Common use of Bankruptcy and Default Provisions Clause in Contracts

Bankruptcy and Default Provisions. 14.01 Conditional Limitations This Lease is subject to the limitation that if, at any time prior to or during the term, any one or more of the following events (herein called an “event of default”) shall occur: (a) If Tenant or Tenant’s guarantor, if any, shall make an assignment for the benefit of creditors, or (b) If the leasehold estate hereby created in Tenant shall be taken by execution or by other process of law, or (c) If any petition shall be filed against Tenant or Tenant’s guarantor, if any, in any court whether or not pursuant to any statute of the United States or of any State, or any bankruptcy, reorganization, composition extension, arrangement or insolvency proceedings, and Tenant or Tenant’s guarantor shall thereafter be adjudicated bankrupt, or such petition shall be approved by the Court, or the Court shall assume jurisdiction of the subject matter and if such proceedings shall not be dismissed within ninety (90) days after the institution of the same; or if any such petition shall be so filed by Tenant, or Tenant’s guarantor; or (d) If, in any proceedings, a receiver or trustee is appointed for Tenant’s property or the property of Tenant’s guarantor and such receivership or trusteeship shall not be vacated or set aside within ninety (90) days after the appointment of such receiver or trustee; or (e) If Tenant shall vacate or abandon the Premises and permit the same to remain unoccupied or closed for business for more than twenty (20) days within any ninety (90) consecutive day (f) If Tenant or Tenant’s guarantor, if any, shall fail to pay any installment of the fixed annual rent when the same shall become due and payable, and such failure shall continue for ten (10) days without notice from Landlord; or (g) If Tenant or Tenant’s guarantor, if any, shall fail to pay any other charge required to be paid by Tenant, and such failure shall continue for ten (10) days without notice thereof from Landlord; or (h) If Tenant or Tenant’s guarantor, if any, shall fail to perform or observe any other requirement of this Lease (not hereinbefore in this paragraph specifically referred to) on the part of Tenant to be performed or observed and such failure shall continue for thirty (30) days after notice thereof from Landlord to Tenant; Then, upon the happening of any one of the aforementioned events of default, and the expiration of the period of time prescribed above, Landlord, in addition to the other rights and remedies it may have, shall have the right to immediately declare this Lease terminated, and all of the right, title and interest of Tenant hereunder shall wholly cease and expire upon receipt by Tenant of a Notice of Termination. Tenant shall then quit and surrender the Premises to Landlord; but Tenant shall remain liable as hereinafter provided.

Bankruptcy and Default Provisions. 14.01 13.01 - Conditional Limitations -------------------------------- This Lease is and the demised term are subject to the limitation that if, at any time prior to or during the term, any one or more of the following events (herein called an “"event of default”") shall occur, that is to say: (a) If Tenant or Tenant’s guarantor, if any, shall make an assignment for the benefit of its creditors, : or (b) If the leasehold estate hereby created in Tenant shall be taken by on execution or by other process of law, ; or (c) If any petition shall be filed against Tenant or Tenant’s guarantor, if any, in any court court, whether or not pursuant to any statute of the United States or of any State, or in any bankruptcy, reorganization, composition composition, extension, arrangement arrangement, or insolvency proceedings, and Tenant or Tenant’s guarantor shall thereafter be adjudicated bankrupt, or such petition shall be approved by the Courtcourt, or the Court court shall assume jurisdiction of the subject matter and if such proceedings shall not be dismissed within ninety thirty (9030) days after the institution of the same; or if any such petition shall be so filed by the Tenant, or Tenant’s guarantor; or (d) If, If in any proceedings, proceedings a receiver or trustee is be appointed for Tenant’s property or the property of Tenant’s guarantor 's property, and such receivership or trusteeship shall not be vacated or set aside within ninety thirty (9030) days after the appointment of such each receiver or trustee; or (e) If Tenant shall vacate or abandon the Premises and permit the same to remain unoccupied or closed for business for more than twenty thirty (2030) days within any ninety (90) consecutive daydays; or (f) If Tenant or Tenant’s guarantor, if any, shall fail to pay any installment of the fixed annual monthly rent or any part thereof when the same shall become due and payable, and such failure shall continue for ten (10) days without after notice thereof from Landlord; or (g) If Tenant or Tenant’s guarantor, if any, shall fail to pay any other charge required to be paid by TenantTenant hereunder, and such failure shall continue for ten (10) days without after notice thereof from Landlord; Landlord to Tenant: or (h) If Tenant or Tenant’s guarantor, if any, shall fail to perform or observe any other requirement of this Lease (not hereinbefore in this paragraph specifically referred to) on the part of Tenant to be performed or observed observed, and such failure shall continue for thirty (30) days after notice thereof from Landlord to Tenant, provided if not susceptible of cure, Tenant not in default if it commences cure within thirty (30) days and diligently pursues cure; Thenthen, upon the happening of any one or more of the aforementioned events of default, and the expiration of the period of time prescribed above, Landlord, in addition Landlord may give Tenant a notice (hereinafter called "notice of termination") of its intention to end the other rights and remedies it may have, shall have the right to immediately declare term of this Lease terminatedat the expiration of five (5) days from the date of service of such notice of termination, and at the expiration of such five (5) days, provided the default, has not been cured, this Lease and the term hereof, as well as all of the right, title and interest of Tenant hereunder hereunder, shall wholly cease and expire upon receipt by Tenant in the same manner and with the same force and effect as if the date of a Notice expiration of Termination. such five (5) day period were the date originally specified herein for the expiration of this Lease and the demised term, and Tenant shall then quit and surrender the Premises to Landlord; , but Tenant shall remain liable as hereinafter provided.

Bankruptcy and Default Provisions. 14.01 13.01 Conditional Limitations Limitations (a) This Lease is and the demised term are subject to the limitation that if, at any time prior to or during the term, any one or more of the following events (herein called an “"event of default”") shall occur, that is to say: (ai) If Tenant or Tenant’s guarantor, if any, shall make an assignment for the benefit of its creditors, ; or (bii) If the leasehold estate hereby created in Tenant shall be taken by on execution or by other process of law, ; or (ciii) If any petition shall be filed against Tenant or Tenant’s guarantor, if any, in any court court, whether or not pursuant to any statute of the United States or of any State, or in any bankruptcy, reorganization, composition composition, extension, arrangement arrangement, or insolvency proceedings, and Tenant or Tenant’s guarantor shall thereafter be adjudicated bankrupt, or such petition shall be approved by the Courtcourt, or the Court court shall assume jurisdiction of the subject matter and if such proceedings shall not be dismissed within ninety (90) days after the institution of the same; , or if any such petition shall be so filed by the Tenant, or Tenant’s guarantor; or (div) If, If in any proceedings, proceedings a receiver or trustee is be appointed for Tenant’s property or the property of Tenant’s guarantor 's property, and such receivership or trusteeship shall not be vacated or set aside within ninety (90) days after the appointment of such receiver or trustee; or (ev) If Tenant shall vacate or abandon the Premises and permit the same to remain unoccupied or closed for business for more than twenty (20) days within any ninety (90) consecutive day (f) If Tenant or Tenant’s guarantor, if any, shall fail to pay any installment of the fixed annual monthly rent or any part thereof when the same shall become due and payable, and such failure shall continue for ten TEN (10) days without DAYS AFTER notice from Landlord; or (gvi) If Tenant or Tenant’s guarantor, if any, shall fail to EITHER (a) pay any other charge required to be paid by TenantTenant hereunder, OR (b) FAIL TO CAUSE A GUARANTY OF LEASE TO BE EXECUTED AS MAY BE REQUIRED BY LANDLORD PURSUANT TO SECTION 22.22, BELOW, and either such failure shall continue for ten TEN (10) days without DAYS after notice thereof from Landlord; or (hvii) If Tenant or Tenant’s guarantor, if any, shall fail fails to perform or observe any other requirement of this Lease (not hereinbefore in this paragraph specifically referred to) on the part of Tenant to be performed or observed and such failure shall continue continues for thirty (30) days after receipt of notice thereof from Landlord to Tenant; Then. NOTWITHSTANDING THE FOREGOING, upon the happening of any one of the aforementioned events of defaultIN THE EVENT THAT THE CURE OF TENANT'S FAILURE TO PERFORM SHALL BE OF SUCH A NATURE SO AS TO REASONABLY REQUIRE MORE THAN THIRTY (30) DAYS, and the expiration of the period of time prescribed aboveLANDLORD AGREES THAT TENANT SHALL NOT BE DEEMED IN DEFAULT OF THIS SUBSECTION 13.01(a)(vii) OF THE LEASE IF TENANT SHALL PROVIDE LANDLORD WRITTEN NOTICE OF ITS INTENTION TO CURE AND SHALL COMMENCE THE SAME WITHIN THIRTY (30) DAYS, LandlordAND SHALL THEREAFTER DILIGENTLY PROSECUTE THE CURE TO COMPLETION WITHIN A REASONABLE TIME, in addition to the other rights and remedies it may have, shall have the right to immediately declare this Lease terminated, and all of the right, title and interest of Tenant hereunder shall wholly cease and expire upon receipt by Tenant of a Notice of Termination. Tenant shall then quit and surrender the Premises to Landlord; but Tenant shall remain liable as hereinafter provided.NOT TO EXCEED SIXTY (60)

Bankruptcy and Default Provisions. 14.01 Conditional Limitations This Lease is subject to the limitation that if, at any time prior to or during the term, any one or more of the following events (herein called an “event of default”) shall occur: (a) If Tenant or Tenant’s guarantor, if any, shall make an assignment for the benefit of creditors, or (b) If the leasehold estate hereby created in Tenant shall be taken by execution or by other process of law, or (c) If any petition shall be filed against Tenant or Tenant’s guarantor, if any, in any court whether or not pursuant to any statute of the United States or of any State, or any bankruptcy, reorganization, composition extension, arrangement or insolvency proceedings, and Tenant or Tenant’s guarantor shall thereafter be adjudicated bankrupt, or such petition shall be approved by the Court, or the Court shall assume jurisdiction of the subject matter and if such proceedings shall not be dismissed within ninety (90) days after the institution of the same; or if any such petition shall be so filed by Tenant, or TenantXxxxxx’s guarantor; or (d) If, in any proceedings, a receiver or trustee is appointed for TenantXxxxxx’s property or the property of TenantXxxxxx’s guarantor and such receivership or trusteeship shall not be vacated or set aside within ninety (90) days after the appointment of such receiver or trustee; or (e) If Tenant shall vacate or abandon the Premises and permit the same to remain unoccupied or closed for business for more than twenty (20) days within any ninety (90) consecutive day (f) If Tenant or Tenant’s guarantor, if any, shall fail to pay any installment of the fixed annual rent when the same shall become due and payable, and such failure shall continue for ten (10) days without notice from Landlord; or (g) If Tenant or Tenant’s guarantor, if any, shall fail to pay any other charge required to be paid by Tenant, and such failure shall continue for ten (10) days without notice thereof from Landlord; or (h) If Tenant or Tenant’s guarantor, if any, shall fail to perform or observe any other requirement of this Lease (not hereinbefore in this paragraph specifically referred to) on the part of Tenant to be performed or observed and such failure shall continue for thirty (30) days after notice thereof from Landlord to Tenant; Then, upon the happening of any one of the aforementioned events of default, and the expiration of the period of time prescribed above, Landlord, in addition to the other rights and remedies it may have, shall have the right to immediately declare this Lease terminated, and all of the right, title and interest of Tenant hereunder shall wholly cease and expire upon receipt by Tenant of a Notice of Termination. Tenant shall then quit and surrender the Premises to Landlord; but Tenant shall remain liable as hereinafter provided.