Common use of BANKRUPTCY OR INSOLVENCY OF TENANT Clause in Contracts

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If the Tenant shall be adjudicated a bankrupt or adjudged to be insolvent, or a receiver or trustee of the Tenant's property and affairs shall be appointed or if the Tenant shall make an assignment for the benefit of creditors in bankruptcy or applies for the appointment of a receiver or if any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall immediately become due and be paid and this Lease may at the option of the Landlord be cancelled and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable by the Tenant as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If during the Term or any renewal thereof any of the goods and chattels of the Tenant shah be seized or taken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent shall issue against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or receiver and manager, or if the Tenant shall be adjudicated a become bankrupt or adjudged to be insolventinsolvent or take the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or a receiver or trustee if the Premises shall be used for any purpose other than permitted by clause 7.1 without the prior written consent of the Tenant's property and affairs shall be appointed Landlord, or if the Tenant shall make an assignment for the benefit of creditors or shall make any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies for the appointment of a receiver or if any execution or attachment shall be issued against every case the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be, and be taken or occupied or attempted deemed to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises thenbe, in any of such events, default under this Lease; the then current month's rent and rent for the next ensuing three (3) ensuing months months' Annual Basic Rent and Additional Rent (to be determined for the current year at rates estimated by the Landlord acting reasonably) and any additional money owing hereunder shall immediately become due and be paid payable; the Landlord may re-enter and this Lease may take possession of the Premises or any part thereof in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything herein to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal thereof shall, at the option of the Landlord, forthwith become forfeited and determined and the then current and the next ensuing three (3) months' Annual Basic Rent, the Additional Rent (to be determined for the current year at rates estimated by the Landlord acting reasonably) and any additional money owing hereunder shall be cancelled recoverable by the Landlord as if it were Rent in arrears, but the Tenant shall remain liable under this Lease. (b) The Tenant acknowledges and terminatedagrees that, whether unless it receives the prior written consent of the Landlord, under no circumstances shall it file any notice of termination, repudiation, or not disclaimer seeking to take advantage of s. 65.2 of the term has commenced or whether or not Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 as amended from time to time and hereby waives any rent has been prepaidand all rights to do so. For the purpose The Tenant agrees that if, in breach of this Lease accelerated rent shall include section, it files such a notice, the Landlord may, in addition to all amounts payable of its other remedies, produce and rely on this section in challenging the validity of the notice in the court proceedings contemplated by s. 65.2 of the Bankruptcy and Insolvency Act; and the Landlord may, in those or any other proceedings, apply for injunctive relief or other relief against the Tenant as rent and additional rent and shall be calculated on filing the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)notice.

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If during the Tenant shall be adjudicated a bankrupt or adjudged to be insolvent, or a receiver or trustee of the Tenant's property and affairs shall be appointed or if Term the Tenant shall make an assignment for the benefit of creditors or shall become bankrupt or take advantage in bankruptcy respect of its own affairs of any statute for relief or applies for the appointment protection of a receiver bankrupt or insolve nt debtors, or if any execution or attachment shall be issued a receiving order is made against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make is adjudged bankrupt or insolvent, or if a bulk sale liquidator or move receiver of any property of the bulk Tenant is appointed by reason of its fixtures out any actual or alleged insolvency or any default of the Tenant under any mortgage or other obligation, or if the interest of the Tenant in the Leased Premises thenshall become liable to be taken under any writ of execution or other like process which shall remain undischarged for thirty (30) days, in then the occurrence of any such event shall be deemed to be a breach of such eventsthis Lease, and the then current month's rent and rent Rent, together with the Rent for the three months next three (3) ensuing months shall immediately become due and be paid payable, and this Lease may at the option of the Landlord the Term shall become forfeited and void, and the Landlord may without notice or any form of legal process whatever, forthwith re-enter the Leased Premises or any part thereof in the name of the whole and repossess and enjoy the same as of its former estate, anything contained in any statute or law to the contrary notwithstanding; provided that such forfeiture shall be cancelled wholly without prejudice to the right of the Landlord to recover arrears of Rent or damages for any antecedent breach of the Tenant's covenants, obligations and terminatedagreements under this Lease, whether or not and provided that notwithstanding any such forfeiture, the term has commenced or whether or not any rent has been prepaid. For Landlord may subsequently recover from the purpose Tenant damages for loss of Rent suffered by reason of this Lease accelerated rent shall include all amounts payable by the Tenant as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)having been prematurely terminated.

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If during the Term or any renewal thereof any of the goods and chattels of the Tenant shall be adjudicated a bankrupt seized or adjudged to be insolventtaken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent shall issue against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or trustee receiver and manager, or if the Tenant shall become bankrupt or insolvent or take the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or if the Premises shall be used for any purpose other than permitted by clause 7.1 without the prior written consent of the Tenant's property and affairs shall be appointed Landlord, or if the Tenant shall make an assignment for the benefit of creditors or shall make any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies every case the Tenant shall be, and be deemed to be, in default under this Lease; the then-current and the next ensuing three months' Annual Net Rent and Additional Rent (to be determined for the appointment of a receiver or if current year at rates estimated by the Landlord acting reasonably) and any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months additional money owing hereunder shall immediately become due and be paid payable; the Landlord may re-enter and this Lease may take possession of the Premises or any part thereof in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything herein to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal thereof shall, at the option of the Landlord, forthwith become forfeited and determined and the then-current and the next ensuing three months' Annual Net Rent, the Additional Rent (to be determined for the current year at rates estimated by the Landlord acting reasonably) and any additional money owing hereunder shall be cancelled recoverable by the Landlord as if it were Rent in arrears, but the Tenant shall remain liable under this Lease. (b) The Tenant acknowledges and terminatedagrees that under no circumstances shall it file any notice of termination, whether repudiation, or not disclaimer seeking to take advantage of s. 65.2 of the term has commenced or whether or not Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3 as amended from time to time and hereby waives any rent has been prepaidand all rights to do so. For the purpose The Tenant agrees that if, in breach of this Lease accelerated rent shall include section, it files such a notice, the Landlord may, in addition to all amounts payable by of its other remedies, produce and rely on this section in challenging the Tenant as rent and additional rent and shall be calculated on the basis validity of the average of notice in the amounts thereof so paid court proceedings contemplated by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)s.

BANKRUPTCY OR INSOLVENCY OF TENANT. If: (a) If any of the goods and chattels of the Tenant shall be adjudicated on the Premises at any time during the Term are seized or taken in execution or attachment by a bankrupt or adjudged to be insolvent, or a receiver or trustee creditor of the Tenant's property and affairs shall be appointed Tenant or if the Tenant shall make receives a notice from one or more of its secured creditors that the creditor(s) intend to realize on security located at or upon the premises, (b) the Tenant makes an assignment for the benefit of (creditors or any arrangement or compromise, or a bulk sale from the Premises other than a bulk sale to an assignee or sublessee under an assignment or sublease which under paragraph 11 was consented to, (c) a receiver-manager is appointed to control the conduct of the business of the Tenant on or from the Premises and such appointment is not vacated within 8 days, (d) the Tenant becomes bankrupt or insolvent or takes the benefit of an Act now or hereafter in bankruptcy force for bankrupt or applies insolvent debtors or files any proposal or a notice of intention to file a proposal, (e) proceedings are instituted by the Tenant or any other person for an order for the appointment winding-up of the Tenant, or other termination of the corporate existence of the Tenant, (f) the Premises, without the written consent of the Landlord, become and remain vacant for a receiver period of 30 days except as necessitated for the completion of repairs or if are used by any execution persons other than those entitled to use them under the terms of this Lease, (g) the Tenant, without the written consent of the Landlord, abandons or attachment shall attempts to abandon the Premises or sells or disposes of its goods or chattels or removes any of them from the Premises so that there would not, in the event of abandonment, sale or disposal, be issued against sufficient goods on the Tenant Premises subject to distress to satisfy all Rent due or accruing due hereunder, or (h) the Lease or any of the Tenant's property whereupon assets on the Leased Premises are taken under a writ of execution, charge, debenture or other security instrument, then the Landlord may re-enter and take possession of the Premises as though the Tenant or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than occupant of the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days Premises was holding over after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out expiration of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall immediately become due and be paid Term and this Lease may may, at its option be immediately terminated by notice left upon the option of the Landlord be cancelled and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable by the Tenant as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)Premises.

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If If, during the Term or any renewal of it, any of the goods and chattels of the Tenant shall be adjudicated a bankrupt are seized or adjudged to be insolventtaken in attachment by any creditor of the Tenant, or if a writ of execution, sequestration, or extent issues against the goods and chattels of the Tenant, or if any petition or other application is presented to any court of competent jurisdiction for the dissolution, liquidation, or winding-up of the Tenant or for the appointment of a receiver or trustee of the Tenant's property receiver and affairs shall be appointed manager, or if the Tenant shall make becomes bankrupt or insolvent or takes the benefit of any statute now or hereafter in force for bankrupt or insolvent debtors, or if the Premises are used for any purpose other than permitted by clause 7.1 without the prior written consent of the Landlord, or if the Tenant makes an assignment for the benefit of creditors or makes any sale or other disposition of all or substantially all of its goods and chattels (except incidental to its amalgamation with any other company), then and in bankruptcy or applies every case the Tenant will be, and be deemed to be, in default under this Lease; the then-current and the next ensuing three months’ Annual Basic Rent and Additional Rent (to be determined for the appointment of a receiver or if current year at rates estimated by the Landlord acting reasonably) and any execution or attachment shall be issued against the Tenant or any of the Tenant's property whereupon the Leased Premises or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall additional money owing under this Lease will immediately become due and be paid payable; the Landlord may re-enter and take possession of the Premises or any part of them in the name of the whole, and have again, repossess, and enjoy the Premises in its former estate, anything in this Lease may to the contrary notwithstanding, as though the Tenant were holding over after the expiration of the Term; and the Term and any renewal of it will, at the option of the Landlord, immediately become forfeited and determined and the then-current and the next ensuing three months’ Annual Basic Rent, the Additional Rent (to be determined for the current year at rates estimated by the Landlord be cancelled acting reasonably) and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of additional money owing under this Lease accelerated rent shall include all amounts payable will be recoverable by the Tenant Landlord as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by if it were Rent in arrears, but the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of will remain liable under this Lease if less than twelve (12)Lease. P a g e | 28

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If If: (i) any of the goods and chattels of the Tenant shall be adjudicated on the Premises at any time during the Term are seized or taken in execution or attachment by a bankrupt or adjudged to be insolvent, or a receiver or trustee creditor of the Tenant's property and affairs shall be appointed Tenant or if the Tenant shall make receives a notice from one or more of its secured creditors that the creditor(s) intend to realize on security located at or upon the Premises, (ii) the Tenant makes an assignment for the benefit of creditors or any arrangement or compromise, or a bulk sale from the Premises other than a bulk sale to an assignee or sublessee under an assignment or sublease which under Part 11 was consented to, (iii) a receiver-manager is appointed to control the conduct of the business of the Tenant on or from the Premises, (iv) the Tenant becomes bankrupt or insolvent or takes the benefit of an Act now or hereafter in bankruptcy force for bankrupt or applies insolvent debtors or files any proposal or a notice of intention to file a proposal, (v) proceedings are instituted by the Tenant or any other person for an order for the appointment winding-up of the Tenant, or other termination of the corporate existence of the Tenant, (vi) the Premises, without the written consent of the Landlord, become and remain vacant for a receiver period of 10 days except as necessitated for the completion of repairs or if are used by any execution persons other than those entitled to use them under the terms of this Lease, (vii) the Tenant, without the written consent of the Landlord, abandons or attachment shall attempts to abandon the Premises or sells or disposes of its goods or chattels or removes any of them from the Premises so that there would not, in the event of abandonment, sale or disposal, be issued against sufficient goods on the Tenant Premises subject to distress to satisfy all Rent due or accruing due hereunder, or (viii) this Lease or any of the Tenant's property whereupon assets on the Leased Premises are taken under a writ of execution, charge, debenture or other security instrument, then the Landlord may re-enter and take possession of the Premises as though the Tenant or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than occupant of the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days Premises was holding over after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out expiration of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall immediately become due and be paid Term and this Lease may may, at its option be immediately terminated by notice left upon the option of Premises. (b) The Tenant will immediately notify the Landlord be cancelled if it receives from any of its secured creditors a notice under the Bankruptcy and terminatedInsolvency Act, whether or any legislation in amendment or substitution therefor, advising the Tenant that the secured creditor intends to realize upon its security located on the Premises. (c) Unless the Landlord expressly consents thereto, which the Landlord is not obliged to do, the term has commenced or whether or Tenant will not exercise any rent has been prepaid. For the purpose of right to repudiate this Lease accelerated rent shall include all amounts payable by under the Tenant as rent terms of a proposal filed under the Bankruptcy and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by Insolvency Act, or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination any legislation in amendment or during the expired term of this Lease if less than twelve (12)substitution therefor.

BANKRUPTCY OR INSOLVENCY OF TENANT. (a) If If: (i) any of the goods and chattels of the Tenant shall be adjudicated on the Premises at any time during the Term are seized or taken in execution or attachment by a bankrupt or adjudged to be insolvent, or a receiver or trustee creditor of the Tenant's property and affairs shall be appointed Tenant or if the Tenant shall make receives a notice from one or more of its secured creditors that the creditor(s) intend to realize on security located at or upon the Premises, (ii) the Tenant makes an assignment for the benefit of creditors or any arrangement or compromise, or a bulk sale from the Premises other than a bulk sale to an assignee or sublessee under an assignment or sublease which under Part 11 was consented to, (iii) a receiver-manager is appointed to control the conduct of the business of the Tenant on or from the Premises, (iv) the Tenant becomes bankrupt or insolvent or takes the benefit of an Act now or hereafter in bankruptcy force for bankrupt or applies insolvent debtors or files any proposal or a notice of intention to file a proposal, (v) proceedings are instituted by the Tenant or any other person for an order for the appointment winding-up of the Tenant, or other termination of the corporate existence of the Tenant, (vi) without the written consent of the Landlord, the Premises become and remain vacant for a receiver period of 10 days except as necessitated for the completion of repairs or if are used by any execution or attachment shall be issued against persons other than those entitled to use them under the terms of this Lease, (vii) without the written consent of the Landlord, the Tenant abandons or attempts to abandon the Premises or sells or disposes of its goods or chattels or removes any of them from the Premises so that there would not, in the event of abandonment, sale or disposal, be sufficient goods on the Premises subject to distress to satisfy all Rent due or accruing due hereunder, or (viii) this Lease or any of the Tenant's property whereupon assets on the Leased Premises are taken under a writ of execution, charge, debenture or other security instrument, then the Landlord may re-enter and take possession of the Premises as though the Tenant or any portion thereof shall be taken or occupied or attempted to be taken or occupied by someone other than occupant of the Tenant and such execution, petition or attachment shall not be set aside, vacated, discharged, disputed by legal proceedings or bonded within seven (7) days Premises was holding over after the issuance of same or if the Tenant attempts to make a bulk sale or move the bulk of its fixtures out expiration of the Leased Premises then, in any of such events, the then current month's rent and rent for the next three (3) ensuing months shall immediately become due and be paid Term and this Lease may at may, it its option be immediately terminated by notice left upon the option of the Landlord be cancelled and terminated, whether or not the term has commenced or whether or not any rent has been prepaid. For the purpose of this Lease accelerated rent shall include all amounts payable by the Tenant as rent and additional rent and shall be calculated on the basis of the average of the amounts thereof so paid by or payable by the Tenant for each month during the period of twelve (12) months immediately preceding such termination or during the expired term of this Lease if less than twelve (12)Premises.