Common use of Application of rent, deficiency Clause in Contracts

Application of rent, deficiency. If Landlord, without terminating this Lease, either: (i) elects to reenter and attempts to relet; or (ii) takes possession pursuant to legal proceedings; or (iii) takes possession pursuant to any notice provided by law, then it may, from time to time, make such alterations and repairs as may be necessary in order to relet the Leased Premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its reasonable discretion may deem advisable. Landlord shall use reasonable efforts to relet the Leased Premises. Upon each such reletting, all rentals received by Landlord from such reletting shall be applied, first, to the payment of any indebtedness other than Rent due hereunder from Tenant to Landlord second, to the payment of any costs and expenses of such reletting, including brokerage fees and reasonable attorney's fees; third, to the payment of Rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied to payment of future Rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such breach, (excluding punitive damages), including the cost of recovering the Leased Premises, reasonable attorney's fees, and including the worth at the time of such termination of the excess, if any, of the amount of Rent and charges equivalent to Rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, all of which amounts shall be reduced to present value (using the current "prime" interest rate of Chase Bank, or should such financial institution no longer exist, a comparable financial institution), and shall be immediately due and payable from Tenant to Landlord. In determining the Rent which would be payable by Tenant hereunder, subsequent to default, the Annual Net Rent for each year of the unexpired term shall be equal to the Minimum Annual Net Rent stated in paragraph 4, and Additional Rent stated in paragraph 4, which future Additional Rent shall be calculated based upon the average of the Additional Rent due and payable during the preceding three (3) calendar years or the average of all Additional Rent due and payable during the full term of the Lease if shorter than three (3) full calendar years.

Application of rent, deficiency. If LandlordLessor, without terminating this Lease, either: either (i) elects to reenter and attempts to relet; , or (ii) takes possession pursuant to legal proceedings; , or (iii) takes possession pursuant to any notice provided by law, then it may, from time to time, make such alterations and repairs as may be necessary in order to relet the Leased Premises premises or any part thereof for such term or terms (which may be for a term extending beyond the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord Lessor in its reasonable his sole discretion may deem advisable. Landlord shall use reasonable efforts to relet the Leased Premises. Upon each such reletting, all rentals received by Landlord Lessor from such reletting shall be applied, first, to the payment of any indebtedness other than Rent rent due hereunder from Tenant Lessee to Landlord Lessor; second, to the payment of any costs and expenses of such reletting, including brokerage fees and reasonable attorney's attorneys’ fees; third, to the payment of Rent rent due and unpaid hereunder, ; and the residue, if any, shall be held by Landlord Lessor and applied to payment of future Rent rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be less than that to be paid during that month by Tenant Lessee hereunder, Tenant Lessee shall pay any such deficiency to LandlordLessor. Such deficiency shall be calculated and paid monthly. No such reentry or taking possession of the Leased Premises premises by Landlord Lessor shall be construed as an election on its his part to terminate this Lease unless a notice of such intention be given to Tenant Lessee or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord Lessor may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord Lessor at any time terminate this Lease for any breach, in addition to any other remedies it he may have, it he may recover from Tenant Lessee all damages it he may incur by reason of such breach, (excluding punitive damages), including the cost of recovering the Leased Premisespremises, reasonable attorney's attorneys’ fees, and including the worth at the time of such termination of the excess, if any, of the amount of Rent rent and charges equivalent to Rent rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Leased Premises premises for the remainder of the stated term, all of which amounts shall be reduced to present value (using the current "prime" interest rate of Chase Bank, or should such financial institution no longer exist, a comparable financial institution), and shall be immediately due and payable from Tenant Lessee to Landlord. In determining the Rent which would be payable by Tenant hereunder, subsequent to default, the Annual Net Rent for each year of the unexpired term shall be equal to the Minimum Annual Net Rent stated in paragraph 4, and Additional Rent stated in paragraph 4, which future Additional Rent shall be calculated based upon the average of the Additional Rent due and payable during the preceding three (3) calendar years or the average of all Additional Rent due and payable during the full term of the Lease if shorter than three (3) full calendar yearsLessor.

Application of rent, deficiency. If Landlord, without terminating this Lease, either: either (i) elects to reenter and attempts to relet; , or (ii) takes possession pursuant to legal proceedings; , or (iii) takes possession pursuant to any notice provided by law, then it may, from time to time, time make such alterations and repairs as may be necessary in order to relet the Leased Premises or any part thereof for such term or terms (which may be for a lesser or greater term extending beyond than the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its reasonable sole discretion may deem advisable. Landlord shall use reasonable efforts to relet the Leased Premises. Upon each such reletting, all rentals received by Landlord from for such reletting shall be applied, first, to the payment of any indebtedness other than Rent rent due hereunder from Tenant to Landlord Landlord; second, to the payment of any costs and expenses of such relettingrecovering the Leased Premises and reletting the same, including brokerage fees and reasonable attorney's attorneys' fees; third, to the payment of Rent rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied to payment of future Rent rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be are less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthlymonthly when invoiced. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such breach, (excluding punitive damages), including the cost of recovering the Leased Premises, reasonable attorney's feesattorneys' fees and the excess, and including the worth if any, at the time of such termination of the excess, if any, of the amount of Rent rent and charges equivalent to Rent rent reserved in this Lease for the remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, all of which amounts shall be reduced to present value (using the current "prime" interest rate of Chase Bank, or should such financial institution no longer exist, a comparable financial institution), and shall be immediately due and payable from Tenant to Landlord. In determining the Rent which would be payable by Tenant hereunder, subsequent to default, the Annual Net Rent for each year of the unexpired term shall be equal to the Minimum Annual Net Rent stated in paragraph 4, and Additional Rent stated in paragraph 4, which future Additional Rent shall be calculated based upon the average of the Additional Rent due and payable during the preceding three (3) calendar years or the average of all Additional Rent due and payable during the full term of the Lease if shorter than three (3) full calendar years.

Application of rent, deficiency. If Landlord, without terminating this Lease, either: either (i) elects to reenter and attempts to relet; , or (ii) takes possession pursuant to legal proceedings; , or (iii) takes possession pursuant to any notice provided by law, then it may, from time to time, time make such alterations and repairs as may be necessary in order to relet the Leased Premises or any part thereof for such term or terms (which may be for a lesser or greater term extending beyond than the term of this Lease) and at such rental or rentals and upon such other terms and conditions as Landlord in its reasonable sole discretion may deem advisable. Landlord shall use reasonable efforts to relet the Leased Premises. Upon each such reletting, all rentals received by Landlord from for such reletting shall be applied, first, to the payment of any indebtedness other than Rent rent due hereunder from Tenant to Landlord Landlord; second, to the payment of any costs and expenses of such relettingrecovering the Leased Premises and reletting the same, including brokerage fees and reasonable attorney's attorneys' fees; third, to the payment of Rent rent due and unpaid hereunder, and the residue, if any, shall be held by Landlord and applied to payment of future Rent rent as the same may become due and payable hereunder. If such rentals received from such reletting during any month be are less than that to be paid during that month by Tenant hereunder, Tenant shall pay any such deficiency to Landlord. Such deficiency shall be calculated and paid monthlymonthly when invoiced. No such reentry or taking possession of the Leased Premises by Landlord shall be construed as an election on its part to terminate this Lease unless a notice of such intention be given to Tenant or unless the termination thereof be decreed by a court of competent jurisdiction. Notwithstanding any such reletting without termination, Landlord may at any time thereafter elect to terminate this Lease for such previous breach. Should Landlord at any time terminate this Lease for any breach, in addition to any other remedies it may have, it may recover from Tenant all damages it may incur by reason of such breach, (excluding punitive damages), including the cost of recovering the Leased Premises, reasonable attorney's feesattorneys' fees and the excess, and including the worth if any, at the time of such termination of the excess, if any, of the amount of Rent rent and charges equivalent to Rent rent reserved in this Lease Lease, discounted to present value, for the remainder of the stated term over the then reasonable rental value of the Leased Premises for the remainder of the stated term, all of which amounts shall be reduced to present value (using the current "prime" interest rate of Chase Bank, or should such financial institution no longer exist, a comparable financial institution), and shall be immediately due and payable from Tenant to Landlord. In determining the Rent which would be payable by Tenant hereunder, subsequent to default, the Annual Net Rent for each year of the unexpired term shall be equal to the Minimum Annual Net Rent stated in paragraph 4, and Additional Rent stated in paragraph 4, which future Additional Rent shall be calculated based upon the average of the Additional Rent due and payable during the preceding three (3) calendar years or the average of all Additional Rent due and payable during the full term of the Lease if shorter than three (3) full calendar years.