Common use of ACTS OF DEFAULT Clause in Contracts

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 24 contracts

Samples: Net Lease Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Net Lease Agreement (Aei Income & Growth Fund Xxi LTD Partnership), Net Lease Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)

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ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) 1. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, if Lessee shall have fail to make payment within five (5) business days after notice to Lessee that Rent has not been paid. Lessee shall be granted five days after written notice from Lessor within which to cure the such failure to pay the Rent or any other monetary obligation herein reserved. (B) 2. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 90 days after written notice from Lessor of the default hereunder. (C) 3. The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 20 contracts

Samples: Net Lease Agreement (Aei Income & Growth Fund 25 LLC), Net Lease Agreement (Aei Real Estate Fund Xv LTD Partnership), Net Lease Agreement (Aei Real Estate Fund Xv LTD Partnership)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; , provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises Leased Premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 8 contracts

Samples: Net Lease Agreement (Aei Real Estate Fund Xv LTD Partnership), Net Lease Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Net Lease Agreement (Aei Real Estate Fund Xvii Limited Partnership)

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) 1. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, if Lessee shall have fail to make payment within five (5) business days after notice to Lessee that Rent has not been paid. Lessee shall be granted five days after written notice from Lessor within which to cure the such failure to pay the Rent or any other monetary obligation herein reserved. (B) 2. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 90 days after written notice from Lessor of the default hereunder. (C) 3. The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 4 contracts

Samples: Net Lease Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Net Lease Agreement (Aei Income & Growth Fund 24 LLC), Net Lease Agreement (Aei Income & Growth Fund 25 LLC)

ACTS OF DEFAULT. Each 6.01 The occurrence of any one or more of the following events shall be deemed a default by Lessee and a breach constitute an event of this Leasedefault: (A) Failure The Borrower shall fail to pay the Rent or any monetary obligation herein reservedamounts to be paid hereunder, or any part thereof under the ESOT Term Note when the same and as due, and such failure shall be due and payable. Interest and late charges continue uncured for failure to pay Rent when due shall accrue ten (10) days after notice from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which Lender to cure the failure to pay the Rent or any monetary obligation herein reserved.Borrower; (B) Failure The Borrower shall fail to do, observe, keep and observe or perform any other obligation to be observed or performed by it herein or in any of the other terms, covenants, conditions, notes or agreements secured hereby and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee such failure shall have Thirty continue for thirty (30) days after written notice from Lessor within which of such failure to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder.Borrower by the Lender; (C) Any financial statement, representation, warranty or certificate made or furnished by the Borrower to the Lender or the Lender's agent or representatives in connection with this Agreement, or as inducement to the Lender to enter into this Agreement, or in any separate statement or document to be delivered hereunder to the Lender, shall be materially false, incorrect, or incomplete when made; (D) The abandonment of the premises by LesseeBorrower shall admit its inability to pay its debts as they mature, the adjudication of Lessee as a bankrupt, the making by Lessee of a general or shall make an assignment for the benefit of its or any of its creditors; (E) Proceedings in bankruptcy, the taking by Lessee or for reorganization of the benefit Borrower, or for the readjustment of any insolvency act or lawof its debts, under the appointment Bankruptcy Act of a permanent receiver or trustee in bankruptcy for Lessee property1978, as amended, or any part thereof, or under any other laws, whether State or Federal, for the appointment relief of a temporary receiver which is borrowers, now or hereafter existing, shall be commenced by the Borrower, or shall be commenced against the Borrower and shall not vacated or set aside be discharged within sixty thirty (6030) days from of commencement, or stayed pending legal action to have such proceeding dismissed; or (F) A receiver shall be appointed for the date Borrower or for any substantial part of its assets, or any proceedings shall be instituted for the dissolution or the full or partial liquidation of the Borrower, and such appointment; provided, however, that the foregoing receiver shall not constitute events be discharged within ninety (90) days of default so long as Lessee continues to otherwise satisfy its obligations his appointment, or such proceedings shall not be discharged within ninety (including but not limited to the payment 90) days of Rent) hereundertheir commencement.

Appears in 4 contracts

Samples: Loan Agreement (First Colonial Group Inc), Esop Loan Agreement (First Colonial Group Inc), Loan Agreement (First Colonial Group Inc)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee Xxxxxx and a breach of this Lease: (A) A. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have within five (5) business days after receipt of written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) B. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty within thirty (30) days after written notice from Lessor within which to cure specifying such default, or within such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time cure period shall not exceed 120 180 days after written notice from Lessor Xxxxxx of the default hereunder. (C) C. The abandonment by Lessee of the premises by LesseeLeased Premises for thirty (30) consecutive days, the adjudication of Lessee as a bankrupt, the making by Lessee Xxxxxx of a general assignment for the benefit of creditors, the taking by Lessee Xxxxxx of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, unless the petition for bankruptcy is dismissed within sixty (60) days after filing, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 3 contracts

Samples: Sale and Purchase Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Sale and Purchase Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Sale and Purchase Agreement (Aei Real Estate Fund 85-a LTD Partnership)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) A. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have within five (5) business days after receipt of written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) B. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty within thirty (30) days after written notice from Lessor within which to cure specifying such default, or within such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time cure period shall not exceed 120 180 days after written notice from Lessor of the default hereunder. (C) C. The abandonment by Lessee of the premises by LesseeLeased Premises for thirty (30) consecutive days, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, unless the petition for bankruptcy is dismissed within sixty (60) days after filing, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 3 contracts

Samples: Lease Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership), Lease Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Lease Agreement (Aei Real Estate Fund 85-a LTD Partnership)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; , provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 3 contracts

Samples: Net Lease Agreement (Aei Income & Growth Fund 23 LLC), Net Lease Agreement (Aei Income & Growth Fund Xxi LTD Partnership), Net Lease Agreement (Aei Income & Growth Fund Xxii LTD Partnership)

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) 1. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) 2. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) 3. The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 2 contracts

Samples: Net Lease Agreement (Aei Income & Growth Fund Xxii LTD Partnership), Net Lease Agreement (Aei Real Estate Fund Xvii Limited Partnership)

ACTS OF DEFAULT. Each The happening of any one or more of the following shall be deemed a to be events of default by Lessee and a breach of under this Leaselease: (Aa) Failure to pay The making by Tenant of an assignment for the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reservedbenefit of its creditors. (Bb) Failure to doThe levying of a writ of execution or attachment on or against the property of Tenant within the Premises or against Tenant's leasehold interest and the same not being released or discharged within thirty (30) days thereafter; (c) The institution of proceedings in a court of competent jurisdiction for the reorganization, observeliquidation, keep and perform any or voluntary or involuntary dissolution of Tenant, or for its adjudication as a bankrupt or insolvent, or for the appointment of a receiver of the other termsproperty of Tenant, covenantsand/or for the appointment of a receiver of the property of Tenant, conditionsand said proceedings not being dismissed, agreements and provisions in this Lease to be doneany receiver, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty trustee or liquidator appointed therein not being discharged within thirty (30) days after written notice from Lessor the institution of such proceedings. (d) The doing or permitting of any act by Tenant which creates a lien or claim therefore against the land or building of which the Premises are a part and the same not being released or otherwise provided for by indemnification satisfactory to Landlord within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunderthereafter. (Ce) The abandonment Failure of Tenant to pay any installment of rent or other charge or money obligation herein required to be paid by Tenant as and when such payment is due and payable; notwithstanding the premises by Lesseeforegoing, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty Landlord agrees to allow Tenant ten (6010) days from the date of such appointment; providedreceipt of written notice of any failure to pay before the Landlord will assert a default to accommodate justified oversights of the Tenant, howeverbut the Landlord reserves the right, that and shall be entitled to find the foregoing shall not constitute events of Tenant in default so long as Lessee continues if the Tenant has unreasonably and habitually compels the Landlord to otherwise satisfy its obligations (including but not limited to the enforce timely payment of Rentthe rent by giving a written notice. (f) hereunderFailure of Tenant to comply with any covenant or provision of this lease (except payment of any installment of rent or other charge or money obligation herein required to be paid by Tenant) within fifteen (15) days after written notice of such failure to comply is given by Landlord, or if it is not feasible to cure such failure within such period, to begin performance of such covenant within such period and to diligently pursue performance to completion in a reasonable time thereafter.

Appears in 2 contracts

Samples: Lease Agreement (Megamedia Networks Inc), Lease Agreement (Megamedia Networks Inc)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; , provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. Interest and late charges for failure to pay Rent when due shall accrue on the first failure to pay Rent when due in any Lease Year from the first date beyond the expiration of any applicable cure period if not cured prior thereto, and for any failure thereafter to pay Rent within three (3) business days after it was due and payable. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's is commercially reasonable opinion and is capable of curing such default, but in any event such longer time shall not exceed 120 210 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 2 contracts

Samples: Net Lease Agreement (Aei Income & Growth Fund Xxi LTD Partnership), Net Lease Agreement (Aei Real Estate Fund Xvi LTD Partnership)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee Xxxxxx and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by LesseeXxxxxx, the adjudication of Lessee as a bankrupt, the making by Lessee Xxxxxx of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 1 contract

Samples: Development Financing and Leasing Commitment (Aei Real Estate Fund Xviii Limited Partnership)

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ACTS OF DEFAULT. Each of the 19.1 The following acts or events shall be deemed a default by Lessee and a breach to be an Event of this LeaseDefault (herein an "Event of Default") on the part of the Lessee: (Aa) Failure The failure of Lessee to pay the Rent or when due any monetary obligation herein reservedrental payment, or any part thereof thereof, or any other sum or sums of money due or payable to the Lessor under the provisions of this Lease, when the same such failure shall be due and payable. Interest and late charges continue for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five a period of ten (510) business days after written notice from in writing thereof by Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved.Lessee; (Bb) Failure The failure of Lessee to doperform, observeor the violation by Lessee of, keep and perform any of the other covenants, terms, covenantsconditions or provisions of this Lease, conditionsif such failure or violation shall not be cured within thirty (30) days after notice thereof in writing by Lessor to Lessee, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; (provided, however, that Lessee shall have Thirty in the case of a default which cannot with due diligence be cured within said period of thirty (30) days after written notice from Lessor within which the notice, Lessee shall have such additional time to cure the same as may reasonably be necessary, provided Lessee proceeds promptly and with due diligence to cure such defaultdefault after receipt of such notice); (c) The removal by any local, state or federal agency having jurisdiction over the operation of the nursing home located on the Demised Premises of fifty (50%) percent or more of the patients located in the nursing home; (d) The failure or Lessee to comply, or the violation by Lessee of, any of the terms, conditions or provisions of any Deed of Trust or Mortgage encumbering the Leased Property which Lessee has agreed in writing to be bound by, if such longer time failure or violation shall not be cured within twenty (20) days (or such lesser period as may be reasonably necessary if provided in said Deed of Trust or Mortgage) after notice in writing thereof by Lessor to Lessee, subject, however, to the provision of 19.1(b) with respect to defaults not susceptible of cure within such default cannot reasonably be cured period to the extent the same is consistent with the cure provisions or the said Deed of Trust or Mortgage; (e) The failure of Lessee to replace, within Thirty thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from in writing by Lessor to Lessee, a substantial portion of the default hereunder.Personal Property previously removed by Lessee; (Cf) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general an assignment for the benefit of creditors; (g) The levying of a writ of execution or attachment on or against the property of Lessee which is not discharged or stayed by action of Lessee contesting same, within thirty (30) days after such levy or attachment (provided if the taking by Lessee stay is vacated or ended, this paragraph shall again apply); (h) If proceedings are instituted in a court of competent jurisdiction for the reorganization, liquidation or involuntary dissolution of the benefit of any insolvency act Lessee or lawfor its adjudication as a bankrupt or insolvent, or for the appointment of a permanent receiver of the property of Lessee, and said proceedings are not dismissed and any receiver, trustee or trustee liquidator appointed therein is not discharged with thirty (30) days after the institution of said proceedings; (i) The sale of the interest of Lessee in bankruptcy the Demised Premises under execution; (j) The institution of any proceedings against Lessee by any governmental authority either (i) to revoke any license granted to Lessee for Lessee property, or the appointment operation of a temporary receiver which is not vacated skilled and/or intermediate care nursing home within the Demised Premises or set aside within sixty (60ii) days decertify the nursing home operated on the Demised Premises from participation in the date Medicaid reimbursement program, subject however to Lessee's rights under Article XX hereof. (k) The abandonment of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunderDemised Premises by Lessee.

Appears in 1 contract

Samples: Lease Agreement (LTC Healthcare Inc)

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) 1. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when within five days after delivery to Lessee of written notice to cure such failure to pay the same shall be due and payableRent or any other monetary obligation herein reserved. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, if Lessee shall have fail to make payment within five (5) business days after notice to Lessee that Rent has not been paid. Lessee shall be granted five days after written notice from Lessor within which to cure the such failure to pay the Rent or any other monetary obligation herein reserved. (B) 2. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 210 days (subject to Force Majeure) after written notice from Lessor of the default hereunder. (C) 3. The abandonment of the premises Leased Premises by LesseeLessee for thirty (30) consecutive days, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 1 contract

Samples: Net Lease Agreement (Aei Income & Growth Fund 25 LLC)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach constitute an "Event of this LeaseDefault" hereunder: (Aa) Failure to pay the Rent any rent or any monetary obligation herein reserved, or any part thereof when other charge payable under this lease within a period of ten (10) days after the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was is due and payable; provided, however, Lessee that failure to pay rent shall have not be a default hereunder unless the Landlord has first notified the Tenant in writing of the failure to pay said rent and has given it five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reservedsaid default. (Bb) Failure of Tenant to do, observe, keep and perform or comply with any of the other termsagreements, covenants, conditions, agreements and provisions terms or conditions contained in this Lease lease, other than those referred to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty in the foregoing PARAGRAPH (A) which default continues for a period of thirty (30) days after written notice thereof from Lessor within to Tenant. In connection with a default which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured with due diligence within Thirty thirty (30) days, if Lessee is however, the time of Tenant within which to cure the same shall be extended for such time as may be necessary to cure the same with due diligence, provided Tenant commences promptly and proceeds diligently pursuing a course to cure the same and further provided that such period of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunderbe so extended as to subject Landlord to any criminal liability. (Cc) The abandonment filing of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee Tenant of a general assignment for voluntary petition in or the benefit of creditors, the taking filing by Lessee of the benefit Tenant of any insolvency act petition or answer seeking any reorganization, liquidation, or similar relief under the present or any future federal bankruptcy act, federal, state or other statute or law, or Tenant's seeking or consenting to or acquiescing in the appointment of a permanent any trustee, receiver or trustee in bankruptcy for Lessee property, liquidator of Tenant or of all or any substantial part of its properties or of the appointment Premises or any interest of a temporary receiver which is not vacated or set aside Tenant therein. (d) If within sixty (60) days from after the date commencement of any proceeding against Tenant seeking any reorganization, liquidation or similar relief under the present or any future federal bankruptcy act, federal, state or other statute or law, such appointment; provided, however, that the foregoing proceeding shall not constitute events have been dismissed, of if, within sixty (60) days after the appointment, without the consent or acquiescence of Tenant, of any trustee, receiver or liquidator of Tenant of all or any substantial part of its properties or of the Premises or any interest of Tenant therein, such appointment shall not have been vacated or stayed on appeal or otherwise, or if, within sixty (60) days after the expiration of any such stay, such appointment shall not have been vacated. (e) Tenant abandons the Premises. (f) The occurrence of an event of default so long as Lessee continues or acceleration under any note issued pursuant to otherwise satisfy its obligations (including but not limited to that certain Asset Purchase Agreement between Tenant and Electrified Companies, Inc., a New Jersey Corporation of even date herewith or occurrence of an event of default in any mortgage or other instrument securing said notes. This Lease and all rights of Tenant under this Lease shall expire and terminate upon the payment occurrence of Rent) hereunderan Event of Default.

Appears in 1 contract

Samples: Net Lease (Puro Water Group Inc)

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) 1. Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) 2. Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty twenty (3020) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty twenty (3020) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) 3. The abandonment of the premises Leased Premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 1 contract

Samples: Net Lease Agreement (Aei Real Estate Fund 85-a LTD Partnership)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee Xxxxxx and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; , provided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by LesseeXxxxxx, the adjudication of Lessee as a bankrupt, the making by Lessee Xxxxxx of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 1 contract

Samples: Development Financing and Leasing Commitment (Aei Income & Growth Fund 23 LLC)

ACTS OF DEFAULT. Each of the 19.1 The following acts or events shall be deemed a default by Lessee and a breach to be an Event of this LeaseDefault (herein an "Event of Default") on the part of the Lessee: (Aa) Failure The failure of Lessee to pay the Rent or when due any monetary obligation herein reservedrental payment, or any part thereof when thereof, of any other sum or sums of money due or payable to the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from Lessor under the first date such Rent was due and payable; provided, however, Lessee shall have provisions of this Lease within five (5) business days after written notice from Lessor within which following the date therefor; b) The failure of Lessee to cure perform, or the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to doviolation by Lessee of, observe, keep and perform any of the other covenants, terms, covenantsconditions or provisions of this Lease, conditions, agreements and provisions if such failure or violation shall not be cured within thirty (30) days after notice thereof in this Lease writing by Lessor to be done, observed, kept and performed by Lessee; Lessee (provided, however, that Lessee shall have Thirty in the case of a default which cannot with due diligence be cured within said period of thirty (30) days after written notice from Lessor within which the notice, Lessee shall have an additional period of time, not to exceed sixty (60) additional days, to cure the same, provided Lessee proceeds promptly and with due diligence to cure such default, default after receipt of such notice or such longer period of time granted by any governmental agency having jurisdiction over the Facility); c) The removal by any local, state or federal agency having jurisdiction over the operation of the nursing home located on the Demised Premises of fifty percent (50%) or more of the patients located in the nursing home; d) The failure of Lessee to comply, or the violation by Lessee of, any of the terms, conditions or provisions of any mortgage encumbering the Leased Property, which Lessee has agreed in writing to be bound by, if such failure or violation shall not be cured within twenty (20) days (or such lesser period as may be reasonably necessary if provided in the mortgage) after notice in writing thereof by Lessor to Lessee, subject, however, to the provision of 19.1(b) with respect to defaults not susceptible of cure within such default cannot reasonably be cured period to the extent the same is consistent with the cure provisions of the mortgage; e) The failure of Lessee to replace, within Thirty thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from in writing by Lessor to Lessee, a substantial portion of the default hereunder.Personal Property previously removed by Lessee; (Cf) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general an assignment for the benefit of creditors; g) The levying of a writ of execution or attachment on or against the property of Lessee which is not discharged or stayed by action of Lessee contesting same, within thirty (30) days after such levy or attachment (provided if the taking by Lessee stay is vacated or ended this paragraph shall again apply); h) If proceedings are instituted in a court of competent jurisdiction for the reorganization, liquidation or involuntary dissolution of the benefit of any insolvency act Lessee or lawfor its adjudication as a bankrupt or insolvent, or for the appointment of a permanent receiver of the property of Lessee, and said proceedings are not dismissed and any receiver, trustee or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which liquidator appointed therein is not vacated or set aside discharged within sixty thirty (6030) days from after the date institution of such appointmentsaid proceedings; provided, however, that i) The sale of the foregoing shall not constitute events interest of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to in the payment of Rent) hereunder.Demised Premises under execution;

Appears in 1 contract

Samples: Lease Agreement (LTC Healthcare Inc)

ACTS OF DEFAULT. Each of the following shall be deemed a default by Lessee and a breach of this Lease: (A) Failure to pay the Rent or any monetary obligation herein reserved, or any part thereof when the same shall be due and payable. Interest and late charges for failure to pay Rent when due shall accrue from the first date such Rent was due and payable; providedProvided, however, Lessee shall have five (5) business days after written notice from Lessor within which to cure the failure to pay the Rent or any monetary obligation herein reserved. (B) Failure to do, observe, keep and perform any of the other terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee; provided, however, that Lessee shall have Thirty (30) days after written notice from Lessor within which to cure such default, or such longer time as may be reasonably necessary if such default cannot reasonably be cured within Thirty (30) days, if Lessee is diligently pursuing a course of conduct that in Lessor's reasonable opinion is capable of curing such default, but in any event such longer time shall not exceed 120 days after written notice from Lessor of the default hereunder. (C) The abandonment of the premises by Lessee, the adjudication of Lessee as a bankrupt, the making by Lessee of a general assignment for the benefit of creditors, the taking by Lessee of the benefit of any insolvency act or law, the appointment of a permanent receiver or trustee in bankruptcy for Lessee property, or the appointment of a temporary receiver which is not vacated or set aside within sixty (60) days from the date of such appointment; provided, however, that the foregoing shall not constitute events of default so long as Lessee continues to otherwise satisfy its obligations (including but not limited to the payment of Rent) hereunder.

Appears in 1 contract

Samples: Net Lease Agreement (Aei Net Lease Income & Growth Fund Xix Limited Partnership)

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