to reasonable limitations), and may continue this Lease in full force and effect and may enforce all of its rights and remedies under this Lease, including, but not limited to, the right to recover rent as it becomes due. After the occurrence of a default, Landlord may elect to repossess enter the Premises without terminating this Lease and to relet sublet all or any part of the Premises for Tenant’s accountaccount to any person, holding Tenant liable in damages for all expenses incurred in such term (which may be a period beyond the remaining term of this Lease), at such rents and on such other terms and conditions as Landlord deems advisable. In the event of any such reletting and for any difference between the amount of Rent subletting, rents received by Landlord from such reletting subletting shall be applied (i) first, to the payment of the costs of maintaining, preserving, altering and preparing the amount Premises for Ring Central, Inc. Lease 27 subletting, the other costs of subletting, including but not limited to brokers’ commissions, attorneys’ fees and expenses of removal of Tenant’s personal property, trade fixtures and Alterations; (ii) second, to the payment of rent then due and payable under hereunder; (iii) third, to the terms payment of future rent as the same may become due and payable hereunder; (iv) fourth, the balance, if any, shall be paid to Tenant upon (but not before) expiration of the term of this Lease; provided. If the rents received by Landlord from such subletting, howeverafter application as provided above, that are insufficient in any month to pay the rent due and payable hereunder for such month, Tenant shall notpay such deficiency to Landlord monthly upon demand. Notwithstanding any such subletting for Tenant’s account without termination, Landlord may at any time thereafter, by written notice to Tenant, elect to terminate this Lease by virtue of a previous default. During the continuance of a default, for so long as Landlord does not terminate Tenant’s right to possession of the Premises and subject to Article 16, entitled Subletting and Assignment, and the options granted to Landlord thereunder, Landlord shall not unreasonably withhold its consent to an assignment or sublease of Tenant’s interest in such circumstances, be responsible for any cost to retrofit the Premises or alter the Premisesin this Lease.
(d) After 3. During the provision continuance of notice and summary proceedings if required by law a default, Landlord may enter the Premises by appropriate legal proceedings without terminating this Lease and take remove all Tenant’s personal property, Alterations and trade fixtures from the Premises and store them at Tenant’s risk and expense. If Landlord removes such property from the Premises and stores it at Tenant’s risk and expense, and if Tenant fails to pay the cost of such removal and storage after written demand therefor and/or to pay any actions required rent then due, then after the property has been stored for a period of thirty (30) days or more Landlord may sell such property at public or private sale, in the manner and at such times and places as Landlord deems commercially reasonable following reasonable notice to Tenant of the time and place of such sale. The proceeds of any such sale shall be applied first to the payment of the expenses for removal and storage of the property, the preparation for and the conducting of such sale, and for attorneys’ fees and other legal expenses incurred by Landlord in connection therewith, and the balance shall be applied as provided in Section 2 above. Tenant hereby waives all claims for damages that may be caused by Landlord’s lawfully reentering and taking possession of the Premises or removing and storing Tenant’s personal property pursuant to this Article, and Tenant shall indemnify, defend and hold Landlord harmless from and against any and all claims, losses, liability or expense resulting from any such act. No reentry by Landlord shall constitute or be construed as a forcible entry by Landlord.
4. Landlord may require Tenant to remove any and all Alterations from the Premises or, if Tenant fails to do so within ten (10) days after Landlord’s request, Landlord may do so at Tenant’s expense.
5. Landlord may cure the default at Tenant’s expense, it being understood that such performance shall not waive or cure the subject default. If Landlord pays any sum or incurs any expense in curing the default, Tenant shall reimburse Landlord upon demand for the amount of such payment or expense with interest at the Default Rate from the date the sum is paid or the expense is incurred until Landlord is reimbursed by Tenant. Any amount due Landlord under this subsection shall constitute additional rent hereunder. Ring Central, Inc. Lease 28
6. In addition to any other remedies provided by this Article 20 of the terms Lease, or any other provision of this Lease, and or as provided by law, upon the occurrence of a default on the part of Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under during the Term of this Lease, as the same may be extended, following notice and a reasonable opportunity to cure, all unamortized costs of Tenant Improvements together with the unamortized balance of any broker’s commissions paid by Landlord in connection with this Lease and/or any extension thereof, shall not be liable for any damages resulting accelerated and become immediately due and payable to Tenant from such actionLandlord upon demand. Any sums owed pursuant to this Section 20(6) shall survive termination of the Lease, and shall be deemed to be Additional Rent hereunder.
7. Tenant hereby waives any and all rights conferred by California Civil Code Section 3275 and by California Code of Civil Procedure Sections 1174 (ec) If this and 1179 and any and all other laws and rules of law from time to time in effect during the Term of the Lease is terminated in accordance which provide Tenant with the provisions right to redeem, reinstate or restore this lease following its termination by reason of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. LandlordTenant’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)breach.
Appears in 2 contracts
Sources: Office Lease, Office Lease (RingCentral Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 2 contracts
Sources: Lease Agreement (Millennium Sustainable Ventures Corp.), Lease Agreement (Power REIT)
Remedies. Upon the occurrence If an Event of Default exists, in addition to any event of default set forth other remedies available to Landlord at law or in Section 8.1equity, Landlord shall be entitled to have the following rights and remedies:
(a1) Landlord may The right to terminate this Lease, dispossess Tenant Tenant’s right to possession of the Premises and recover as damages from Tenant to recover: (i) the worth at the time of the award of all Rent that is unpaid rent due but unpaid as of the date of dispossessiontermination; (ii) the worth at the time of the award of all unpaid rent and other charges which would have been payable under the Lease after termination, plus all subject to any obligation Landlord may have under applicable law to mitigate damages; and (iii) any other reasonable costs and expenses incurred amount necessary to compensate Landlord for the detriment proximately caused by Landlord Tenant’s failure to dispossess Tenantperform its obligations under the Lease. As referenced herein, the “worth at the time of the award” shall be calculated using an interest factor equal to the rate specified in the Lease for late payments of rent and, with respect to future rent amounts owed, shall be calculated at present value using an interest rate equal to five percent (5%).
(b2) Landlord may terminate The right to continue this Lease in effect and declare 100% to enforce all of all Rent to be paid pursuant to its rights and remedies under this Lease for Lease, including the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled right to recover the net present value thereof employing an assumed discount rate Base Rent, additional rent and other charges as they become due, for so long as Landlord does not terminate Tenant’s right to possession. Acts of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and maintenance or preservation, efforts to relet the Premises for or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall not constitute a termination of Tenant’s accountright to possession.
(3) The right to enter the Premises and remove therefrom all persons and property (Tenant hereby waiving any claim by reason of such reentry, holding Tenant liable repossession or removal), store such property in damages for all expenses incurred in any such reletting a public warehouse or elsewhere at the cost of and for the account of Tenant, and sell such property and apply the proceeds therefrom pursuant to applicable Texas law, in which event, Landlord may (but shall have no obligation to, except to the extent required by law) relet the Premises or any difference between part thereof for the amount account of Rent received from Tenant for such reletting rent and the amount due and payable under the upon such terms of this Lease; as shall be satisfactory to Landlord, provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if extent Landlord is required by law Landlord may enter to relet the Premises and take any actions required of Tenant under the terms of this LeasePremises, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for obligated to relet the Premises in preference to any damages resulting to Tenant from such actionother space in Building.
(e4) If The right to take steps necessary or appropriate to have a receiver appointed for Tenant in order to take possession of the Premises and apply any rental collected and exercise all other rights and remedies granted to Landlord.
(5) The right to terminate this Lease is terminated by giving notice to Tenant in accordance with applicable law.
(6) If an Event of Default occurs prior to the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more expiration of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances thatInitial Term, the ownership, possession, use, sale or distribution right to recover the full cost of which, but for any improvements to the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions Premises and any free rent granted by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Landlord.
Appears in 2 contracts
Sources: Office Building Lease, Office Building Lease (E2open Inc)
Remedies. Upon (a) In the event of a Default hereunder by any Owner Party, Builder may elect to (i) terminate this Agreement with respect the Defaulted Property (subject to Owner’s rights and Builder obligations under Sections 9.1 and 9.2 and any other obligations of Builder or Owner that expressly survive the termination of this Agreement), (ii) recover all damages (including consequential, indirect, exemplary or punitive damages) for Owner’s Default or other breach of this Agreement, (iii) file an action to obtain injunctive or other equitable relief; (iv) file an action to specifically enforce the Owner Parties’ obligations hereunder (including to specifically enforce the obligation to convey any Property (or applicable portion thereof) to the Builder Parties as and when required under this Agreement), it being understood and agreed that the Homesites are unique and that the right of specific performance is a just and equitable remedy on account of Owner’s Default and/or (v) purchase the Defaulted Property (a “Default Purchase”) for an amount equal to the Invested Capital for such Defaulted Property reduced by any amounts owed to the Builder or Contractor by Owner including, without limitation, amounts payable to Builder or Contractor under the Construction Agreement. In the event of a Conveyance Default, the Builder Parties shall have the immediate right, without penalty and without further notice, to stop payment of all Monthly Option Payments for all Properties (the “Abated Option Payments”). The cessation of Monthly Option Payments shall not be considered a default or breach under the terms of this Agreement or the other Builder’s Agreements and all Options shall continue in full force and effect. If and when the Owner Parties cure all Conveyance Defaults, the Builder Parties shall resume making Monthly Option Payments effective as of the first day of the calendar month following such cure. Any Abated Option Payments shall be fully abated and waived and, notwithstanding any Owner Parties’ subsequent cure, the Builder Parties shall have no obligation to make the Abated Option Payments. Without limiting the generality of the foregoing remedies, and in addition to any other remedies available at law or in equity, Builder shall: (i) be entitled to record a lis pendens against the Property in connection with the pursuit of any remedy; and; (ii) have an express right of offset, whereby Builder may offset against amounts payable under this Agreement any amounts owed to Builder or Contractor by Owner including, without limitation, amounts payable to Builder or Contractor under the Construction Agreement. If a Builder Party is completing a Default Purchase, then notwithstanding anything to the contrary in this Agreement, any Multiparty Agreement, or any other agreement, the Builder Parties shall not be required to “Bulk Purchase” any other Properties within the same Pool, it being acknowledged and agreed that in such event the Builder Parties’ ability to consummate a Default Purchase is not contingent upon the Builder Parties consummating the Bulk Purchase of any other Property. The Owner Parties acknowledge and agree that (a) a Conveyance Default or threatened Conveyance Default by the Owner Parties would give rise to irreparable harm to the Builder Parties for which monetary damages would not be an adequate remedy and (b) upon the occurrence of any event of default set forth uncured Conveyance Default, in Section 8.1addition to any and all other rights and remedies that may be available to the Builder Parties at law, Landlord in equity or otherwise, the applicable Builder Parties shall be entitled to equitable relief, including injunction, specific performance (including compelling the following remedies:
Owner Parties to convey the subject Property at a price and pursuant to such terms as agreed under this Agreement) and any other relief that may be available from a court of competent jurisdiction, without requirement to (ai) Landlord may terminate post a bond or other security or (ii) prove actual damages or that monetary damages will not afford adequate remedy. The Owner Parties agree that they will not oppose or otherwise challenge the appropriateness of equitable relief or the entry by a court of competent jurisdiction of an order granting such equitable relieve, in each case, consistent with the terms of this Lease, dispossess Tenant Section 17.2 and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess TenantSection 17.3 below.
(b) Landlord may terminate this Lease and declare 100% Subject to Section 17.3 below, in the event of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablea Default hereunder by Builder, and thereupon such amount shall be accelerated and Landlord Owner shall be entitled to pursue any right or remedy available at law or equity with respect to the Defaulted Property, including, without limitation, the right to (i) terminate the Option for the Defaulted Property, and/or terminate the Construction Agreement with respect to the Defaulted Property; (ii) retain any Option consideration paid by Builder hereunder with respect to the Defaulted Property; and/or (iii) recover damages for Default or other breach of this Agreement. Notwithstanding the net present value thereof employing foregoing, in no event shall Owner have the right to: (A) recover consequential, indirect, exemplary or punitive damages under this Agreement; and/or (B) to seek or pursue an assumed discount rate action for specific performance of 2% per annum for purposes Builder’s acquisition of present value computation;Homesites.
(c) Landlord may elect to repossess the Premises Except as provided in Section 17.2(a), nothing herein shall limit any party’s rights and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable remedies under the terms of this Lease; provided, however, that Tenant shall not, in Builder’s Agreements and/or the Founder’s Rights Agreement. All such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice rights and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)cumulative.
Appears in 2 contracts
Sources: Master Option Agreement (Millrose Properties, Inc.), Master Option Agreement (Millrose Properties, Inc.)
Remedies. Upon In the occurrence event of any event such default by Sublessee, Sublessor may at any time thereafter, without limiting Sublessor in the exercise of any right or remedy which Sublessor may have by reason of such default set forth in Section 8.1, Landlord shall be entitled to the following remediesor breach:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as a. Terminate Sublessee’s right to possession of the date of dispossessionSubleased Premises by any lawful means, plus all other reasonable costs in which case this Sublease shall terminate and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder Sublessee shall immediately surrender possession of the Term Subleased Premises to be immediately due and payableSublessor. In such event, and thereupon such amount shall be accelerated and Landlord Sublessor shall be entitled to recover from Sublessee all damages permitted to be recovered by a landlord pursuant to the net present value thereof employing an assumed discount rate laws of 2% per annum for purposes the jurisdiction where the Subleased Premises are located, together with all damages incurred by Sublessor by reason of present value computation;Sublessee’s default, including, but not limited to, the cost of recovering possession of the Subleased Premises, reasonable attorneys fees, and any real estate commission actually paid.
(c) Landlord may elect b. Maintain Sublessee’s right to repossess possession in which case this Sublease shall continue in effect whether or not Sublessee shall have vacated or abandoned the Premises Subleased Premises. In such event, Sublessor shall be entitled to enforce all of Sublessor’s rights and to relet the Premises for Tenant’s accountremedies under this Sublease, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms laws of the jurisdiction where the Subleased Premises are located at law and equity, including the right to recover the Rent, Additional Rent, and all other sums due hereunder as the same become due.
c. Declare the entire balance of Rent, Additional Rent and all other sums payable hereunder during the remaining Term of this Lease; providedSublease to be immediately due, however, that Tenant shall not, payable and in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings arrears as if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this SectionSublease said balance of Rent, then Landlord agrees make good faith Additional Rent and commercially reasonable efforts other sums were on that date payable in advance. Any such acceleration by Sublessor shall not constitute a waiver of any right or remedy of Sublessor.
d. Pursue any other remedy now or hereafter available to mitigate its damages which efforts shall include efforts Sublessor under the laws of the jurisdiction where the Subleased Premises are located or in equity.
e. Pursue any remedy enforceable by Lessor under the Lease. All remedies available to re-let the Property. The above remedies Sublessor hereunder shall be cumulative and concurrent. No waiver or delay in enforcement by Sublessor of any breach of Sublessee’s obligations hereunder shall not preclude Landlord from pursuing constitute a waiver of any other remedies permitted by lawsuch breach or any subsequent breach. Landlord’s election not to enforce one or more In the event there is a continuance of an Event of Default described in Section 18(i) of the remedies Lease by Sublessor to Lessor, Sublessee shall make their rent payments directly to Lessor, upon an event receipt of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise written notice provided by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Lessor.
Appears in 2 contracts
Sources: Sublease Agreement (YETI Holdings, Inc.), Sublease Agreement (YETI Holdings, Inc.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1Default, Landlord shall be entitled to have the following rights and remedies, in addition to those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a) A. Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid Lease as of the date of dispossessionsuch Default, plus all other reasonable costs and expenses incurred by thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord to dispossess Tenant.
in accordance with Section 2.03 and Exhibit “E” of this Lease; and (bii) Landlord may terminate re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of this Lease and Lease, Landlord may declare 100% an amount equal to (i) the value of the excess, if any, discounted at the Prime Rate of (A) all Rent to be paid pursuant to rent which would have been due under this Lease for the remainder balance of the Lease Term (the “Remaining Term”) less (B) the aggregate reasonable rental value of the Leased Premises for the Remaining Term, which can be collected by Landlord (Tenant shall bear the burden of proving such rental value), to be immediately due and payable, and thereupon such amount whereupon Tenant shall be accelerated obligated to pay the same to Landlord, together with all loss or damage which Landlord may sustain by reason of Tenant’s Default (“Default Damages”), which shall include without limitation expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, brokers’ commissions and attorneys’ fees, it being expressly understood and agreed that the liabilities and remedies specified in this subsection (b) shall survive the termination of this Lease. In addition to the Default Damages, Landlord shall be entitled to recover any amounts or damages payable by Tenant to Landlord and accruing prior to the net present value thereof employing date of termination, which for all purposes shall include, but not be limited to, accrued rent and interest thereon, late charges and interest thereon the unamortized cost of Tenant’s improvements, broker’s fees and commissions, attorneys’ fees, any moving allowances and any other costs incurred by Landlord in connection with making or executing this Lease. Nothing contained in this Lease shall limit or prejudice the right of Landlord to prove for and obtain in proceedings for bankruptcy or insolvency by reason of the termination of this Lease, an assumed discount rate amount equal to the maximum allowed by any statute or rule of 2% per annum for purposes law in effect at the time when, and governing the proceedings in which, the damages are to be proved, whether the amount be greater, equal to, or less than the amount of present value computation;the loss or damages referred to above.
B. Landlord may, without terminating this Lease, terminate Tenant’s right to possession of the Leased Premises as of the date of Tenant’s Default, and re-enter the Leased Premises and thereafter (ci) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) Landlord may elect to repossess re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to relet any other remedy which Landlord may have. Thereafter, Landlord may, but shall not be obligated to, re-let all or any part of the Leased Premises as the agent of Tenant for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting a term different from that which would otherwise have constituted the balance of the Lease Term and for any rent and on terms and conditions different from those contained herein, whereupon Tenant shall be obligated to pay to Landlord as liquidated damages the difference between the amount rent provided for herein and that provided for in any lease covering a subsequent re-letting of Rent received from such reletting and the amount due and payable under Leased Premises, for the terms period that would otherwise have constituted the balance of this the Lease Term, together with all Default Damages. Neither the filing of a dispossessory proceeding nor an eviction of personalty in the Leased Premises shall be deemed to terminate the Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
C. Landlord may, without judicial process enter upon the Leased Premises, by force if necessary, without having any civil or criminal liability therefor (d) After including specifically any liability or duty under Section 93.002 of the provision of notice Texas Property Code which is superseded by this Section 13.02). and summary proceedings if required by law Landlord may enter the Premises and take any actions required of do whatever Tenant is obligated to do under the terms of this Lease, and Tenant shall agrees to reimburse Landlord on demand for any expenses that which Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Lease plus an administrative fee equal to ten percent (10%) of the amount of such reimbursement. Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by the negligence of Landlord or otherwise.
(e) If D. Any repossession of or re-entering on the Leased Premises by Landlord under this Article shall be without liability or responsibility for damages to Tenant. No repossession of or re-entering upon the Leased Premises or any part thereof pursuant to Lease or otherwise and no reletting of the Leased Premises or any part thereof pursuant to this Lease shall relieve Tenant or any guarantor of its liabilities and obligations hereunder, all of which shall survive such repossession or re-entering. In the event of any such repossession of or re-entering upon the Leased Premises or any part thereof by reason of the occurrence of an event of Default, Tenant will continue to pay to Landlord Rent required to be paid by Tenant.
E. No right or remedy herein conferred upon or reserved to Landlord is terminated intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative and in accordance with addition to any other right or remedy given hereunder or now or hereafter existing at law or in equity or by statute. In addition to the other remedies provided in this Lease, Landlord shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation, or attempted or threatened violation, of any of the covenants, agreements, conditions or provisions of this SectionLease, or to a decree compelling performance of any of the covenants, agreements, conditions or provisions of this Lease, or to any other remedy allowed to Landlord at law or in equity.
F. If Landlord repossesses the Leased Premises pursuant to the authority herein granted or provided at law or in equity, then Landlord shall have the right to remove and store all of the furniture, fixtures and equipment at the Leased Premises, including that which is owned by or leased to Tenant at all times prior to any foreclosure thereon by Landlord or repossession thereof by any Landlord thereof or third party having a superior lien thereon. Landlord also shall have the right to relinquish possession of all or any portion of such furniture, fixtures, equipment and other property to any person (a “Claimant”) who presents to Landlord a copy of any instrument represented by Claimant to have been executed by Tenant (or any predecessor of Tenant) granting Claimant the right under various circumstances to take possession of such furniture, fixtures, equipment or other property, without the necessity on the part of Landlord to inquire into the authenticity or legality of said instrument. The rights of Landlord herein stated shall be in addition to any and all other rights that Landlord has or may hereafter have at law or in equity; and Tenant stipulates and agrees make good faith that the rights herein granted Landlord are commercially reasonable.
G. No agreement to accept a surrender of the Leased Premises and no act or omission by Landlord or Landlord’s agent during the term shall constitute an acceptance or surrender of the Leased Premises unless made in writing and signed by Landlord. No reentry or taking possession of the Leased Premises by Landlord shall constitute an election by Landlord to terminate this Lease unless a written notice of such intention is given to Tenant.
H. Landlord shall be required only to use commercially reasonable efforts to mitigate its damages damages, which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude exceed such efforts as Landlord from pursuing generally uses to lease other space in the Building. Landlord will not be deemed to have failed to mitigate if Landlord leases any other remedies permitted by law. Landlord’s election not to enforce one or more portions of the remedies upon an event Building before reletting all or any portion of default the Leased Premises. Landlord shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by have failed to mitigate if it incurs Default Damages. Tenant shall bear the Federal government or any agency, arm or authority thereof (“Federal Issues”)burden of proof that Landlord failed to mitigate.
Appears in 2 contracts
Sources: Lease Agreement (Container Store Group, Inc.), Lease Agreement (Container Store Group, Inc.)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1If a Default occurs, Landlord shall be entitled have the rights and remedies hereinafter set forth to the following remediesextent permitted by Law, which shall be distinct, separate and cumulative with and in addition to any other right or remedy allowed under any Law or other provision of this Lease:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b1) Landlord may terminate this Lease and declare 100% Tenant’s right of all possession, reenter and repossess the Premises by detainer suit, summary proceedings or other lawful means, and recover from Tenant: (i) any unpaid Rent to be paid pursuant to this Lease for as of the remainder termination date, (ii) the amount by which: (a) any unpaid Rent which would have accrued after the termination date during the balance of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover exceeds (b) the net present reasonable rental value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and under a lease substantially similar to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, taking into account among other things the condition of the Premises, market conditions and Tenant shall reimburse the period of time the Premises may reasonably remain vacant before Landlord on demand for any expenses is able to re-lease the same to a suitable replacement tenant, and Costs of Reletting (as defined in Paragraph H below) that Landlord may incur in effecting compliance with order to enter such replacement lease, (iii) any other amounts necessary to compensate Landlord for all damages proximately caused by Tenant’s failure to perform its obligations under this Lease. For purposes of computing the amount of Rent herein that would have accrued after the termination date, Tenant’s obligations for Taxes and Expenses shall be projected based upon the average rate of increase in such items from the Commencement Date through the termination date (or if such period shall be less than three years, then based on Landlord’s reasonable estimates). The amounts computed in accordance with the foregoing subclauses (a) and (b) shall both be discounted in accordance with accepted financial practice at the rate of seven percent (7%) per annum to the then present value.
(2) Landlord may terminate Tenant’s right of possession, reenter and repossess the Premises by detainer suit, summary proceedings or other lawful means, without terminating this Lease, and recover from Tenant: (i) any unpaid Rent as of the date possession is terminated, (ii) any unpaid Rent which thereafter accrues during the Term from the date possession is terminated through the time of judgment (or which may have accrued from the time of any earlier judgment obtained by Landlord), less any consideration received from replacement tenants as further described and applied pursuant to Paragraph H, below, and (iii) any other amounts necessary to compensate Landlord for all damages proximately caused by Tenant’s failure to perform its obligations under this Lease, and including all Costs of Reletting (as defined in Paragraph H below). Tenant shall pay any such amounts to Landlord shall not be liable for as the same accrue or after the same have accrued from time to time upon demand. At any damages resulting time after terminating Tenant’s right to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else possession as provided herein, Landlord hereby expressly disclaimsmay terminate this Lease as provided in clause (1) above by notice to Tenant, relinquishes and rejects any Landlord’s lien that otherwise by law, statute Landlord may pursue such other remedies as may be available to Landlord under this Lease or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)applicable Law.
Appears in 2 contracts
Sources: Office Lease (New Relic Inc), Office Lease (New Relic Inc)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1Default, Landlord shall be entitled to have the following rights and remedies, in addition to those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a) Landlord may terminate this Leaseapply the Security Deposit or re-enter the Leased Premises and cure any default of Tenant, dispossess and Tenant and recover shall reimburse Landlord as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable additional rent for any costs and expenses incurred which Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by Landlord to dispossess Tenantreason of Landlord's action.
(b) Landlord may terminate this Lease or, without terminating this Lease, terminate Tenant's right to possession of the Leased Premises as of the date of such Default, and thereafter (i) neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord; and (ii) Landlord may re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to any other remedy which Landlord may have. Upon the termination of this Lease, Landlord may declare 100% the present value (discounted at the Prime Rate) of all Rent to be paid pursuant to rent which would have been due under this Lease for the remainder balance of the Lease Term to be immediately due and payable, and thereupon such amount whereupon Tenant shall be accelerated and Landlord shall be entitled obligated to recover pay the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) same to Landlord, together with all loss or damage which Landlord may elect to repossess sustain by reason of Tenant's default ("Default Damages"), which shall include reasonable expenses of preparing the Premises and to relet the Leased Premises for Tenant’s accountre-letting, holding Tenant liable demolition, repairs, tenant finish improvements, brokers' commissions and attorneys' fees, it being expressly understood and agreed that the liabilities and remedies specified in damages for all expenses incurred in any such reletting and for any difference between this subsection (b) shall survive the amount of Rent received from such reletting and the amount due and payable under the terms termination of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then . Landlord agrees make good faith and commercially to use reasonable efforts to mitigate its damages which efforts hereunder. Tenant acknowledges that Landlord has other spaces to lease and shall include efforts be allowed to lease all other spaces first.
(c) Landlord may, without terminating this Lease, re-enter the Leased Premises and re-let all or any part thereof for a term different from that which would otherwise have constituted the Property. The above remedies balance of the Lease Term and for rent and on terms and conditions different from those contained herein, whereupon Tenant shall be cumulative and shall not preclude immediately obligated to pay to Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more as liquidated damages the present value (discounted at the Prime Rate) of the remedies upon an event difference between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of default shall not constitute a waiver. Howeverthe Leased Premises, notwithstanding anything else hereinfor the period which would otherwise have constituted the balance of the Lease Term, together with all of Landlord's Default Damages.
(d) Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in may sue for injunctive relief or to recover damages for any marijuana product and/or related products, chemicals or substances that, loss resulting fr▇▇ the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Default.
Appears in 2 contracts
Sources: Industrial Lease Agreement (Asset Acceptance Capital Corp), Industrial Lease Agreement (Asset Acceptance Capital Corp)
Remedies. Upon the occurrence of any event and during the continuance of default set forth in Section 8.1an Event of Default, Landlord shall be entitled to shall, in addition to, and not in derogation of any remedies for any preceding breach, with or without notice of demand (except as otherwise expressly provided herein) and without limiting Landlord in the exercise of any right or remedy which Landlord may have by reason of such Event of Default have all of the following remediesremedies available:
(a) Landlord shall have the right to terminate Tenant’s right to possession of the Premises and repossess the Premises by any lawful means without terminating this Lease. Landlord shall use good faith and reasonably prompt efforts, to the extent required by applicable law of the state where the Premises are located, to re-let the Premises for the account of Tenant for such rent and upon such terms as may terminate be satisfactory to Landlord. For the purposes of that re-letting, Landlord may repair, and perform normal remodeling and alterations to the Premises. If Landlord fails to re-let the Premises, Tenant shall pay to Landlord the Rent in this Lease for the balance of the Term as those amounts become due in accordance with the terms of this Lease. If Landlord re-lets the Premises, but fails to realize a sufficient sum from the re-letting to pay the full amount of Rent in this Lease for the balance of the Term as those amounts become due in accordance with the terms of this Lease, dispossess Tenant and recover as damages from Tenant after paying all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by of all normal and customary decoration, repairs, remodeling, alterations and additions and the expenses of the re-letting and of the collection of the rent accruing from the re-letting, Tenant shall pay to Landlord the amount of any deficiency upon Landlord’s demand from time to dispossess Tenanttime made.
(b) Landlord may shall have the right at any time to give a written termination notice to Tenant and, on the date specified in such notice, Tenant’s right to possession shall terminate and this Lease and declare 100% shall terminate. Upon such termination, Landlord shall have the right to recover from Tenant:
(i) The “worth at the time of determination” of all unpaid Rent which had been earned at the time of termination;
(ii) The “worth at the time of determination” of the amount by which the unpaid Rent for the balance of the then Term of this Lease after the time of termination, excluding the potential Lease Term under any unexercised options for any Extension Terms, exceeds the greater of (A) the net rental proceeds actually received or to be paid pursuant received from any actual subsequent replacement tenant(s) for any Site or (B) the amount of such rental loss that Tenant proves could be reasonably avoided; and
(iii) All other amounts necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform all of Tenant’s obligations under this Lease for or which in the remainder ordinary course of things would be likely to result therefrom. The “worth at the time of determination” of the Term amounts referred to in clause (i) above shall be computed by allowing interest at the Overdue Rate. The “worth at the time of determination” of the amount referred to in clause (ii) above shall be computed by discounting such amount to present value by using the discount rate equal to the sum of two percent (2%) plus the then Treasury Rate. For the purpose of determining unpaid Rent under clause (i) and (ii) above, the Rent reserved in this Lease shall be deemed to be immediately the total Rent payable by Tenant under paragraph 5 hereof.
(c) Even if Landlord terminates Tenant’s possession under this Lease, this Lease shall continue in effect and Landlord shall have the right to enforce all its rights and remedies under this Lease, including the right to recover all Rent as it becomes due under this Lease. Acts of maintenance or preservation or efforts to relet the Premises or the appointment of a receiver upon initiative of Landlord to protect Landlord’s interest under this Lease shall not constitute a termination of the Lease unless and payable, and thereupon until written notice of such amount termination is given by Landlord to Tenant. Landlord shall be accelerated and have unrestricted rights of entry for such purposes following an Event of Default. Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate administrative fee of 2% per annum for purposes five percent (5%) of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable amounts expended under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesparagraph 16.
(d) After the provision of notice All agreements and summary proceedings if required covenants to be performed or observed by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant Lease shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with be at Tenant’s obligations sole cost and expense and without any abatement of Fixed Rent or Additional Rent. If Tenant fails to pay any sum of money to be paid by Tenant or to perform any other act to be performed by Tenant under this LeaseLease as and when due or required to be performed, and Landlord shall have the right, but shall not be liable for any damages resulting to obligated, and without waiving or releasing Tenant from any obligations of Tenant, to make any such actionpayment or to perform any such other act on behalf of Tenant in accordance with this Lease. All sums so paid by Landlord and all necessary incidental costs shall be deemed Additional Rent hereunder and shall be payable by Tenant to Landlord on demand, together with interest on all such sums from the date of expenditure by Landlord to the date of repayment by Tenant at the Overdue Rate. Landlord shall have, in addition to all other rights and remedies of Landlord, the same rights and remedies in the event of the nonpayment of such sums (plus interest at the Overdue Rate) by Tenant as in the case of default by Tenant in the payment of Rent.
(e) If Tenant abandons or surrenders the Premises, or any portion thereof, including any Site, or an Event of Default by Tenant pursuant to paragraph 15(k) above shall have occurred, or Tenant is dispossessed by process of law or otherwise, any movable furniture, equipment, trade fixtures or personal property belonging to Tenant and left in the Premises, or any portion thereof, including any Site, shall be deemed to be abandoned, at the option of Landlord, and Landlord shall have the right to sell or otherwise dispose of such personal property in any commercially reasonable manner. If an Event of Default by Tenant pursuant to paragraph 15(k) above shall have occurred Landlord shall have the right, but not the obligation, to sublet the Premises, or any portion thereof, including any Site, on reasonable terms for the account of Tenant, and Tenant shall be liable for all costs of such subletting, including the cost of preparing the Premises, or any portion thereof, including any Site, for subtenants and leasing commissions paid to brokers.
(f) Landlord shall be entitled to collect from Tenant Landlord’s costs and expenses, including attorneys’ fees and expenses, in connection with the enforcement of its remedies and/or the defense of any matter, including during an appeal and whether suit is actually filed or not.
(g) At any time during the Term, but not more than once per calendar quarter annual period, Tenant may designate by giving written notice to Landlord of the name, address, phone number, and facsimile number of one Person, or an agent for a group of Persons, in either case who has made one or more loans to Tenant each in an original principal amount of at least $20,000,000, and so long as such loan(s) remains unpaid and has an outstanding principal balance of at least $20,000,000, such one Person, or such agent for a group of Persons, is herein called an “Acquisition Option Lender”. Tenant shall not be permitted to designate more than one Acquisition Option Lender, at any one time. Notwithstanding the preceding sentence, if Tenant attempts to designate more than one Acquisition Option Lender at any one time, Landlord shall be required to only recognize the most recently Tenant designated Acquisition Option Lender. At any time an Acquisition Option Lender has been so designated by Tenant and at least $20,000,000 of such loan related thereto remains outstanding, prior to Landlord exercising any right it has to terminate this Lease or to terminate Tenant’s right to possession under this Lease, Landlord agrees to provide written notice of such event to Acquisition Option Lender in accordance with the notice requirements of paragraph 19 of this Lease to the address as set forth in Tenant’s notice to Landlord designating such Acquisition Option Lender (such notice is terminated herein called the “Landlord’s Remedy Notice”). Landlord agrees that for a period of ten (10) Business Days following Acquisition Option Lender’s receipt of such Landlord’s Remedy Notice, while not restricting or limiting Landlord’s other rights and remedies under this Lease, Landlord shall not exercise such termination rights. If Landlord so provides Landlord’s Remedy Notice to Acquisition Option Lender, then Acquisition Option Lender shall have the option to purchase the Premises (the “Lender Acquisition Option”) for a price equal to the sum of (i) the product of (A) the average annual Fixed Rent for the succeeding five (5) years calculated from Exhibit D multiplied by (B) twelve and one-half plus (12.5) (ii) any prepayment premium or breakage fee charged by Mortgagee. Acquisition Option Lender may only exercise the Lender Acquisition Option by providing Landlord with written notice thereof in accordance with paragraph 19 of this Lease (the “Lender Acquisition Notice”) within ten (10) Business Days after the Acquisition Option Lender’s receipt of the Landlord’s Remedy Notice, or such option shall be deemed irrevocably waived and thereafter Acquisition Option Lender shall have no further right to purchase the Premises hereunder. Additionally, if Tenant’s Other Lease is in effect and Tenant desires to designate an Acquisition Option Lender under both this Lease and Tenant’s Other Lease, then (1) the Acquisition Option Lender under both this Lease and Tenant’s Other Lease must be the same Person to be effective and (2) such Acquisition Option Lender can only properly exercise the Lender Acquisition Option under and in accordance with the terms of this Lease if such Acquisition Option Lender also properly exercises the Lender Acquisition Option under and in accordance with the terms of Tenant’s Other Lease. If Acquisition Option Lender properly and timely exercises the Lender Acquisition Option in accordance with the foregoing, then Landlord shall sell the Premises to the Acquisition Option Lender for such price and otherwise in accordance with the provisions of paragraph 29 (except that the purchaser thereunder shall be Acquisition Option Lender and not Tenant) at a closing to be held on a date which is thirty (30) calendar days after the date Landlord receives the Lender Acquisition Notice; provided, however, if such closing fails to occur because of an Acquisition Option Lender default under this SectionLease or Tenant’s Other Lease, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies such option under this Lease shall be cumulative deemed irrevocably waived and thereafter Acquisition Option Lender shall not preclude have no further right to purchase the Premises hereunder.
(h) Upon the occurrence of and during the continuance of an Event of Default, Landlord from pursuing shall have the right to commence an action in any other remedies permitted by law. court of competent jurisdiction located in the State of Illinois for the purpose of adjudicating the Event of Default and any or all of Landlord’s election not rights and remedies under the Lease. Tenant hereby consents to enforce one or more the exercise of personal jurisdiction over Tenant in any such court in Illinois and to Illinois as the remedies upon an event choice of default shall not constitute a waivervenue. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Upon adjudication of Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances thatrights under the Lease, the ownershipLandlord, possessionat its option, use, sale or distribution of which, but shall have the right to file additional actions in any and all States in which the Sites are located for the Legal Compliance Clarificationpurpose of enforcing Landlord’s rights under the Lease, would including without limitation, obtaining orders of possession for the Site or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Sites located in such State.
Appears in 2 contracts
Sources: Lease Agreement (Amf Bowling Worldwide Inc), Lease Agreement (Amf Bowling Worldwide Inc)
Remedies. Upon If any Event of Default shall occur, Seller may, at its option, do any one or more of the occurrence of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remediesfollowing:
(a) Landlord may terminate Declare all amounts due or to become due under this LeaseContract, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as excluding any unearned portion of the date Finance Charge, immediately due and payable; (b) recover any additional damages and expenses sustained by Seller by reason of dispossessionthe breach of any covenant, plus representation or warranty contained in this Contract; (c) enforce the security interest granted hereunder; (d) without notice, liability or legal process, enter upon the premises where any of the Units or additional security may be and take possession thereof, and (e) require Purchaser to assemble the Units and additional security and make them available to Seller at a place designated by Seller which is reasonably convenient to both parties. Time is of the essence of this Contract. Seller shall have all other rights given to a secured party by law and may retain all monies theretofore paid by Purchaser hereunder as compensation for the reasonable use of the Units by Purchaser. Seller may, at its option, undertake commercially reasonable efforts to sell the Units and additional security, and the proceeds of any such sale shall be applied: First, to reimburse Seller for all reasonable expenses of retaking, holding, preparing for sale, and selling the Units and additional security, including all taxes and reasonable attorneys' fees, and second, to the extent not previously paid by Purchaser, to pay Seller all amounts then due or accrued under this Contract, including any accelerated payments and late payment charges. Any surplus shall be paid to the person entitled thereto. Purchaser shall promptly pay any deficiency to Seller. Purchaser acknowledges that sales for cash or on credit to a wholesaler, retailer or user of the Units or additional security, and with or without the Units or additional security being present at such sale, are all commercially reasonable. Purchaser agrees to pay all reasonable attorneys' fees (to the extent permitted by applicable law) and all costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate Seller in enforcing this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the PropertyContract. The above remedies provided herein shall be cumulative and shall not preclude Landlord from pursuing any in addition to all other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal at law or Federal regulations or enforcement positions in equity. If Purchaser fails to perform any of its obligations under this Contract, Seller may (but need not) at any time thereafter perform such obligation, and the expenses incurred in connection therewith shall be payable by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Purchaser upon demand.
Appears in 2 contracts
Sources: Installment Sale Contract (Meadow Valley Corp), Installment Sale Contract (Meadow Valley Corp)
Remedies. Upon To the extent any Event of Default is applicable only to a specific Lease or Leases, or a specific Leased Property or Leased Properties (in accordance with Section 9.01 above), the remedies set forth herein shall be exercisable solely with respect to such Lease or Leases, or Leased Property or Leased Properties, and shall not be exercisable with respect to any other Leases or Leased Property. To the extent any Event of Default constitutes an Event of Default under all of the Leases (in accordance with Section 9.01 above), the remedies set forth herein shall be exercisable with respect to all of the Leases and all of the Leased Properties. Subject to the foregoing provisions, Landlord may exercise any one or more of the following remedies upon the occurrence of any event an Event of default set forth in Section 8.1, Landlord shall be entitled to the following remediesDefault:
(a) Landlord may terminate this the applicable Lease, dispossess exclude Tenant from possession of the subject Leased Property and recover as use reasonable efforts to lease such Leased Property to others. If any Lease is terminated pursuant to the provisions of this subparagraph (a), Tenant will remain liable to Landlord for damages in an amount equal to the Rent and other sums which would have been owing by Tenant under such Lease for the balance of the Term if the Lease had not been terminated, less the net proceeds, if any, of any re-letting of the subject Leased Property by Landlord subsequent to such termination, after deducting all Landlord's expenses in connection with such re-letting, including without limitation, the expenses set forth in Section 9.02(b)(2) below. Landlord will be entitled to collect such damages from Tenant monthly on the days on which the Rent and other amounts would have been payable under the subject Lease if such Lease had not been terminated and Landlord will be entitled to receive such damages from Tenant on each such day. Alternatively, at the option of Landlord, if such Lease is terminated, Landlord will be entitled to recover from Tenant (a) all unpaid Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately then due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover (b) the net present value thereof employing an assumed discount rate worth at the time of 2% per annum for purposes the award (as hereafter defined) of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount which would have been due and payable under from the terms date of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).termination
Appears in 2 contracts
Sources: Master Agreement to Lease (Corrections Corporation of America), Master Agreement to Lease (Cca Prison Realty Trust)
Remedies. Upon any Default, Landlord may, in addition to all other rights and remedies afforded Landlord hereunder or by applicable law, take any of the occurrence following actions:
(1) Terminate this Lease by giving Tenant written notice thereof, in which event, Tenant shall pay to Landlord the sum of (a) all rent accrued hereunder through the date of termination, (b) all amounts due under Section (3) below, and (c) an amount equal to (i) the total rent that Tenant would have been required to pay for the remainder of the Term discounted to a present value at a per annum rate equal to the “Prime Rate” as published on the date this Lease is terminated by The Wall Street Journal, Southwest Edition, in its listing of “Money Rates,” minus (ii) the then present fair rental value of the Premises for such period, as determined by Landlord in good faith, similarly discounted; or
(2) Terminate Tenant’s right to possess the Premises and change the door locks to the Premises without terminating this Lease, with or without notice thereof to Tenant, and without judicial proceedings, in which event Tenant shall pay to Landlord (a) all rent and other amounts accrued hereunder to the date of termination of possession, (b) all amounts due from time to time under Section (b) below, and (c) all rent and other sums required hereunder to be paid by Tenant during the remainder of the Term as such rent and other sums accrue, diminished by any event of default set forth in Section 8.1net sums thereafter received by Landlord through reletting the Premises during such period; however, except to the limited extent required by applicable Texas law, Landlord shall not be obligated to relet the Premises or otherwise mitigate damages and shall not be liable for, nor shall Tenant’s obligations hereunder be diminished because of, Landlord’s failure to relet the Premises or to collect rent due for a reletting. Tenant shall not be entitled to the following remedies:
(a) excess of any consideration obtained by reletting over the rent due hereunder. Reentry by Landlord may in the Premises shall not affect Tenant’s obligations hereunder for the unexpired Term; rather, Landlord may, from time to time, bring action against Tenant to collect amounts due by Tenant, without the necessity of Landlord’s waiting until the expiration of the Term. Unless Landlord delivers written notice to Tenant expressly stating that it has elected to terminate this Lease, all actions taken by Landlord to exclude or dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date Premises shall be deemed to be taken under this Section (a)(2). If Landlord elects to proceed under this Section (a)(2), it may at any time elect to terminate this Lease under Section (a)(1) above. Landlord and Tenant hereby confirm that the terms and provisions of dispossession, plus this Section supercede 93.002 of the Texas Property Code to the extent of any conflict.
(3) Tenant shall pay to Landlord all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(including court costs and reasonable attorneys’ fees and expenses) in (a) obtaining possession of the Premises, (b) removing and storing Tenant’s or any other occupant’s property, (c) repairing, restoring, altering, remodeling, or otherwise putting the Premises into a condition acceptable to a new tenant, (d) if Tenant is dispossessed of the Premises and this Lease is not terminated, reletting all or any part of the Premises (including brokerage commissions, cost of tenant finish work, and other costs incidental to such reletting), (e) performing Tenant’s obligations which Tenant failed to perform, and (f) enforcing, or advising Landlord of, its rights, remedies, and recourses. Landlord’s acceptance of rent following the occurrence of a Default shall not waive Landlord’s rights regarding such Default. Landlord’s receipt of rent with knowledge of any Default by Tenant hereunder shall not be a waiver of such Default, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless set forth in writing and signed by Landlord. No waiver by Landlord of any violation or breach of any of the terms contained herein shall waive Landlord’s rights regarding any future violation of such term or violation of any other term. If Landlord repossesses the Premises pursuant to the authority herein granted, then Landlord shall have the right to (i) keep in place and use or (ii) remove and store, at Tenant’s expense, all of the furniture, fixtures, equipment and other property deemed abandoned by Tenant in the Premises, including that which is owned by or leased to Tenant at all times before any foreclosure thereon by Landlord or repossession thereof by any lessor thereof or third party having a lien thereon. Landlord may terminate this Lease and declare 100% relinquish possession of all Rent or any portion of such furniture, fixtures, equipment and other property to any person (a “Claimant”) who presents to Landlord a copy of any instrument represented by Claimant to have been executed by Tenant (or any predecessor of Tenant) granting Claimant the right under various circumstances to take possession of such furniture, fixtures, equipment or other property, without the necessity on the part of Landlord to inquire into the authenticity or legality of the instrument. The rights of Landlord herein stated are in addition to any and all other rights that Landlord has or may hereafter have at law or in equity, and Tenant agrees that the rights herein granted Landlord are commercially reasonable. Notwithstanding the foregoing, the amount of all brokerage commissions, marketing expenses, leasehold improvements, painting, altering, reparing, dividing or otherwise making the Premises available for lease to another tenant or tenants shall be paid pursuant amortized on a straight line basis, with interest at a rate of 8% per annum, over the term of any replacement lease or leases (or other occupancy arrangements), and Tenant’s liability under this Section (a)(3) shall include only the portion of such amortized amount properly allocable to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the PremisesTerm.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 2 contracts
Sources: Industrial Multi Tenant Lease (Extend Health Inc), Industrial Multi Tenant Lease (Extend Health Inc)
Remedies. Upon In the occurrence event of any such material default or breach by Tenant, Landlord may at any time thereafter, with or without notice or demand and without limiting Landlord in the exercise of any right or remedy which Landlord may have by reason of such default or breach:
(a) terminate Tenant's right to possession of the Premises by any lawful means, in which case this Lease shall terminate and Tenant shall immediately surrender possession of the Premises to Landlord. In such event of default set forth in Section 8.1, Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant's breach or default, including, but not limited to: the following remedies:cost of recovering possession of the Premises; expenses of reletting, including the cost of necessary renovation and alteration of the Premises, reasonable attorneys' fees, and any real estate commissions actually paid; the amount by which the total of the unpaid rent and other sums due hereunder for the balance of the Term hereof exceeds the total amount [***]
(c) re-enter the Premises without terminating this Lease and relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and conditions as Landlord in its sole discretion may deem advisable, with the right to make alterations and repairs to said Premises. Rentals received by Landlord from such reletting shall be applied as follows: first, to the payment of the cost of such reletting as more specifically set forth in subsection (a) Landlord may terminate this Leaseabove; second, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as to the payment of the date cost of dispossessionany alterations and repairs to the Premises; third, plus all to the payment of any indebtedness, other reasonable than rent, due hereunder, and the residue, if any, to be held by Landlord and applied in payment of future rent as the same may become due and payable hereunder. Should such rentals received from such reletting during any month be less than that agreed to be paid during that month by Tenant hereunder, then Tenant shall pay such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. Tenant shall also pay to Landlord, as so on as ascertained, the costs and expenses incurred by Landlord in such reletting or in making such alterations and repairs. No such re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% unless a written notice of all Rent such intention be given to Tenant or unless the termination thereof be paid pursuant 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 the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Leaseprevious breach; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.and
(d) After the provision of notice and summary proceedings if required by law pursue any other remedy now or hereafter available to Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one laws or more judicial decisions of the remedies upon an event State of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Arizona.
Appears in 2 contracts
Sources: Lease Agreement (Cygnet Financial Corp), Lease Agreement (Cygnet Financial Corp)
Remedies. Upon the occurrence of any event of default set forth in Section 8.1If a Default occurs, Landlord shall be entitled have the rights and remedies hereinafter set forth to the following remediesextent permitted by Law:
(a1) Landlord may terminate Tenant’s right of possession, lawfully reenter and repossess the Premises by detainer suit, summary proceedings or other lawful means, with or without terminating this Lease (except as required by Law), and recover from Tenant: (i) any unpaid Rent as of the termination date, (ii) the amount by which: (a) any unpaid Rent which would have accrued after the termination date during the balance of the Term exceeds (b) the reasonable rental value of the Premises under a lease substantially similar to this Lease, dispossess Tenant taking into account, among other things, the condition of the Premises, market conditions, the period of time the Premises may reasonably remain vacant before Landlord is able to re-lease the same to a suitable replacement tenant, and Costs of Reletting (as defined in Paragraph G below) that Landlord may incur in order to enter such replacement lease, and (iii) any other amounts necessary to compensate Landlord for all damages proximately caused by Tenant’s failure to perform its obligations under this Lease. For purposes of computing the amount of Rent that would have accrued after the termination date, Tenant’s obligations for Taxes and Expenses shall be projected based upon the average rate of increase in such items from the Commencement Date through the termination date. The amounts computed in accordance with the foregoing subclauses (a) and (b) shall be discounted in accordance with accepted financial practice at five percent (5%) per annum to the then present value.
(2) Landlord may terminate Tenant’s right of possession, lawfully reenter and repossess the Premises by detainer suit, summary proceedings or other lawful means, with or without terminating this Lease (except as required by Law), and recover as damages from Tenant all Tenant: (i) any unpaid Rent that is due but unpaid as of the date possession is terminated, (ii) any unpaid Rent which thereafter accrues during the Term from the date possession is terminated through the time of dispossessionjudgment (or which may have accrued from the time of any earlier judgment obtained by Landlord), plus less any consideration received from replacement tenants as further described and applied pursuant to Paragraph G, below, and (iii) any other amounts necessary to compensate Landlord for all other reasonable costs and expenses incurred damages proximately caused by Tenant’s failure to perform its obligations under this Lease, including all Costs of Reletting (as defined in Paragraph G below). Tenant shall pay any such amounts to Landlord as the same accrue or after the same have accrued from time to dispossess time upon demand. At any time after terminating Tenant.
(b) ’s right to possession as provided herein, Landlord may terminate this Lease as provided in clause (1) above by notice to Tenant and declare 100% of all Rent may pursue such other remedies as may be available to be paid pursuant to Landlord under this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the PremisesLaw.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 2 contracts
Sources: Office Lease (Chimerix Inc), Office Lease (Chimerix Inc)
Remedies. Upon In the occurrence event of any default by Tenant, Landlord shall have the following remedies, in addition to all other rights and remedies provided by any law or otherwise provided in this Lease, to which Landlord may resort cumulatively or in the alternative:
a. Landlord may, at Landlord’s election, keep this Lease in effect and enforce by an action at law or in equity all of its rights and remedies under this Lease, including (i) the right to recover the Rent and other sums as they become due by appropriate legal action, (ii) the right to make payments required of Tenant or perform Tenant’s obligations and be reimbursed by Tenant for the cost thereof, (iii) the remedies of injunctive relief and specific performance to compel Tenant to perform its obligations under this Lease, and (iv) the right to recover the Rent as it becomes due under this Lease. Landlord shall have the following remedy: Landlord may continue this Lease in effect after Tenant’s breach and abandonment and recover rent as is becomes due, if Tenant has the right to sublet or assign, subject only to reasonable limitations.
b. Landlord may, at Landlord’s election, terminate this Lease by giving Tenant written notice of termination, in which event of default this Lease shall terminate on the date set forth for termination in Section 8.1such notice. Any such termination shall not relieve Tenant from its obligation to pay sums then due Landlord or from any claim against Tenant for damages or Rent previously accrued or then accruing. In the event Landlord terminates this Lease, Landlord shall be entitled entitled, at Landlord’s election, to damages in an amount as permitted under applicable law, including, without limitation: (i) the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as worth at the time of award of the date of dispossession, plus all other reasonable costs and expenses incurred amount by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all which the unpaid Rent to be paid pursuant to this Lease for the remainder balance of the Term to term after the time of award exceeds the amount of such rental loss that Tenant proves could be immediately due and payablereasonably avoided, and thereupon computed by discounting such amount shall be accelerated and Landlord shall be entitled to recover at the net present value thereof employing an assumed discount rate of 2% per annum the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%); and (ii) any other amount necessary to compensate Landlord for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for all detriment proximately caused by Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost failure to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with perform Tenant’s obligations under this Lease, and or which in the ordinary course of things would be likely to result therefrom. Exercise by Landlord of any remedies hereunder or otherwise available shall not be liable for any damages resulting deemed to Tenant from such action.
(e) If be an acceptance of surrender of the Premises or a termination of this Lease is terminated in accordance with by Landlord, it being understood that such surrender and/or termination can be effected only by the express written agreement by Landlord. Landlord shall have the right at all times to enforce the provisions of this Section, then Lease in strict accordance with the terms hereof; and the failure of Landlord agrees make good faith and commercially reasonable efforts at any time to mitigate enforce its damages which efforts rights under this Lease strictly in accordance with same shall include efforts to re-let the Property. The above remedies shall not be cumulative construed as having modified this Lease and shall not preclude Landlord from pursuing any other remedies permitted by law. be deemed a waiver of Landlord’s election not right to enforce one or more of its rights in connection with any subsequent default by Tenant. A receipt by Landlord of Rent or other payment with knowledge of the remedies upon an event breach of default any covenant hereof shall not constitute be deemed a waiverwaiver of such breach, and no waiver by Landlord of any provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Landlord. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise To the greatest extent permitted by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution Tenant waives all right of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)redemption.
Appears in 2 contracts
Sources: Lease (Protagonist Therapeutics, Inc), Lease (Protagonist Therapeutics, Inc)
Remedies. Upon the occurrence If an Event of Default shall have occurred and be continuing past any event of default set forth in Section 8.1applicable grace period, Landlord shall be entitled have the right, at its election, then or at any time thereafter, to pursue any one or more of the following remedies, in addition to any and all remedies which may be permitted by law or by other provisions of this Lease, without further notice or demand, except as hereinafter provided:
(a) Without any notice or demand whatsoever, Landlord may terminate take any one or more actions permissible at law to ensure performance by Tenant of Tenant’s covenants and obligations under this Lease. In this regard, dispossess it is agreed that if Tenant abandons or vacates the Leased Premises, Landlord may enter upon and recover as damages take possession of such Leased Premises in order to protect it from deterioration and continue to demand from Tenant all Rent that is due the monthly rentals and other charges provided in this Lease. Landlord shall use reasonable efforts to relet but unpaid shall have no absolute obligation to relet. If Landlord does, at its sole discretion, elect to relet the Leased Premises, such action by Landlord shall not be deemed as an acceptance of Tenant’s surrender of the date Leased Premises unless Landlord expressly notifies Tenant of dispossession, plus all other reasonable costs and expenses incurred by Landlord such acceptance in writing pursuant to dispossess Tenant.
subsection (b) Landlord may terminate of this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payableSection 15.2, and thereupon such amount shall be accelerated and Tenant hereby acknowledging that Landlord shall otherwise be entitled reletting as Tenant’s agent. It is further agreed in this regard that in the event of any Event of Default described in Section 15.1, Landlord shall have the right to recover enter upon the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Leased Premises and do whatever Tenant is obligated to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable do under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall agrees to reimburse Landlord on demand for any reasonable expenses that which Landlord may incur in thus effecting compliance with Tenant’s obligations under this Lease, and further agrees that Landlord shall not be liable for any damages resulting to the Tenant from such actionaction provided that Landlord is not negligent.
(eb) If Landlord may terminate this Lease is terminated by written notice to Tenant, in accordance with which event Tenant shall immediately surrender the provisions Leased Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which Landlord may have for possession or arrearage in Rent (including any interest at the Overdue Rate which may have accrued thereon), enter upon and take possession of the Leased Premises, expel or remove Tenant and any other person who may be occupying the Leased Premises or any part thereof, and, at Landlord’s option, relet or operate the Leased Premises. In addition, Tenant agrees to pay to Landlord on demand the amount of all loss and damage which Landlord may suffer by reason of any termination effected pursuant to this Sectionsubsection (b).
(c) The rights and remedies of Landlord hereunder are cumulative, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let pursuit of any of the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing pursuit of any other of the above remedies, any other remedies permitted prescribed in other sections of this Lease, or any other remedies provided by lawlaw or equity. Landlord’s election not Forbearance by Landlord to enforce one or more of the remedies herein provided upon an event Event of default Default shall not be deemed or construed to constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution waiver of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)such Event of Default.
Appears in 2 contracts
Sources: Lease Agreement (Biomimetic Therapeutics, Inc.), Lease Agreement (Biomimetic Therapeutics, Inc.)
Remedies. Upon the occurrence of any event an Event of default set forth in Section 8.1Default, Landlord shall be entitled to have the following rights and remedies:
(a) Landlord may The right to terminate this LeaseLease upon written notice to Tenant, dispossess in which event Tenant and recover as damages from Tenant all Rent that is due but unpaid as shall immediately surrender possession of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess TenantPremises in accordance with Article 20.
(b) Landlord may terminate this Lease and declare 100% The right to bring a summary action for possession of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(dc) After The rights and remedies described in California Civil Code Section 1951.2, including without limitation the provision right to recover from Tenant all Rent due through the date this Lease terminates (with interest at the Interest Rate until paid), plus the present worth of notice and summary proceedings if required the Rent payable hereunder for the balance of the Term, plus any amount necessary to compensate Landlord for the detriment proximately caused by law Landlord may enter Tenant’s failure to perform its obligations under this Lease or which in the Premises and take ordinary course of things would be likely to result therefrom which includes, without limitation, (i) the unamortized portion of any actions required of Tenant under brokerage or real estate agent’s commissions paid in connection with the terms execution of this Lease, (ii) any direct costs or expenses incurred by Landlord in recovering possession of the Premises, maintaining or preserving the Premises after such default, (iii) preparing the Premises for reletting to a new tenant, (iv) any repairs or alterations to the Premises for such reletting, (v) leasing commissions, architect’s fees and any other costs necessary or appropriate either to relet the Premises or, if reasonably necessary in order to relet the Premises, to adapt them to another beneficial use by Landlord and (vi) such amounts in addition to or in lieu of the foregoing as may be permitted from time to time by Applicable Law to the extent that such payment would not result in a duplicative recovery.
(d) The rights and remedies described in California Civil Code Section 1951.4 which allow Landlord to continue this Lease in effect and to enforce all of Landlord’s rights and remedies under this Lease, including the right to recover Base Rent, Additional Rent and other charges payable hereunder as they become due. Acts of maintenance or preservation, efforts to relet the Premises or the appointment of a receiver upon Landlord’s initiative to protect its interest under this Lease shall not constitute a termination of Tenant’s right to possession.
(e) The right and power, as attorney-in-fact for Tenant, to sublet the Premises, to collect rents from all subtenants and to provide or arrange for the provision of all services and fulfill all obligations of Tenant under any permitted subleases. Landlord is hereby authorized on behalf of Tenant, but shall have absolutely no obligation, to provide such services and fulfill such obligations and to incur all such expenses and costs as Landlord deems necessary. Landlord is hereby authorized, but not obligated, to relet the Premises or any part thereof on behalf of Tenant, to incur such expenses as may be necessary to effect a relet and make said relet for such term or terms, upon such conditions and at such rental as Landlord in its reasonable discretion may deem proper. Tenant shall reimburse be liable immediately to Landlord on demand for all costs and expenses Landlord incurs in reletting the Premises including, without limitation, brokers’ commissions, expenses of remodeling the Premises required by the reletting, and the cost of collecting rents and fulfilling the obligations of Tenant to any expenses subtenant. If Landlord relets the Premises or any portion thereof, such reletting shall not relieve Tenant of any obligation hereunder, except that Landlord may incur shall apply the rent or other proceeds actually collected by it as a result of such reletting against any amounts due from Tenant hereunder to the extent that such rent or other proceeds compensate Landlord for the nonperformance of any obligation of Tenant hereunder. Such payments by Tenant shall be due at such times as are provided elsewhere in effecting compliance with Tenant’s obligations under this Lease, and Landlord need not wait until the termination of this Lease, by expiration of the Term or otherwise, to recover them by legal action or in any other manner. Landlord may execute any sublease made pursuant to this Section in its own name, and the tenant thereunder shall be under no obligation to see to the application by Landlord of any rent or other proceeds, nor shall Tenant have any right to collect any such rent or other proceeds. Landlord shall not by any reentry or other act be liable for deemed to have accepted any damages resulting surrender by Tenant of the Premises or Tenant’s interest therein, or be deemed to have otherwise terminated this Lease, or to have relieved Tenant from such actionof any obligation hereunder, unless Landlord shall have given Tenant express written notice of Landlord’s election to do so as set forth herein.
(ef) The right to enjoin, and any other remedy or right now or hereafter available to a Landlord against a defaulting tenant under the laws of the State of California or the equitable powers of its courts, and not otherwise specifically reserved herein.
(g) If this Lease is terminated in accordance with provides for a postponement of deferral of any Rent, or for commencement of payment of Rent to a date later than the provisions Commencement Date, or for a period of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing “free” Rent or any other remedies permitted by law. Landlord’s election not Rent concession (collectively, “Abated Rent”), the right upon an Event of Default to enforce one or more demand immediate payment of the remedies upon an event value of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Abated Rent.
Appears in 2 contracts
Sources: Lease (Silicon Graphics Inc), Lease Agreement (Google Inc.)
Remedies. Upon the occurrence of any event Default, Landlord may, immediately or at any time thereafter, elect to terminate this Lease by notice of default set forth in Section 8.1termination, by entry, or by any other means available under law and may recover possession of the Premises as provided herein. Upon termination by notice, by entry, or by any other means available under law, Landlord shall be entitled to immediately, in the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as case of the date of dispossession, plus all other reasonable costs and expenses incurred termination by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payablenotice or entry, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated otherwise in accordance with the provisions of law to recover possession of the Premises from Tenant and those claiming through or under the Tenant. Such termination of this SectionLease and repossession of the Premises shall be without prejudice to any remedies which Landlord might otherwise have for arrears of rent or for a prior breach of the provisions of this Lease. Tenant waives any statutory notice to quit and equitable rights in the nature of further cure or redemption, then and Tenant agrees that upon Landlord’s termination of this Lease Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts be entitled to re-let entry and possession in accordance with the Propertyterms hereof. The above remedies Landlord may, without notice, store Tenant’s personal property (and those of any person claiming under Tenant) at the expense and risk of Tenant or, if Landlord so elects, Landlord may sell such personal property at public auction or auctions or at private sale or sales after thirty (30) days’ notice to Tenant and apply the net proceeds to the earliest of installments of rent or other charges owing Landlord. Tenant agrees that a notice by Landlord alleging any default shall, at Landlord’s option (the exercise of such option shall be cumulative and indicated by the inclusion of the words “notice to quit” in such notice), constitute a statutory notice to quit. If Landlord exercises its option to designate a notice of default hereunder as a statutory notice to quit, any grace periods provided for herein shall run concurrently with any statutory notice periods. Tenant further agrees that it shall not preclude Landlord from pursuing interpose any other remedies permitted by law. Landlord’s election not counterclaim or set-off in any summary proceeding or in any action based in whole or in part on non-payment of Rent, unless Tenant would have no right to enforce one or more commence an independent proceeding to seek to recover on account of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)such claim.
Appears in 2 contracts
Sources: Office Lease Agreement (Atea Pharmaceuticals, Inc.), Office Lease Agreement (resTORbio, Inc.)
Remedies. Upon On the occurrence of any event of default by Tenant, after exhausting the dispute resolution provision set forth in Section 8.114.6 of the Contract Research Agreement, Landlord shall be entitled to may, at any time thereafter, with or without notice or demand and without limiting Landlord in the exercise of any other right or remedy, pursue any one or more of the following remedies:
(a) Landlord may terminate Terminate this LeaseLease by giving Tenant notice of termination, dispossess in which event Tenant shall immediately quit and recover as damages from Tenant all Rent that is due but unpaid as vacate the Premises and deliver and surrender possession of the date of dispossessionPremises to Landlord, plus all other reasonable costs and expenses incurred this Lease shall be terminated at the time designated by Landlord in its notice of termination to dispossess Tenant.; or
(b) With or without terminating this Lease, Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled bring an action against Tenant to recover the net present value thereof employing an assumed discount rate from Tenant all damages suffered, incurred or sustained by Landlord (including without limitation court costs and reasonable attorneys’ fees actually incurred) as a result of, by reason of 2% per annum for purposes or in connection with such default, and/or to obtain specific performance of present value computation;Tenant’s obligations under this Lease; or
(c) Landlord may elect do whatever Tenant is obligated to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant do under the terms of this Lease, and in which event Tenant shall reimburse Landlord on demand for any expenses that expenses, including, without limitation, reasonable attorneys’ fees actually incurred, which Landlord may reasonably incur in thus effecting satisfaction and performance of or compliance with Tenant’s duties and obligations under this Lease; or [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, and Landlord shall not be liable for any damages resulting to Tenant from such actionMARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24B-2 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
(ed) If Maintain Tenant’s right to possession, in which case this Lease is terminated shall continue in accordance with effect whether or not Tenant has abandoned the provisions Premises. In such event, Landlord shall be entitled to enforce all of Landlord’s rights and remedies under this Lease, at law or in equity. No action taken by or on behalf of Landlord shall be construed to be an acceptance of a surrender of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)Lease.
Appears in 2 contracts
Sources: Contract Research Agreement, Contract Research Agreement (Exelixis Inc)
Remedies. Upon Any termination of this Lease as herein provided shall not relieve Lessee from the occurrence payment of any event of default set forth in Section 8.1, Landlord sum or sums that shall then be entitled to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount or thereafter become due and payable under to Lessor hereunder or any claim for damages then, theretofore or thereafter accruing against Lessee hereunder, and any such termination shall not prevent Lessor from enforcing the terms payment of any such sum or sums or claim for damages by any remedy provided by law, or from recovering damages from Lessee for any default hereunder. All rights, options and remedies of Lessor contained in this Lease shall be construed and held to be cumulative and not exclusive, and Lessor shall have the right to pursue any one of all of such remedies or any other remedy which may be provided by law, whether or not stated in this Lease. No waiver by Lessor of any breach of any of the covenants or conditions of this LeaseLease by Lessee shall constitute a waiver of any succeeding or proceeding breach of the same or any other covenant or condition herein contained. The receipt by Lessor of any Rental Payment with knowledge of the breach of any covenant or condition of this Lease shall not be deemed a waiver of such breach, and no waiver by Lessor of any covenant, condition or provision of this Lease shall be deemed to have been made unless expressed in writing and signed by Lessor. Lessee shall pay to Lessor all expenses which Lessor may incur, whether for attorneys’ fees; providedbrokerage, however, that Tenant work upon the provisions of this Lease or the preparation of the premises for re-renting (but Lessor shall not, in such circumstances, not be responsible for any cost obligated to retrofit or alter re-rent the Premises.
(d) After ). On the provision expiration or sooner termination of notice the Lease Term, or upon any entry or re-entry by Lessor upon the Demised Premises pursuant to the provisions of this Lease or any applicable governmental requirements, Lessee shall surrender and summary proceedings if required deliver up the Demised Premises to the Lessor in good order, condition and repair, reasonable wear and tear excepted. In the event of termination of the Lease Term prior to the expiration date of the initial Lease Term or upon any entry or re-entry by law Landlord may enter Lessor upon the Demised Premises pursuant to the provisions of this Lease or any applicable governmental requirements prior to the expiration of the initial Lease Term, Lessee shall, at Lessee's cost and take expense, remove all its fixtures, furniture, equipment and other personal property from the Demised Premises. In the event of a termination or expiration of the Lease Term or any actions required extension thereof of, or upon any entry or re-entry by Lessor upon the Demised Premises after the expiration of Tenant under the terms initial Lease Term pursuant to the provisions of this Lease, and Tenant the Lessee shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Leasebe obligated to remove its fixtures, furniture, and Landlord equipment and other personal property from the Demised Premises. Any personal property of Lessee which shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with remain on the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let Demised Premises after the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one expiration or more sooner termination of the remedies upon an event Lease Term may, at the option of default shall not constitute a waiver. HoweverLessor, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law have been abandoned by and either may be retained by Lessor as its property or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”)be disposes of in such manner as Lessor may see fit.
Appears in 2 contracts
Sources: Ground Lease, Ground Lease
Remedies. Upon the occurrence of any event of default set forth in Section 8.1Default, Landlord shall be entitled to have the following rights and remedies, in addition to those stated elsewhere in this Lease and those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a) Landlord may terminate this Leaselawfully re-enter the Leased Premises and cure any Default of Tenant, dispossess and Tenant and recover shall reimburse Landlord as damages from Tenant all Additional Rent that is due but unpaid as of the date of dispossessionfor any actual, plus all other reasonable costs and expenses incurred that Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage that Tenant may sustain by Landlord to dispossess Tenantreason of Landlord’s action.
(b) Landlord may terminate this Lease and declare 100% by giving Tenant notice of all Rent to be paid pursuant to termination, in which event this Lease shall expire and terminate on the date specified in such notice of termination and all rights of Tenant under this Lease and in and to the Leased Premises shall terminate. Tenant shall remain liable for all obligations under this Lease arising up to the date of such termination, and Tenant shall surrender the Leased Premises to Landlord on the date specified in such notice. Furthermore, Tenant shall be liable to Landlord for the remainder unamortized balance of any leasehold improvement allowance and the unamortized balance of any brokerage fees paid in connection with the Lease.
(c) Without terminating this Lease, Landlord may terminate Tenant’s right to possession of the Term to be immediately due and payableLeased Premises, and thereupon such amount shall be accelerated and Landlord thereafter, neither Tenant nor any person claiming under or through Tenant shall be entitled to recover possession of the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Leased Premises. In such event, Tenant shall immediately surrender the Leased Premises to Landlord, and Landlord may elect to repossess lawfully re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to relet any other remedy that Landlord may have. Upon termination of possession, Landlord may re-let all or any part thereof as the Premises agent of Tenant for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting a term different from that which would otherwise have constituted the balance of the Lease Term and for any rent and on terms and conditions different from those contained herein, whereupon Tenant shall be immediately obligated to pay to Landlord an amount equal to (i) the difference between the amount rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term had this Lease not been terminated (said period being referred to herein as the “Remaining Term”), (ii) the actual costs of recovering possession of the Leased Premises and all other expenses, loss or damage incurred by Landlord by reason of Tenant’s Default (“Default Damages”), which shall include, without limitation, expenses of preparing the Leased Premises for re-letting, brokers’ commissions and reasonable attorneys’ fees, and (iii) all unpaid Minimum Annual Rent received from such reletting and Additional Rent that accrued prior to the amount date of termination of possession, plus any interest and late fees due and payable under hereunder (the terms “Prior Obligations”). Neither the filing of this any dispossessory proceeding nor an eviction of personalty in the Leased Premises shall be deemed to terminate the Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises terminate this Lease and take any actions required of recover from Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that all damages Landlord may incur in effecting compliance with by reason of Tenant’s obligations under this Leasedefault, including, without limitation, an amount which, at the date of such termination is equal to the sum of the following: (i) the value of the excess, if any, discounted at the prime rate of interest (as reported in the Wall Street Journal), of (A) the Minimum Annual Rent, Additional Rent and all other sums that would have been payable hereunder by Tenant for the Remaining Term, less (B) the aggregate reasonable rental value of the Leased Premises for the Remaining Term, as determined by a real estate broker licensed in the State of North Carolina who has at least ten (10) years of experience, (ii) all of Landlord’s Default Damages, and (iii) all Prior Obligations. Landlord and Tenant acknowledge and agree that the payment of the amount set forth in clause (i) above shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute deemed a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of whichpenalty, but for the Legal Compliance Clarificationshall merely constitute payment of liquidated damages, would or might be deemed contrary it being understood that actual damages to Federal law or Federal regulations or enforcement positions by the Federal government or any agencyLandlord are extremely difficult, arm or authority thereof if not impossible, to ascertain. It is expressly agreed and understood that all of Tenant’s liabilities and obligations set forth in this subsection (“Federal Issues”)d) shall survive termination.
Appears in 2 contracts
Sources: Office Lease (MaxPoint Interactive, Inc.), Office Lease (MaxPoint Interactive, Inc.)
Remedies. Upon Landlord shall have the occurrence following remedies upon an Event of Default by Tenant. These remedies are not exclusive; they are cumulative and in addition to any event of default set forth in Section 8.1, and all other remedies now or later allowed by applicable Law:
(i) Landlord shall be entitled to the following remedies:
(a) continue this Lease in full force and effect, and this Lease will continue in effect as long as Landlord may does not terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled have the right to recover collect all Rent under this Lease when due. During the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s accountperiod Tenant is in default, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take relet the Premises, or any actions part thereof, to third parties for Tenant’s account. Tenant shall be liable immediately to Landlord for all costs Landlord incurs in reletting the Premises, including, without limitation, attorneys’ fees, brokers’ commissions, expenses of remodeling the Premises required of Tenant under by the terms reletting, and like costs. The reletting may be for a period shorter or longer than the remaining Term of this Lease, and . Tenant shall reimburse pay to Landlord all Rent due under this Lease on demand for the dates the Rent is due, less the Rent Landlord receives from any expenses reletting. No act by Landlord allowed by this subsection shall terminate this Lease, unless Landlord notifies Tenant in writing that Landlord elects to terminate this Lease.
(ii) Landlord may incur in effecting compliance with terminate Tenant’s right to possession of the Premises at any time. No act by Landlord other than giving notice thereof to Tenant in writing shall terminate this Lease. Acts of maintenance, efforts to relet the Premises, or the appointment of a receiver on Landlord’s initiative to protect Landlord’s interest under this Lease shall not constitute a termination of Tenant’s right to possession. On termination, Landlord has the right to recover from Tenant:
(A) The worth, at the time of the award, of the unpaid Rent which had been earned at the time of termination of this Lease; plus
(B) The worth, at the time of the award, of the amount by which the unpaid Rent that would have been earned after the date of termination of this Lease until the time of award exceeds the amount of the loss of Rent that Tenant proves could have been reasonably avoided; plus
(C) The worth, at the time of the award, of the amount by which the unpaid Rent for the balance of the Term after the time of reward exceeds the amount of the loss of Rent that Tenant proves could have been reasonably avoided; plus
(D) Any other amount necessary to compensate Landlord for all detriment proximately caused by Tenant’s failure to perform its obligations under this Lease, or which in the ordinary course of events would be likely to result there from, including, without limitation, costs of recovering and Landlord shall not be liable for any damages resulting to Tenant from such action.reletting the Premises, and attorneys’ fees and costs incurred in connection therewith; plus
(eE) If this Lease Any other amounts in addition to or in lieu of the foregoing as may be allowed by applicable Law. “The worth, at the time of the award,” as used in subsections (A) and (B) is terminated in accordance with to be computed by allowing interest at ten percent (10%) per annum or the provisions of this Section, maximum rate then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted allowable by law. Landlord’s election not to enforce one or more “The worth, at the time of the remedies upon an event award,” as referred to in subsection (C) of default shall not constitute a waiver. Howeverthis paragraph, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise is to be computed by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, discounting the ownership, possession, use, sale or distribution amount of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by discount rate of the Federal government or any agencyReserve Bank of San Francisco at the time of the award, arm or authority thereof plus one percent (“Federal Issues”1%).
Appears in 2 contracts
Sources: Office Lease (Equillium, Inc.), Office Lease (Equillium, Inc.)
Remedies. Upon (a) In the occurrence event of a violation of any representation, warranty, covenant or other provision of this Conservation Right, in addition to any remedies now or hereafter provided by law Grantee may, following reasonable notice to Grantor, institute a suit for injunctive relief, specific performance or damages, or any combination thereof, enter the Premises to correct any such violation, and hold Grantor and Grantor's successors, heirs and assigns in title responsible for the cost thereof, or expend such sums as may be necessary to satisfy any lien prohibited hereunder or to pay and discharge any delinquent taxes or assessments, or to redeem from any tax sale, and all funds so paid or expended by Grantee shall, until repaid, constitute a lien on the Premises. Without limiting the generality of the foregoing, in the event of default set forth in Section 8.1that Grantor fails to perform its obligation to maintain the Premises or the Protected Elements, Landlord Grantee shall be entitled to damages in the following remedies:
(a) Landlord may terminate this Leaseamount estimated by an architect licensed in the State of Illinois as selected by Grantee as the cost of restoring or repairing the Premises. In the event Grantor is adjudicated to have violated any of Grantor's obligations herein, dispossess Tenant Grantor shall reimburse Grantee for any costs or expenses incurred in connection with the enforcement of its rights, including court costs, attorneys' fees, and recover as damages from Tenant all Rent that is due but unpaid as fees of any consultants retained by Grantee. The exercise by Grantee of one remedy hereunder shall not have the date effect of dispossessionwaiving any other remedy and the failure to exercise any remedy shall not have the effect of waiving the use of such remedy at any other time. All damages, plus all other reasonable costs costs, and expenses incurred awarded to Grantee hereunder shall constitute a lien against the Premises until repaid by Landlord Grantor. Grantee shall have the right, but not the obligation, to dispossess Tenantrecord a notice of any lien which Grantee may claim to have against the Premises.
(b) Landlord may terminate Grantor's sole remedy in the event of a failure by Grantee to perform any of its covenants herein contained shall be, if such failure shall continue for ten (10) days after written notice thereof to Grantee, to institute a suit for injunctive relief or specific performance. Grantor hereby waives any claim for damages resulting from such failure, and expressly acknowledges that any such failure by Grantee shall in no way affect the validity of this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder Conservation Right or any of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisesother covenants contained herein.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 2 contracts
Sources: Conservation Easement, Conservation Easement
Remedies. Upon the occurrence of any event Default and after the expiration of default set forth all notice and cure periods as stipulated in Section 8.113.01 of the Lease, Landlord shall be entitled to have the following rights and remedies, in addition to those stated elsewhere in this Lease and those allowed by law or in equity, any one or more of which may be exercised without further notice to Tenant:
(a) Landlord may terminate this Leaselawfully re-enter the Leased Premises and cure any Default of Tenant, dispossess and Tenant and recover shall reimburse Landlord as damages from Tenant all Additional Rent that is due but unpaid as of the date of dispossession, plus all other for any reasonable costs and expenses incurred which Landlord thereby incurs; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord's action, unless Landlord to dispossess Tenantwas grossly negligent or engaged in willful misconduct.
(b) Without terminating this Lease, Landlord may terminate Tenant's right to possession of the Leased Premises, and thereafter, neither Tenant nor any person claiming under or through Tenant shall be entitled to possession of the Leased Premises, and Tenant shall immediately surrender the Leased Premises to Landlord, and Landlord may re-enter the Leased Premises and dispossess Tenant and any other occupants of the Leased Premises by any lawful means and may remove their effects, without prejudice to any other remedy that Landlord may have. Upon termination of possession, Landlord may (i) re-let all or any part thereof for a term different from that which would otherwise have constituted the balance of the Lease Term and for rent and on terms and conditions different from those contained herein (in Landlord's reasonable discretion), whereupon Tenant shall be immediately obligated to pay to Landlord an amount equal to the present value (discounted at the Prime Rate) of the difference between the rent provided for herein and that provided for in any lease covering a subsequent re-letting of the Leased Premises, for the period which would otherwise have constituted the balance of the Lease Term (the "Accelerated Rent Difference"), or (ii) without re-letting, declare the present value (discounted at the Prime Rate) of all rent which would have been due under this Lease for the balance of the Lease Term less the present value (discounted at the Prime Rate) of the net amount of such rent for the balance of the Lease Term which Landlord reasonably demonstrates could be recovered by Landlord from re-letting the Leased Premises under then current and reasonably anticipated market conditions for the remainder of the Lease Term to be immediately due and payable as liquidated damages (the "Accelerated Rent"). Upon termination of possession, Tenant shall be obligated to pay to Landlord (A) the Accelerated Rent Difference or the Accelerated Rent, whichever is applicable, less any excused rent payments that Tenant has made under Section 3.02, (B) all loss or damage that Landlord may sustain by reason of Tenant's Default ("Default Damages"), which shall include, without limitation, reasonable expenses of preparing the Leased Premises for re-letting, demolition, repairs, tenant finish improvements, brokers' commissions and attorneys' fees, and (C) all unpaid Minimum Annual Rent and Additional Rent that accrued prior to the date of termination of possession, plus any interest and late fees due hereunder (the "Prior Obligations").
(c) Landlord may terminate this Lease and declare 100% of all the Accelerated Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount whereupon Tenant shall be accelerated obligated to pay to Landlord (i) the Accelerated Rent, (ii) all of Landlord's Default Damages, and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate (iii) all Prior Obligations. It is expressly agreed and understood that all of 2% per annum for purposes of present value computation;
Tenant's liabilities and obligations set forth in this subsection (c) Landlord may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premisessurvive termination.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses acknowledge and agree that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord the payment of the Accelerated Rent Difference or the Accelerated Rent as set above shall not be liable for any deemed a penalty, but merely shall constitute payment of liquidated damages, it being understood that actual damages resulting to Tenant from such actionLandlord are extremely difficult, if not impossible, to ascertain. Neither the filing of a dispossessory proceeding nor an eviction of personalty in the Leased Premises shall be deemed to terminate the Lease.
(e) Landlord may ▇▇▇ for injunctive relief or to recover damages for any loss resulting from the Default.
(f) If Landlord has terminated this Lease is terminated in accordance with the provisions of this Sectionor Tenant's right to possession, then Landlord agrees make good faith and to use commercially reasonable efforts to mitigate its damages which efforts damages. Landlord shall include be required only to use reasonable efforts to re-let the Property. The above remedies shall be cumulative and mitigate, which shall not preclude exceed such efforts as Landlord from pursuing generally uses to lease other space in buildings owned by Landlord. Landlord will not be deemed to have failed to mitigate if Landlord leases any other remedies permitted by law. Landlord’s election not to enforce one space before reletting all or more any portion of the remedies upon an event of default Leased Premises. Landlord shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by have failed to mitigate if it incurs Default Damages. Tenant shall bear the Federal government or any agency, arm or authority thereof (“Federal Issues”)burden of proof that Landlord failed to mitigate.
Appears in 2 contracts
Sources: Office Lease (Tekelec), Office Lease (Tekelec)
Remedies. Upon If any Event of Default occurs, Landlord may at any time after such occurrence, with or without notice or demand except as stated in this paragraph 5.2, and without limiting Landlord in the occurrence exercise of any event of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
(a) right or remedy at law which Landlord may terminate have by reason of such Event of Default, exercise the rights and remedies, either singularly or in combination, as are specified or described in the subparagraphs of this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenantparagraph 5.2.
(b) 5.2.1 Landlord may terminate this Lease and declare 100% all rights of all Rent to be paid pursuant to Tenant under this Lease for either immediately or at some later date by giving Tenant written notice that this Lease is terminated. If Landlord so terminates this Lease, then Landlord may recover from Tenant the remainder sum of:
(a) the unpaid Base Rent, Additional Rent and all other sums payable under this Lease which have been earned at the time of termination;
(b) interest at the Term to be immediately due Default Rate on the unpaid Base Rent, Additional Rent and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover all other sums payable under this Lease which have been earned at the net present value thereof employing an assumed discount rate time of 2% per annum for purposes of present value computation;termination; plus
(c) Landlord may elect to repossess the Premises amount by which the unpaid Base Rent, Additional Rent and to relet all other sums payable under this Lease which would have been earned after termination until the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between time of award exceeds the amount of Rent received from such reletting rental loss, if any, as Tenant affirmatively proves could have been reasonably avoided and interest on such excess at the amount due and payable under the terms of this LeaseDefault Rate; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.plus
(d) After any other reasonable amount necessary to compensate Landlord for the provision of notice and summary proceedings if required detriment proximately caused by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s failure to perform Tenant’s obligations under this Lease, including, leasing commissions, tenant improvement costs, renovation costs and advertising costs.
5.2.2 Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If also have the right, with or without terminating this Lease is terminated in accordance with the provisions of this SectionLease, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let enter the Property. The above remedies shall be cumulative Premises pursuant to applicable law and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more take possession of the remedies upon an event of default shall not constitute Premises and evict Tenant therefrom and remove all persons and property from the Premises. Landlord may cause property so removed from the Premises to be stored in a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes public warehouse or elsewhere at the expense and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarificationaccount of Tenant.
5.2.3 Landlord shall also have the right, would without terminating this Lease, to accelerate and recover from Tenant the sum of all unpaid Base Rent, Additional Rent and all other sums payable under the then remaining Lease Term, discounting such amount to present value at the Prime Rate.
5.2.4 If Tenant vacates, abandons or might be deemed contrary surrenders the Premises without continuing to Federal law pay Base Rent and/or Additional Rent, or Federal regulations or enforcement positions by if Landlord re-enters the Federal government or any agency, arm or authority thereof (“Federal Issues”).Premises as provided in
Appears in 2 contracts
Sources: Deed of Lease (Opower, Inc.), Deed of Lease (Opower, Inc.)
Remedies. Upon the occurrence Lender shall give notice to Grantor upon Grantor’s breach of any event covenant or agreement in this Security Instrument. The notice shall specify: (a) the default; (b) the action required to cure the default; and (c) a date, not less than 30 days from the date the notice is given to Grantor, by which the default must be cured. The notice shall further inform Grantor of the right to reinstate after default set forth in Section 8.1and the right to bring the non-existence of a default or any other defense of Grantor. As to any default by Borrower other than its failure to deliver the Minimum Supply of Product to Lender under the Secured Obligation, Landlord Lender shall be entitled to the following remedies:
remedies provided for in the other paragraphs of this Mortgage. As to a default by Borrower in its obligation to deliver the Minimum Supply of Product to Lender under the Secured Obligation, if such default is not cured on or before the date specified in the notice, Lender is hereby granted an easement and license to enter on and occupy that portion of the Land as is reasonably required, for a period of time not to exceed twelve (a12) Landlord may terminate this Lease, dispossess Tenant and recover as damages months from Tenant all Rent that is due but unpaid as of the date of dispossessionsuch default, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid pursuant to this Lease for the remainder sole purpose of removing the Term to be immediately due Secured Sand from the Land, in accordance with all laws and payableregulations and by use of a commercially reasonable method. In such event, and thereupon such amount Lender shall be accelerated and Landlord shall also be entitled to recover entry of a money judgment against Borrower for collect its reasonable expenses in removing the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(c) Landlord may elect to repossess Secured Sand from the Premises Land and to relet the Premises for Tenant’s account, holding Tenant liable in damages for its all expenses incurred in any such reletting pursuing the remedies provided in this Section 10, including, but not limited to, Reasonable Attorneys’ Fees and costs of title evidence incurred therewith, if any. The remedy described in this paragraph shall be Lender’s sole and exclusive remedy under this Security Instrument for any difference between Borrower’s default is its failure to deliver the amount Minimum Supply of Rent received from such reletting and the amount due and payable Product to Lender under the terms of Secured Obligation. In no event may Lender foreclose this Lease; providedMortgage as provided in Chapter 846, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
(e) If this Lease is terminated in accordance with the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).Wis. Stats..
Appears in 2 contracts
Sources: Supply Agreement (Hi-Crush Partners LP), Supply Agreement (Hi-Crush Partners LP)
Remedies. Upon In the occurrence event of any event of default set forth in Section 8.1hereunder by Tenant, Landlord shall be entitled then without prejudice to the following remedies:
(a) Landlord may terminate this Lease, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all any other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease and declare 100% of all Rent to be paid rights which it has pursuant to this Lease or at law or in equity, the Landlord shall have the following rights and remedies, which shall be cumulative ind not alternative:
11.2.1 Landlord may cancel this Lease by notice to the Tenant and retake possession of the Premises for Landlord's account. Tenant shall then quit and surrender the Premises to Landlord. Tenant's liability under this section 11.2 of this Lease shall continue notwithstanding any expiration and surrender by Tenant, or any re-entry, repossession, or disposition hereunder by Landlord.
11.2.2 Landlord may enter the Premises as agent of the Tenant to take possession of any and all property of the Tenant on the Premises, to ================================================================================ Commercial Office Lease. The Grip Building page 18 of 28 pages store such property at the expense and risk of the Tenant or to sell or otherwise dispose of such property in such manner as the Landlord may see fit without notice to the Tenant. Re-entry and removal may be effectuated by summary dispossession proceedings, by any suitable action or proceeding, or otherwise. Landlord shall not be liable in any way in connection with its actions pursuant to this section, to the extent that its actions are in accordance with law.
11.2.3 If this Lease should be canceled pursuant to subsection 11.2.1 above, then Tenant shall remain liable (in addition to accrued liabilities) to the fullest extent legally permissible for all rent and all of the charges Tenant would have been required to pay until the date this Lease would have expired had such cancellation not occurred. Tenant's liability for rent shall continue notwithstanding re-entry or repossession of the Premises by Landlord. In addition to the foregoing, Tenant shall pay to Landlord such sums as the court which has jurisdiction thereover may adjudge as reasonable attorneys' fees with respect to any successful lawsuit or action instituted by Landlord to enforce the provisions of this Lease.
11.2.4 Landlord may relet all or any part of the Premises for all or any part of the unexpired portion of the Term of this Lease or for any longer period, and may accept any rent then attainable. Landlord may grant any concessions of Rent, and agree to paint or make any special repairs, alterations, and decorations for any new Tenant as it may deem advisable in its sole and absolute discretion. Landlord shall not be under any obligation either to relet or to attempt to relet the Premises.
11.2.5 If this Lease should be canceled in accordance with subsection 11.2.1 above, and Landlord should so elect, the Minimum Rent and Operating Costs hereunder shall be accelerated, and Tenant shall pay Landlord damages in the amount any and all sums which would have been due for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;Term.
(c) 11.2.6 Landlord may elect remedy or attempt to repossess remedy any default of the Premises Tenant under this Lease for the account of the Tenant and to relet enter upon the Premises for Tenant’s account, holding such purposes. Landlord need not provide Tenant liable in damages for all expenses incurred in with any notice of its intention to perform such reletting and for any difference between the amount of Rent received from such reletting and the amount due and payable under the terms of covenants unless expressly required by this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations under this Lease, and . The Landlord shall not be liable to the Tenant for any damages resulting loss or damage caused by acts of the Landlord in remedying or attempting to remedy such default, and the Tenant from such action.
(e) If this Lease is terminated in accordance with shall pay to the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property================================================================================ Commercial Office Lease. The above remedies Grip Building page 19 of 28 pages Landlord all expenses incurred by the Landlord in connection with remedying or attempting to remedy such default. Any expenses incurred by Landlord shall be cumulative and shall not preclude accrue interest from the date of payment by Landlord from pursuing any other remedies until the date of repayment by Tenant at the highest rate permitted by law. Landlord’s election not to enforce one or more of the remedies upon an event of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances that, the ownership, possession, use, sale or distribution of which, but for the Legal Compliance Clarification, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions by the Federal government or any agency, arm or authority thereof (“Federal Issues”).
Appears in 2 contracts
Sources: Commercial Office Lease (Interactive Technologies Com LTD), Commercial Office Lease (Interactive Technologies Com LTD)
Remedies. Upon the occurrence of a default, Lessor may, in its sole discretion, do any event or all of default set forth in Section 8.1, Landlord shall be entitled to the following remedies:
following: (a) Landlord may terminate this Leaseprovide written notice to Lessee of default, dispossess Tenant and recover as damages from Tenant all Rent that is due but unpaid as of the date of dispossession, plus all other reasonable costs and expenses incurred by Landlord to dispossess Tenant.
(b) Landlord may terminate this Lease as liquidated damages for loss of a bargain and not as a penalty, declare 100% of all Rent to be paid pursuant to this Lease for the remainder of the Term to be immediately due and payable, and thereupon such amount shall be accelerated and Landlord shall be entitled to recover the net present value thereof employing an assumed discount rate of 2% per annum for purposes of present value computation;
(ci) Landlord any and all amounts which may elect to repossess the Premises and to relet the Premises for Tenant’s account, holding Tenant liable in damages for all expenses incurred in any such reletting and for any difference between the amount of Rent received from such reletting and the amount be then due and payable under the terms of this Lease; provided, however, that Tenant shall not, in such circumstances, be responsible for any cost by Lessee to retrofit or alter the Premises.
(d) After the provision of notice and summary proceedings if required by law Landlord may enter the Premises and take any actions required of Tenant under the terms of this Lease, and Tenant shall reimburse Landlord on demand for any expenses that Landlord may incur in effecting compliance with Tenant’s obligations Lessor under this Lease, and Landlord shall not be liable for any damages resulting to Tenant from such action.
plus (eii) If this Lease is terminated in accordance with all Rent payments remaining through the provisions of this Section, then Landlord agrees make good faith and commercially reasonable efforts to mitigate its damages which efforts shall include efforts to re-let the Property. The above remedies shall be cumulative and shall not preclude Landlord from pursuing any other remedies permitted by law. Landlord’s election not to enforce one or more end of the remedies upon an event Lease Term, discounted at the higher of default shall not constitute a waiver. However, notwithstanding anything else herein, Landlord hereby expressly disclaims, relinquishes and rejects any Landlord’s lien that otherwise 3% or the lowest rate allowed by law, statute or contract might arise in or to any marijuana product and/or related products, chemicals or substances thatplus the Fair Market Value of the Equipment (collectively, the ownership“Net Book Value”). Lessor has the right to require Lessee to make the Equipment available to Lessor for repossession during reasonable business hours or Lessor may repossess the Equipment, possessionso long as Lessor does not breach the peace in doing so, useor Lessor may use legal process in compliance with applicable law pursuant to court order to have the Equipment repossessed. Lessee will not make any claims against Lessor or the Equipment for trespass, damage or any other reason. If Lessor takes possession of the Equipment Lessor may (a) sell or lease the Equipment at public or private sale or distribution of whichlease, but for and/or (b) exercise such other rights as may be allowed by applicable law. Although ▇▇▇▇▇▇ agrees that Lessor has no obligation to sell the Legal Compliance ClarificationEquipment, would or might be deemed contrary to Federal law or Federal regulations or enforcement positions if Lessor does sell the Equipment, Lessor will reduce the Net Book Value by the Federal government or amounts Lessor receives. Lessee will immediately pay Lessor the remaining Net Book Value. ▇▇▇▇▇▇ agrees (a) that ▇▇▇▇▇▇ only needs to give Lessee ten days’ advance notice of any agencysale and no notice of advertising, arm or authority thereof (“Federal Issues”)b) to pay all of the costs Lessor incurs to enforce Lessor’s rights against Lessee, including attorney’s fees, and (c) that Lessor will retain all of Lessor’s rights against Lessee even if Lessor does not choose to enforce them at the time of ▇▇▇▇▇▇’s default.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement