Additional Rights of Landlord. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California 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 by Tenant hereunder. Landlord shall be under no obligation to observe or perform any covenant of this Lease on its part to be observed or performed which accrues after the date of any default by Tenant hereunder.
Appears in 2 contracts
Samples: Lease Agreement, Sunpower Corp
Additional Rights of Landlord. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property alterations shall remain on the Leased Premises and in the that event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured cured, or, at its option, at any time during the term of this Lease Lease, to require Tenant to forthwith remove the same. Tenant hereby acknowledges that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California 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 by Tenant hereunder. Landlord shall be under no obligation to observe or perform any covenant of this Lease on its part to be observed or performed which accrues after the date of any default by Tenant hereunder. Except as expressly provided elsewhere in this Lease, any legal action by Landlord or Tenant to enforce any obligation of the other party or in pursuance of any remedy hereunder shall be deemed timely filed if commenced at any time prior to one (1) year after the expiration of the term hereof. The waiver by Landlord of any breach of any term, covenant, or condition herein contained shall not be deemed to be a waiver of such term, covenant, or condition or any subsequent breach of the same. The subsequent acceptance of Rent hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant or condition of this Lease, other than the failure of Tenant to pay the particular Rent accepted, regardless of Landlord’s knowledge of such preceding breach at the time of acceptance of such Rent. No covenant, term, or condition of this Lease shall be deemed to have been waived by Landlord unless such waiver be in writing by Landlord. If Tenant shall fail to pay any sum of money, other than Rent, required to be paid by Tenant pursuant to this Lease or shall fail to perform any other act on Tenant’s part to be performed under this Lease and such shall have become an Event of Default under this Lease, Landlord may, but shall not be obligated so to do and without waiving or releasing Tenant from any obligations of Tenant, make any such payment or perform any such other act on Tenant’s part to be made or performed as provided in this Lease. All sums paid by Landlord, whether to fulfill Tenant’s unfulfilled payment obligations or to perform Tenant’s unfulfilled performance obligations, and all incidental costs hall be deemed Additional Rent hereunder and shall be payable to Landlord on demand.
Appears in 2 contracts
Additional Rights of Landlord. Any and all costs, expenses and disbursements, of any kind or nature, incurred by Landlord or Agent in connection with the enforcement of any and all of the terms and provisions of this Lease, including attorneys' reasonable fees (through all appellate proceedings), shall be due and payable (as Additional Rent) upon Landlord's submission of an invoice therefor. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Base Rent and Additional Rent, if delinquent or not paid by Tenant and received by Landlord when due hereunder, shall bear interest at the rate of 5% per annum above the "prime" or "reference" or "base" rate (on a per annum basis) of interest publicly announced as such, from time to time, by the Bank One, or its successor ("DEFAULT RATE"), from the due date thereof until paid, and such interest shall be and constitute Additional Rent and be due and payable upon Landlord's or Agent's submission of an invoice therefor. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. In addition to any provisions which may be additionally provided for by law, Tenant hereby grants to Landlord a security interest, pledged for the payment of any and all sums due under this Lease, into any and all personal property, goods, furnishings or equipment which may be owned by Tenant and housed within the Premises subject to this Lease and shall provide such UCC statements as Landlord may require. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges consents that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future law, in the event Tenant is evicted or Landlord takes immediately take possession of the Premises by reason including personal property therein contained and may dispose or otherwise liquidate the same for the payment of Base Rent or Additional Rent with any surplus to inure to the benefit of the Tenant. Tenant further consents to the entry of ex parte injunctive relief to prohibit the removal of any default personalty from the leased Premises at any time wherein Tenant may be in default. Tenant further waives the provisions of the posting of any bond by Tenant hereunderLandlord as provided for by Chapter 83 of the Florida Statutes or otherwise by law. Landlord The effective date of both the statutory Landlord's Lien and this aforementioned security interest shall be under no obligation to observe the inception of Tenant's tenancy of the Premises, it being expressly agreed that any renewal, extension or perform any covenant modification of this Lease on its part to be observed or performed which accrues after the shall not result in a novation nor in a new lease, such that this effective date of any default by Tenant hereundershall remain unchanged throughout Tenant's tenancy. "NOTWITHSTANDING THE FOREGOING, LANDLORD AGREES THAT LANDLORD'S LIEN IS AND SHALL BE SUBORDINATE TO THE SECURITY INTEREST OR LIEN OF ANY CURRENT AND FUTURE LENDER WITH RESPECT TO TENANT'S EQUIPMENT, PERSONAL PROPERTY AND RECEIVABLES". SUCH SUBORDINATION SHALL BE AUTOMATIC WITHOUT THE NECESSITY OF AN ADDITIONAL WRITING, BUT LANDLORD WILL EXECUTE WITHIN SEVEN (7) BUSINESS DAYS ANY DOCUMENT REASONABLY REQUIRED BY TENANT'S LENDER OR LESSOR WITH RESPECT TO SUCH SUBORDINATION WITHOUT DELAY.
Appears in 2 contracts
Samples: Asset Acceptance Capital Corp, Asset Acceptance Capital Corp
Additional Rights of Landlord. In Any and all costs, expenses ------------------------------ and disbursements, of any kind or nature, incurred by Landlord or Agent in connection with the event enforcement of default, any and all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, the terms and other personal property shall remain on the Premises and in the event, and continuing during the length provisions of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, including reasonable attorneys' fees (through all appellate proceedings), shall be due and payable (as Additional Rent) upon Landlord's submission of an invoice therefor. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Rent, if delinquent or not paid by Tenant and received by Landlord when due hereunder, shall bear-interest at the exact amount rate of which will five percent (5%) per annum above the "prime" or "reference" or "base" rate of interest publicly announced as such, from time to time, by The First National Bank of Chicago, from the due date thereof until paid, and such interest shall be extremely difficult to ascertainand constitute Additional Rent and be due and payable upon Landlord's or Agent's submission of an invoice therefor. Such costs includeSuit or suits for the recovery of such damages, but are not limited to processing and accounting charges and late charges which or any installments thereof, may be imposed on brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the Expiration Date, nor limit or preclude recovery by the terms Landlord against Tenant of any mortgage sums or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect damages to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future lawwhich, in addition to the event Tenant is evicted or damages particularly provided above, Landlord takes possession of the Premises may lawfully be entitled by reason of any default hereunder by Tenant hereunderTenant. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. Landlord shall be under no obligation is hereby granted a valid security interest to observe secure payment of all Rent becoming due hereunder and to secure payment of any loss or perform any covenant of this Lease on its part damage due to be observed or performed which accrues after the date of any default by Tenant hereunderhereunder upon all of Tenant's Property and any other personal property of Tenant that may now or hereafter be installed or placed in the Premises and upon Landlord's request, Tenant shall provide such UCC statements as Landlord may require.
Appears in 1 contract
Samples: Lasermaster Technologies Inc
Additional Rights of Landlord. In the event of default, all of Tenant’s 's fixtures, fixture furniture, equipment, improvements, additions, alterations, alterations and other personal property shall remain at Landlord's option be removed from or left on the Premises and in the event, and continuing during the length of said such default, . Landlord shall have the right to take the exclusive possession of same all such property and to use same, same rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the samecured. Tenant hereby acknowledges that late payments by Tenant The remedies given to Landlord of Rent in this Article shall be in addition and other sums due hereunder will cause Landlord supplemental to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the all other rights and or remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture that Landlord may have under the laws of the State of California or under any other present or future law, then in the event Tenant is evicted or Landlord takes possession of the Premises by reason of any default by Tenant hereunderforce. Landlord shall be under no obligation to observe or perform any covenant of this Lease on its part to be observed or performed which that accrues after the date of any default by Tenant hereunder. The waiver by Landlord of any breach of any term, covenant, or condition in this Lease shall not be deemed to be a waiver of any subsequent breach of the same or any other term, covenant, or condition. The subsequent acceptance of rent or any other sum owed hereunder by Landlord shall not be deemed to be a waiver of any preceding breach by Tenant of any term, covenant, or condition of this Lease, other than the failure of Tenant to pay the particular rent or sum owed so accepted, regardless of Landlord's knowledge of such preceding breach at the time of acceptance of such rent or sum owed nor shall acceptance of rent or any other payment after termination of this Lease constitute a reinstatement, extension or renewal of this Lease or revocation of any notice or other act by Landlord. No covenant, term, or condition of this Lease shall be deemed to have been waived by Landlord unless such waiver is in writing signed by Landlord.
Appears in 1 contract
Samples: Entire Agreement (Boystoys Com Inc)
Additional Rights of Landlord. Any and all costs, expenses and disbursements, of any kind or nature, incurred by Landlord or Agent in connection with the enforcement of any and all of the terms and provisions of this Lease, including reasonable attorneys’ fees (through all appellate proceedings), shall be due and payable (as Additional Rent) upon Xxxxxxxx’s submission of an invoice therefor. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Base Rent and Additional Rent, if delinquent or not paid by Xxxxxx and received by Landlord when due hereunder, shall bear interest at the maximum rate allowed by law, from the due date thereof until paid, and such interest shall be and constitute Additional Rent and be due and payable upon Landlord’s or Agent’s submission of an invoice therefor. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. In addition to any provisions which may be additionally provided for by law, Tenant hereby grants to Landlord a security interest, pledged for the payment of any and all sums due under this Lease, into any and all personal property, goods, furnishings or equipment which may be owned by Tenant and housed within the Premises subject to this Lease and shall provide such UCC statements as Landlord may require. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges consents that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future law, in the event Tenant is evicted or Landlord takes immediately take possession of the Premises by reason including personal property therein contained and may dispose or otherwise liquidate the same for the payment of Base Rent or Additional Rent with any surplus to inure to the benefit of the Tenant. Tenant further consents to the entry of ex parte injunctive relief to prohibit the removal of any default personalty from the leased Premises at any time wherein Tenant may be in default. Tenant further waives the provisions of the posting of any bond by Tenant hereunderLandlord as may be required by Georgia statues or otherwise by law. Landlord The effective date of both the statutory Landlord's Lien and this aforementioned security interest shall be under no obligation to observe the inception of Tenant's tenancy of the Premises, it being expressly agreed that any renewal, extension or perform any covenant modification of this Lease on its part to be observed or performed which accrues after the shall not result in a novation nor in a new lease, such that this effective date of any default by Tenant hereundershall remain unchanged throughout Tenant's tenancy.
Appears in 1 contract
Samples: Lease
Additional Rights of Landlord. Any and all reasonable costs, expenses and disbursements, of any kind or nature, incurred by Landlord or Agent in connection with the valid enforcement of any and all of the terms and provisions of this Lease, including attorneys’ reasonable fees (through all appellate proceedings), shall be due and payable (as Additional Rent) upon Landlord’s submission of an invoice therefor. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Base Rent and Additional Rent, if delinquent or not paid by Tenant and received by Landlord when due hereunder, shall bear interest at the rate of 5% per annum above the :”prime:” or :”reference:” or :”base:” rate (on a per annum basis) of interest publicly announced as such, from time to time, by the First Chicago/NBD Bank, from the due date thereof until paid, and such interest shall be and constitute Additional Rent and be due and payable upon Landlord’s or Agent’s submission of an invoice therefor. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. In addition to any provisions which may be additionally provided for by law, Tenant hereby grants to Landlord a security interest, pledged for the payment of any and all sums due under this Lease, into any and all personal property, goods, furnishings or equipment which may be owned by Tenant and housed within the Premises subject to this Lease and shall provide such UCC statements as Landlord may require. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges consents that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future law, in the event Tenant is evicted or Landlord takes immediately take possession of the Premises by reason including personal property therein contained and may dispose or otherwise liquidate the same for the payment of Base Rent or Additional Rent with any surplus to inure to the benefit of the Tenant. Tenant further consents to the entry of ex parte injunctive relief to prohibit the removal of any default personality from the leased Premises at any time wherein Tenant may be in default. Tenant further waives the provisions of the posting of any bond by Tenant hereunderLandlord as provided for by Chapter 83 of the Florida Statutes or otherwise by law. Landlord The effective date of both the statutory Landlord’s Lien and this aforementioned security interest shall be under no obligation to observe the inception of Tenant’s tenancy of the Premises, it being expressly agreed that any renewal, extension or perform any covenant modification of this Lease on its part to be observed or performed which accrues after the shall not result in a novation nor in a new Lease, such that this effective date of any default by Tenant hereundershall remain unchanged throughout Tenant’s tenancy.
Appears in 1 contract
Samples: Digital Lightwave Inc
Additional Rights of Landlord. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Base Rent and Additional Rent, if delinquent or not paid by Tenant and received by Landlord when due hereunder, shall bear interest at the rate equal to the lesser of (a) the greatest rate permitted by applicable Law, or (b) Prime, plus 3% per annum (“Default Interest”), from the due date thereof (provided, however, that if Tenant is entitled to notice and opportunity to cure a monetary default under Section 20.2, then such interest shall not accrue until expiration of such cure period) until paid, and such interest shall be and constitute Additional Rent and be due and payable upon Landlord’s or Agent’s submission of an invoice therefor. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. In addition to any provisions which may be additionally provided for by law, Tenant hereby grants to Landlord a security interest, pledged for the payment of any and all sums due under this Lease, into any and all personal property, goods, furnishings or equipment which may be owned by Tenant and located on the Premises subject to this Lease or housed within the Improvements and shall provide such UCC statements as Landlord may require. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges consents that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future law, in the event Tenant is evicted or Landlord takes immediately take possession of the Premises by reason including personal property thereon contained and may dispose or otherwise liquidate the same for the payment of Base Rent or Additional Rent with any surplus to inure to the benefit of the Tenant. Tenant further consents to the entry of ex parte injunctive relief to prohibit the removal of any default personalty from the Improvements or the leased Premises at any time wherein Tenant may be in default. Tenant further waives the provisions of the posting of any bond by Tenant hereunderLandlord as provided for by Chapter 83 of the Florida Statutes or otherwise by law. Landlord The effective date of both the statutory Landlord’s Lien and this aforementioned security interest shall be under no obligation to observe the inception of Tenant’s tenancy of the Premises, it being expressly agreed that any renewal, extension or perform any covenant modification of this Lease on its part to be observed or performed which accrues after the shall not result in a novation nor in a new lease, such that this effective date of any default by Tenant hereundershall remain unchanged throughout Tenant’s tenancy.
Appears in 1 contract
Samples: KAR Holdings, Inc.
Additional Rights of Landlord. Any and all costs, expenses and disbursements, of any kind or nature, incurred by Landlord or Agent in connection with the enforcement of any and all of the terms and provisions of this Lease, including attorneys’ reasonable fees (through all appellate proceedings), shall be due and payable (as Additional Rent) upon Landlord’s submission of an invoice therefor. All sums advanced by Landlord or Agent on account of Tenant under this Section, or pursuant to any other provision of this Lease, and all Base Rent and Additional Rent, if delinquent or not paid by Tenant and received by Landlord when due hereunder shall bear interest at the maximum rate allowed under Florida law (“Default Rate”), from the due date thereof until paid, and such interest shall be and constitute Additional Rent and be due and payable upon Landlord’s or Agent’s submission of an invoice therefor. The various rights, remedies and elections of Landlord reserved, expressed or contained herein are cumulative and no one of them shall be deemed to be exclusive of the others or of such other rights, remedies, options or elections as are now or may hereafter be conferred upon Landlord by law. In addition to any provisions which may be additionally provided for by law, Tenant hereby grants to Landlord a security interest, pledged for the payment of any and all sums due under this Lease, into any and all personal property, goods, furnishings or equipment which may be owned by Tenant and housed within the Premises subject to this Lease and shall provide such UCC statements as Landlord may require. In the event of default, all of Tenant’s fixtures, fixture equipment, improvements, additions, alterations, and other personal property shall remain on the Premises and in the event, and continuing during the length of said default, Landlord shall have the right to take the exclusive possession of same and to use same, rent or charge free, until all defaults are cured or, at its option, at any time during the term of this Lease to require Tenant to forthwith remove the same. Tenant hereby acknowledges consents that late payments by Tenant to Landlord of Rent and other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. ACCORDINGLY IF ANY INSTALLMENT OF RENT OR ANY OTHER SUM DUE FROM TENANT SHALL NOT BE RECEIVED BY LANDLORD OR LANDLORD’S DESIGNEE WITHIN TEN (10) DAYS AFTER SUCH AMOUNT SHALL BE DUE, TENANT SHALL PAY TO LANDLORD A LATE CHARGE EQUAL TO EIGHT PERCENT (8%) OF SUCH OVERDUE AMOUNT. The parties hereby agree that such late charge represents a fair and reasonable estimate of costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Tenant hereunder waives any right of redemption or relief from forfeiture under the laws of the State of California or under any other present or future law, in the event Tenant is evicted or Landlord takes immediately take possession of the Premises by reason including personal property therein contained and may dispose or otherwise liquidate the same for the payment of Base Rent or Additional Rent with any surplus to inure to the benefit of the Tenant. Tenant further consents to the entry of ex parte injunctive relief to prohibit the removal of any default personalty from the leased Premises at any time wherein Tenant may be in default. Tenant further waives the provisions of the posting of any bond by Tenant hereunderLandlord as provided for by Chapter 83 of the Florida Statues or otherwise by law. Landlord The effective date of both the statutory Landlord’s Lien and this aforementioned security interest shall be under no obligation to observe the inception of Tenant’s tenancy of the Premises. it being expressly agreed that any renewal, extension or perform any covenant modification of this Lease on its part to be observed or performed which accrues after the shall not result in a novation nor in a new lease, such that this effective date of any default by Tenant hereundershall remain unchanged throughout Tenant’s tenancy.
Appears in 1 contract
Samples: Sed International Holdings Inc