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Common use of ACTS OF DEFAULT Clause in Contracts

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: 1. Failure to pay the Rent, or any monetary obligation herein reserved, (and to be considered to be rent for the purposes of this Lease) or any part thereof, within five (5) business days after written notice from Lessor that the same shall be due and payable. Provided, however, that interest and penalties for failure to pay rent when due shall accrue from the first date such rent was due and payable. 2. Failure to do, observe, keep and perform any of the material non-monetary terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee within 30 days after written notice of such default (or within a reasonable time thereafter if the default is incapable of cure within 30 days and Lessee is diligently pursuing a reasonable course of action to cure such default. 3. The abandonment (defined herein as the leaving of the Leased Premises without paying rent, without maintaining and without the intent of returning) 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.

Appears in 12 contracts

Samples: Net Lease Agreement (Aei Net Lease Income & Growth Fund Xx Limited Partnership), Net Lease Agreement (Aei Income & Growth Fund Xxii 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: 1. Failure to pay the Rent, or any monetary obligation herein reserved, (and to be considered to be rent for the purposes of this Lease) or any part thereof, within five (5) business days after written notice from Lessor that the same shall be due and payable. Provided, however, that interest and penalties for failure to pay rent when due shall accrue from the first date such rent was due and payable. 2. Failure to do, observe, keep and perform any of the material non-monetary terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee within 30 days after written notice of such default (or within a reasonable time thereafter if the default is incapable of cure within 30 days and Lessee is diligently pursuing a reasonable course of action to cure such default. 3. The abandonment (defined herein as the leaving of the Leased Premises without paying rent, without maintaining and without the intent of returning) 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.

Appears in 5 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 Income & Growth Fund Xxi LTD Partnership)

ACTS OF DEFAULT. (A) Each of the following shall be deemed a default by Lessee and a breach of this Lease: 1. Failure to pay the Annual Base Rent, or any monetary obligation herein reserved, (and to be considered to be rent for the purposes of this Lease) or any part thereof, within five (5) business days after written notice from Lessor that the same shall be due and payable. Provided, however, that interest interest, late fees, and penalties for failure to pay rent when due shall accrue from the first date such rent was due and payable. 2. Failure to do, observe, keep and perform any of the material non-monetary terms, covenants, conditions, agreements and provisions in this Lease to be done, observed, kept and performed by Lessee within 30 days after written notice of such default (or within a reasonable time thereafter if the default is incapable of cure within 30 days and Lessee is diligently pursuing a reasonable course of action to cure such default). 3. The abandonment (defined herein as the leaving of the Leased Premises without paying rent, without maintaining and without the intent of returning) 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.

Appears in 1 contract

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