Common use of Conditional Limitations; Default Provisions Clause in Contracts

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 5 contracts

Samples: Lease Agreement (Finward Bancorp), Lease Agreement (Finward Bancorp), Lease Agreement (Finward Bancorp)

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Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafterthereafter (so long as Landlord commences one or more of the remedies set forth below at a time when an Event of Default is continuing), to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender any or all of the Leased Premises Properties to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the such Leased Premises Property or Leased Properties to Landlord. Upon or at any time after taking possession of the a Leased PremisesProperty, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.property

Appears in 5 contracts

Samples: Master Lease Agreement (Old National Bancorp /In/), Master Lease Agreement (Old National Bancorp /In/), Master Lease Agreement (Old National Bancorp /In/)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafterthereafter (so long as Landlord commences one or more of the remedies set forth below at a time when an Event of Default is continuing), to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) If Tenant shall fail to make payment of any installment of Basic Rent or any Additional Rent after the date when each such payment is due, Tenant shall pay to Landlord, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or Additional Rent was due until the date paid. (v) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, an amount equal to the Basic Rent and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 4 contracts

Samples: Lease Agreement (Old National Bancorp /In/), Lease Agreement (Old National Bancorp /In/), Lease Agreement (Old National Bancorp /In/)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more Any of the following without demand upon occurrences or notice to Tenantacts shall constitute a Default (“Default”) under this Lease: (i) Landlord may give If Tenant notice shall fail to pay any sum of Xxxxxxxx’s intention Rent when due, and such failure shall continue for at least five (5) business days; or (ii) Tenant fails to terminate maintain the insurance (or self-insurance) required to be maintained by it in accordance with this Lease on a date specified in Lease; or (iii) if Tenant shall fail to observe or perform any other provision hereof and such notice (which date failure shall be no sooner than continue for thirty (30) days after written notice to Tenant; provided, however, if the date nature of the notice). Provided default is such that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Termit is curable, but Tenant shall remain liable for all its obligations hereunder through cannot be cured with the date hereinabove fixed for exercise of Tenant’s reasonable and good faith efforts within the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) day period, Tenant shall have up to one hundred twenty (120) days after from the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a ’s written notice of to cure such intention to default, provided Tenant pursuant to clause commences such curative action within the thirty (i30) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to day period and diligently and continuously proceeds with such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the curative action using Tenant’s reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers.good faith efforts; or (iv) Landlord may exercise if Tenant has entered against it or on its behalf an order for relief under the Federal bankruptcy laws, or any other right applicable Federal or remedy now state bankruptcy, insolvency or hereafter existing by other similar law, or becomes insolvent, or makes an assignment for the benefit of creditors, or fails to generally pay its debts as such debts become due, or Tenant applies for or consents to the appointment of a trustee or receiver or for the major part of its property; or (v) a custodian (including without limitation a trustee or receiver) is appointed for Tenant or for the major part of the property of Tenant and is not discharged within ninety (90) days after such appointment; or (vi) bankruptcy or insolvency proceedings, or other proceedings for relief under any bankruptcy or similar Federal or state law or laws for the relief of debtors, are instituted by or against Tenant and, if instituted against Tenant are consented to or are not dismissed within ninety (90) days after such institution; or (vii) any judgment or order for the payment of money in equityan amount of $150,000,000 or more in excess of valid and collectible insurance in respect thereof or in excess of an indemnity with respect thereto reasonably acceptable to Landlord shall be rendered against Tenant and such judgment shall have become final and non-appealable and shall have remained outstanding for a period of 60 consecutive days. (b) Upon any Default by Tenant, Landlord may: (i) Maintain this Lease in full force and effect and recover the Rent and other monetary charges as they become due, without terminating Tenant’s right to possession irrespective of whether Tenant shall have abandoned the Premises. If Landlord elects not to terminate this Lease, (i) then upon Tenant’s subsequent cure of all Defaults, Tenant may assign or sublet as otherwise permitted by this Lease, and/or (ii) Landlord shall have the right (but not the obligation) to attempt to relet the Premises at such rent and upon conditions, and for such a term, and to do all acts necessary to maintain or preserve the Premises, as Landlord deems reasonable and necessary, without being deemed to have elected to terminate this Lease, including re-entering the Premises to make repairs or to maintain or modify the Premises, and removing all persons and property from the Premises; such property may be removed and stored in a public warehouse or elsewhere at the cost of and for the account of Tenant. Reletting may be for a period shorter or longer than the remaining Term of this Lease, and for more or less rent, but Landlord shall have no obligation to relet at less than prevailing market rental rates (taking into account concessions). Notwithstanding that Landlord fails to elect to terminate the Lease initially, Landlord at any time thereafter may elect to terminate the Lease by virtue of any previous and continuing uncured Default by Tenant. In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b)termination, Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s Default, as well as all costs of reletting, including, without limitation, brokerage commissions and/or finder’s fees, attorneys’ fees, and restoration or remodeling costs, less what Tenant can prove Landlord could have avoided if it had used reasonable efforts to mitigate its damages as provided in CC Section 1951.2(a)(2). (ii) Terminate Tenant’s right to possession by any lawful means, in which case this Lease shall terminate and Tenant shall pay immediately surrender possession of the Premises to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of . In such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, event Landlord shall be entitled to recover from Tenant all damages incurred by Landlord by reason of Tenant’s Default including, without limitation thereto, the following: (i) the worth, at the time of award, of any unpaid rent which had been earned at the time of such termination; plus (ii) any other amount, and court costs, necessary to compensate Landlord for all the detriment proximately caused by Tenant’s Default or which in the ordinary course of things would be likely to result there from (including, without limiting the generality of the foregoing, the amount of any brokerage commissions and/or finder’s fees for a replacement tenant, maintaining the Premises after such Default, and preparing the Premises for reletting); plus (iii) at Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by Applicable Law. As used in (i)above, the “worth at the time of the award” is computed by allowing interest at the maximum amount allowable under such statute or rule rate of interest allowed by applicable law. (iii) Collect sublease rents (or appoint a receiver to collect such rents) and otherwise perform Tenant’s obligations at the Premises, it being agreed, however, that neither the filing of a petition for the appointment of a receiver for Tenant nor the appointment itself shall constitute an election by Landlord to terminate this Lease. (iv) Proceed to cure the Default at Tenant’s sole cost and expense. If at any time Landlord pays any sum or incurs any expense as a result of or in connection with curing any Default of Tenant, the amount thereof shall be deemed Additional Rent hereunder and shall be immediately due and payable by Tenant to Landlord upon demand. (c) Pursue any and all other legal or equitable remedies as may be available to Landlord by reason of such Default by Tenant. Except as may be specifically provided above, the remedies of Landlord, as hereinabove provided, are cumulative (to the extent they do not allow duplicative recovery), and in addition to and not exclusive of any other remedy of Landlord herein given or which may be permitted by law. The remedies of Landlord, as hereinabove provided, are subject to the other provisions herein. Nothing contained in this Section 16 shall affect Landlord’s right, as in this Lease elsewhere provided, to indemnification against liability for injury or damage to persons or property occurring prior to the termination of this Lease. Except as provided with respect to a holdover under Section 8 above, in no event may Landlord or Tenant recover from the other consequential damages.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant written notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty fifteen (3015) days Business Days after the date of the notice). Provided ; provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs Sections 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above above, give Tenant written notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty fifteen (3015) days Business Days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to LandlordLandlord and shall remove the Trade Fixtures and personal property which is owned by Tenant or third parties other than Landlord in accordance with Section 23(a). Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may may, and shall use commercially reasonable efforts to, relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or securedrealized, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations possession and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for for, and shall pay to Landlord as as, liquidated and agreed current damages: : (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph Section 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for relettingreletting (the “Net Reletting Proceeds”), plus plus (iii) all Additional Payments paid or payable by LandlordLandlord at the time of, or in connection with, such termination or repossession. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled in default under this Lease if Landlord has breached or failed to recover from perform any covenant, agreement or undertaking of Landlord under this Lease and has not commenced to cure such failure within thirty (30) days of Landlord’s receipt of Tenant’s written notice thereof and diligently and in good faith continue to cure the default until completion, or if such default is of such a nature that it cannot reasonably be cured within such period of thirty (30) days, such period shall be extended for such longer time as is reasonably necessary (not to exceed 180 days), provided that Landlord has commenced to cure such default within said period of thirty (30) days and is actively, diligently and in good faith proceeding with continuity to remedy such default. In the event of a Landlord default and failure by Landlord to cure such default in the time period required pursuant to the foregoing sentence, Tenant and Tenant shall pay to may: (i) (A) perform the obligations of Landlord, on in which event Landlord shall reimburse Tenant upon written demand for any reasonable and necessary costs and expenses which Tenant incurred in performing Landlord’s obligations, and, if Landlord fails to so reimburse Tenant within thirty (30) days of written demand, Tenant may (B) bring suit for damages against Landlord for any and all expenses (including reasonable attorneys’ fees) incurred by Tenant under this Section 19 and/or (ii) seek injunctive or other equitable relief against Landlord. In no event shall Tenant have the right to terminate this Lease as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion a result of any default by Landlord hereunder. No waiver by Tenant of any violation or breach of any of the Term demised terms, provisions and covenants herein as if this Lease had not expired contained shall be deemed or been terminated, discounted construed to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, constitute a waiver of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date other violation or breach of payment of such damages, minus the rent reserved for the unexpired portion any of the Term demised terms, provisions and covenants herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawcontained.

Appears in 3 contracts

Samples: Lease Agreement (Haverty Furniture Companies Inc), Lease Agreement (Haverty Furniture Companies Inc), Deed of Lease (Haverty Furniture Companies Inc)

Conditional Limitations; Default Provisions. (a) If Any of the following occurrences or acts shall constitute an event of default under this Lease: (i) if Tenant, at any Event time during the continuance of Default this Lease (and regardless of the pendency of any bankruptcy, reorganization, receivership, insolvency or other proceedings, in law, in equity, or before any administrative tribunal, which have or might have the effect of preventing Tenant from complying with the terms of this Lease), shall (A) fail to make any payment of Rent, Additional Rent or any other sum herein required to be paid by Tenant, or (B) fail to observe or perform any of Tenant’s other covenants, agreements or obligations hereunder or under the Service Agreement and if any failure shall continue as to (A) above for 10 days after receipt of written notice from Landlord that any such payment shall have occurredbecome due, or as to (B) above for 30 days after Landlord shall have given to Tenant notice specifying such failure (or if such default cannot be cured by the payment of money and cannot with due diligence be cured within such 30 day period owing to causes beyond the control of Tenant, if Tenant shall fail to proceed promptly to cure the same and thereafter prosecute the curing of such default with diligence and continuity), or (ii) if a receiver, trustee, or liquidator of Tenant or of all or substantially all of the property of Tenant or of the Leased Premises shall be appointed in any proceeding brought by Tenant, or if any such receiver, trustee or liquidator shall be appointed in any proceeding brought against Tenant and shall not be discharged within 90 days after such appointment or if Tenant shall consent to or acquiesce in such appointment, (iii) if at any time Tenant discontinues operations at the Leased Premises or the Leased Premises shall have been abandoned or left unoccupied, and such condition shall have continued for 180 consecutive days, other than as a result of force majeure or (iv) if the interest of Tenant in the Leased Premises or part thereof shall be levied upon or attached in any proceeding and such process shall not be vacated or discharged (through bonding or otherwise) within 60 days after such levy or attachment. (b) This Lease and the term and estate hereby granted are subject to the limitation that whenever an event of default shall have happened and be continuing beyond any applicable cure period, then Landlord shall have the right at its optionelection, then or at any time thereafterthereafter while any such event of default shall continue and regardless of and notwithstanding the fact that Landlord has or may have some other remedy hereunder or by virtue hereof, in law or in equity, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant written notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, and upon the Term giving of any such notice, this Lease and the estate hereby granted shall expire and terminate upon the date so specified in said notice as fully and completely as if the date set forth in such notice were the date fixed for the expiration of the Term, and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Termterminate, but Tenant shall remain liable for all its obligations hereunder through as hereafter provided. In the date hereinabove fixed for the expiration of the Termevent any such notice to terminate is given, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date immediate right of the notice), at which time Tenant shall surrender re-entry and deliver possession of the Leased Premises and the right to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any all persons or and property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (bc) In the event of any expiration or termination of this Lease as in this Section 16 above provided or repossession as otherwise permitted by law, Tenant shall then peaceably quit and surrender the Leased Premises to Landlord, and Landlord may without further notice enter upon, re-enter, possess and repossess the same by, summary proceedings, ejectment or otherwise and again have, repossess and enjoy the same as if this Lease had not been made, and in any such event, neither Tenant nor any person claiming through or under Tenant by virtue of any statute or of an order of any court shall be entitled to possession or to remain in possession of the Leased Premises by reason of the occurrence of an Event of Default, Tenant but shall pay to Landlord Basic Rent forthwith quit and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of surrender the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: Premises. (id) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid payable by Tenant under this Lease including, but not limited to, the expenses of Landlord, and Landlord may recover such damages shall have the right from Tenant and institute time to time to begin and maintain successive actions or other legal proceedings against Tenant for the recovery of such damagesany sums payable hereunder, and to recover the same upon the liability of Tenant herein provided, which liability it is expressly covenanted shall survive the issuance of any action to secure possession of the Leased Premises. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term this Lease would have expired by limitation had there been no such Event event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b)default. (ce) At If under any time after such expiration or sooner termination of the preceding provisions of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b)Section 16, Landlord shall be entitled to recover from give Tenant a notice of termination of this Lease, Landlord without giving such notice of termination, and notwithstanding the continuance of this Lease and notwithstanding that Landlord may not have re-entered or taken possession of the Leased Premises pursuant to this Section 16, shall have, to the extent permitted by law, all the rights, powers and remedies given to Landlord by the preceding provisions of this Section 16, and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, have the Basic Rent reserved hereunder for the unexpired portion obligations imposed upon it by such provisions. No such re-entry or taking of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate possession of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled construed as an election on Landlord’s part to the maximum amount allowable under terminate this Lease unless a written notice of such statute intention be given to Tenant or rule unless such termination be decreed by a court of lawcompetent jurisdiction. (f) The words “enter”, “re-enter”, or “re-entry” are not restricted to their technical legal meaning.

Appears in 2 contracts

Samples: Lease Agreement (Kraton Performance Polymers, Inc.), Lease Agreement (Arizona Chemical Ltd.)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafterthereafter while such Event of Default is continuing, to do any one or more of the following without demand upon or notice to Tenant:Tenant (except as provided below or required by applicable law): (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days Business Days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days Business Days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removalremoval (other than for its gross negligence or willful misconduct). No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx Tenant has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four six percent (46%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Chefs' Warehouse, Inc.)

Conditional Limitations; Default Provisions. (a) If 15.1 In case the Term or any Event of Default the goods and chattels of the Tenant shall have occurred, Landlord shall have the right at its option, then or be at any time thereafter, to do any one seized in execution or more attachment by a creditor of the following Tenant or the Tenant shall make any assignment for the benefit of creditors or become bankrupt or insolvent or take the benefit of any Act now or hereafter in force for bankrupts or insolvent debtors, or, if the Tenant is a corporation and any order shall be made for the winding-up of the Tenant, or other termination of the corporate existence of the Tenant or a Receiver or Receiver-Manager is appointed for the Tenant under any Debenture or other security or by Court Order or otherwise, then in any such case the Lease shall at the option of the Landlord immediately cease and terminate and the Term shall immediately become forfeited and void and the then current month's rent and the next ensuing three (3) month's rent shall immediately become due and be paid and the Landlord may, without demand upon notice, re-enter and take possession of the Demised Premises as though the Tenant or other occupant or occupants of the Demised Premises was or were holding over after the expiration of the Term of Lease without any right whatsoever. 15.2 If, during the Term, or any renewal thereof, the Tenant shall make default in the payment of any rent due under the Lease, and such default shall continue for three (3) days after notice thereof by the Landlord, the Lease shall cease and come to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease an end on a the date specified in such notice (the said notice, which date shall not be no sooner less than thirty three (303) days after the date delivery of such notice, and the Tenant will then quit and surrender the Demised Premises to the Landlord. 15.3 If, during the Term or any renewal thereof the Tenant shall not observe, perform or keep any of the notice). Provided that Tenant has not cured all Events of Default prior other covenants in the Lease and such default shall continue for three (3) days after written notice thereof by the Landlord to the date Tenant, or if the Tenant fails to proceed promptly and with all due diligence to cure such default, then and in any such case, unless the default upon which said notice was based has been cured in the meantime the Lease shall cease and come to an end on the day specified in Landlord’s the said notice, the Term which date shall not be less than three (3) days after delivery of such notice, and the estate hereby granted Tenant will then quit and surrender the Demised Premises to the Landlord, provided that in the event of a default which is capable of being cured but which cannot with due diligence be cured within a period of three (3) days, the three (3) day period shall be extended for such time as shall allow the Tenant proceeding promptly and with all rights due diligence a reasonable opportunity to cure such default. 15.4 All costs, charges and expenses incurred by the Landlord in recovering or enforcing payment of Tenant monies owing hereunder shall expire or in enforcing the terms and terminate as if such date were the date hereinabove fixed for the expiration conditions of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord mayLease, whether or not any default be cured within the Term time allowed, including the costs of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord as between solicitor and own client on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date lump sum basis, expenses of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession Demised Premises and realizing upon goods and chattels of the Leased Premises pursuant to clause (ii) aboveTenant, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained sums shall be deemed to require be rent payable under the Lease. 15.5 No remedy conferred upon or reserved to the Landlord herein or by law or otherwise shall be considered exclusive of any other remedy, but the same shall be cumulative with and in addition to wait every other remedy available to begin the Landlord, and all such action or other legal proceedings until remedies may be exercised concurrently as well as individually from time to time, and as often as the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b)deem fit. (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 2 contracts

Samples: Lease Agreement (Elgrande Com Inc), Lease Agreement (El Grande Com Inc)

Conditional Limitations; Default Provisions. (a) If any Event Section 20.1. This lease and the term of Default shall have occurredthis lease are subject to the limitations that if, Landlord shall have the right at its option, then or at any time thereafterprior to or during the term of this lease, to do any one or more of the following without demand upon events (herein called an "Event of Default") shall occur, that is to say: 20.1.1. If Tenant shall make an assignment for the benefit of its creditors; or 20.1.2. If any petition shall be filed against Tenant in any court, whether or not pursuant to any statute of the United States or of any State, in any bankruptcy, reorganization, composition, extension, arrangement or insolvency proceeding, and if any such proceeding 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 20.1.3. If, in any proceeding, a receiver or trustee be appointed for all or any portion of Tenant'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 20.1.4. If Tenant shall fail to pay any installment of the Fixed Annual Rent or any Additional Rent (subject to Sections 20.1.5 and 20.1.6 below), or any part thereof, when the same shall become due and payable, and such failure shall continue for ten (10) days after notice thereof from Landlord to Tenant: (i) , provided, however, that Landlord may shall be required to give Tenant notice of Xxxxxxxx’s intention failure to terminate this Lease on pay only for the first two (2) times in any twelve (12) month period, and further provided that, with respect to any payment to be made to a date specified Fee Mortgagee, (i) same shall be paid by Tenant at least two (2) business days prior to the expiration of the grace or cure period contained in such notice Fee Mortgage, (which date ii) proof of payment by facsimile transmission shall be sent to Landlord immediately upon payment by Tenant and (iii) no sooner notice of failure to pay such payment to a Fee Mortgagee shall be given by Landlord to Tenant. A failure on the part of Tenant to pay such requisite amounts under a Fee Mortgage in accordance with this provision (unless Fee Mortgagee waives any resulting default or reinstates the Fee Mortgage following such default) shall constitute an Event of Default. However, the failure on the part of Tenant to submit proof of payment thereof shall constitute an Event of Default under this lease only if (i) Tenant has received notice from Landlord that Landlord has not received said copies and (ii) Tenant has not forwarded said copies within ten (10) business days of receipt of said notice; or 20.1.5. If Tenant fails to comply with Section 34.2, unless the Fee Mortgagee agrees to waive all default interest and penalties ("Penalties") in respect of such failure to refinance the Fee Mortgage or extend the maturity date thereof or Tenant pays such Penalties to the Fee Mortgagee or escrows same with the Landlord's counsel (provided, however, if, thereafter, the Fee Mortgagee waives the Penalties or Tenant refinances the Fee Mortgage or extends the maturity date of the Fee Mortgage as required by Section 34.2, such escrow shall be released to Tenant); or 20.1.6. If Tenant fails to comply with Section 34.2, and the Fee Mortgagee commences a foreclosure proceeding or sends written notice to Landlord that it intends to commence a foreclosure proceeding (provided, however, if the Fee Mortgagee rescinds any notice of foreclosure or discontinues, or agrees in writing to discontinue, any foreclosure proceeding once it is commenced, such default shall be deemed waived by the Landlord); or 20.1.7. If Tenant shall fail to perform or observe any other requirement of this lease (not hereinbefore in this Section 20.1 specifically referred to) on the part of Tenant to be performed or observed (other than the payment of a sum of money) and such failure shall continue for thirty (30) days after notice thereof from Landlord to Tenant (subject, however, to the provisions of Sections 20.5 and 24.4); 20.1.8. If the Optionee fails to pay the Option Payments when the same shall become due and payable, and such failure shall continue for ten (10) Business Days after notice thereof from Landlord to Tenant; Then, upon the happening of any one or more of the aforementioned Events of Default, (subject to the reinstatement of the Fee Mortgage or a waiver by Fee Mortgagee of any default under the Fee Mortgage as provided in Section 20.1.4 above) Landlord may give to Tenant a notice (hereinafter called "notice of termination") terminating this lease at the expiration of five (5) business days from the date of Tenant's receipt of such notice of termination, and at the notice). Provided that expiration of such five (5) business days, this lease and the term of this lease, as well as all of the right, title and interest of the Tenant has not cured all Events of Default prior to hereunder, shall wholly cease and expire in the same manner and with the same force and effect as if the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if expiration of such date five (5) day period were the date hereinabove fixed originally specified herein for the expiration of the Termterm of this lease, and Tenant shall then quit and surrender the Demised Premises to Landlord, and Landlord or Landlord's agents or servants may, either by summary process or by any suitable action or proceeding at law, immediately or at any time thereafter re-enter the Demised Premises and remove therefrom Tenant, its agents, employees, servants, licensees, and any Subtenants and other persons, and all or any of its or their property therefrom, and repossess and enjoy the Demised Premises, together with all additions, alterations and improvements thereto; but Tenant shall remain liable for as hereinafter provided, subject to the provisions of Article 31. Section 20.2. Subject to the rights of any Mortgagee, if this lease shall be terminated as provided in Section 20.1, all its obligations hereunder through the date hereinabove fixed for the expiration of the Termright, title, estate and interest of Tenant (a) in and to the Building and the Building Equipment, all changes, additions and alterations therein, and all renewals and replacements thereof, (b) in and to all rents, income, receipts, revenues, issues and profits issuing from the Demised Premises, or any part thereof, whether then accrued or to accrue, (c) in and to all insurance policies and all insurance monies premiums or awards paid or payable thereunder, and (d) in the then entire undisbursed balance of any funds in the hands of the Depository, shall automatically pass to, vest in and belong to Landlord, without further action on the part of either party, free of any claim thereto by Tenant. Section 20.3. Subject to the provisions of Article 31, if this lease is terminated under the provisions of Section 20.1 or in the event of the termination of this lease, or of re-entry, by or under any summary dispossess or other proceeding or action or any provision of law by reason of an Event of Default hereunder on the part of Tenant; Tenant shall pay Landlord the fair rental value of any space in the Demised Premises occupied by Tenant or an Affiliate after such termination or re-entry, without thereby creating a landlord-tenant relationship and Tenant shall be liable for no other damages. In the event of a breach or threatened breach by Tenant of any of the covenants or provisions hereof beyond the applicable grace period, if any, Landlord shall have the right to seek an injunction and the right to invoke any remedy allowed at law or in equity as if re-entry, summary proceedings and other remedies were not herein provided for. Mention in this lease of any particular remedy shall not preclude Landlord from any other remedy, in law or in equity. Tenant hereby expressly waives any and all rights of redemption granted by or under any present or future laws in the event of Tenant being evicted or dispossessed for any cause, or in the event of Landlord obtaining possession of the Demised Premises by reason of the violation by Tenant of any of the covenants and conditions of this lease. Section 20.4. Tenant, for itself and any and all persons claiming through or under Tenant, including its liability creditors, upon the termination of this lease and of the term of this lease in accordance with the terms hereof, or in the event of entry of judgment for Basic Rent the recovery of the Possession of the Demised Premises in any action or proceeding, or if Landlord shall enter the Demised Premises by process of law hereby waives any right of redemption provided or permitted by any statute, law or decision now or hereafter enforce, and Additional Rent as hereinafter provided in Paragraphs 19(b) does hereby waive, surrender and (c)give up all rights or privileges which it or they may or might have under and by reason of any present or future law or decision, to redeem the Demised Premises or for a continuation of this lease for the term of this lease hereby demised after having been dispossessed or ejected therefrom by process of law. (ii) Landlord maySection 20.5. Anything in this Article 20 to the contrary notwithstanding it is expressly understood that with respect to any Event of Default within the purview of Section 20.1.7 only, whether if such Event of Default cannot with the exercise of reasonable diligence, because of Unavoidable Delays or not otherwise, be cured within the Term period of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability provided for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c)said Section, Landlord shall not be entitled to claim serve a notice of termination upon Tenant, as provided in Section 20.1, if Tenant shall commence the curing of such Event of Default promptly after notice thereof from Landlord and shall thereafter proceed with reasonable diligence to complete the curing of such Event of Default, subject to Unavoidable Delays, it being the intention hereof that in connection with any further amounts Event of Default within the purview of Section 20.1.7 only, which is not susceptible of being cured with due diligence within said thirty (30) days, the time of Tenant within which to cure the same shall be extended for such period as may be necessary to complete the same with reasonable diligence, subject to Unavoidable Delays. If at any time Landlord has reasonably determined that Tenant has not proceeded with reasonable diligence to complete the curing of such Event of Default, Landlord shall not be entitled to serve a notice of termination unless Landlord has notified Tenant of such determination and Tenant has failed to respond within five (5) business days after its receipt of such notice. Any dispute between Landlord and Tenant with respect to the subject matter hereof shall be submitted to arbitration pursuant to this Paragraph 19(b)Article 44. Section 20.6. The words "re-enter" and "re-entry" as used herein are not restricted to their technical legal meanings. Section 20.7. If (ca) At there shall be an Event of Default and (b) Tenant shall not be attempting to cure such Event of Default with reasonable diligence, then Landlord may, but shall not be obligated to do so, after written notice to Tenant and without waiving or releasing Tenant from any time after obligations of Tenant in this lease contained, make such expiration payment or sooner termination perform such act which Tenant is obligated to perform under this lease in such manner and to such extent as may be necessary to cure such Event of this Lease Default, and, in exercising any such rights, pay any necessary and incidental costs and expenses, employ counsel and incur and pay reasonable attorneys' fees. All sums so paid by Landlord pursuant and all necessary costs and expenses of Landlord incidental thereto, together with interest thereon at the Lease Interest Rate from the date of the making of such expenditures by Landlord, shall be deemed to Paragraph 19 be Additional Rent and, except as otherwise in this lease expressly provided, shall be payable to the Landlord twenty (20) days after demand, and if not promptly paid shall be added to any rent then due or pursuant thereafter becoming due under this lease, and Tenant covenants to law pay any such sum or if sums with interest as aforesaid and Landlord shall have reentered (in addition to any other right or remedy of Landlord) the Leased Premises, same rights and remedies in the event of the non-payment thereof by Tenant as in the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from of default by Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, in the Basic Rent reserved hereunder for the unexpired portion payment of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawFixed Annual Rent.

Appears in 2 contracts

Samples: Lease (Northstar Capital Investment Corp /Md/), Lease (Northstar Capital Investment Corp /Md/)

Conditional Limitations; Default Provisions. (a) If any Any of the following occurrences or acts shall constitute an Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenantunder this Lease: (i) Landlord may give Tenant If Lessee shall (1) fail to pay any Basic Rent, recurring additional rent or other recurring sum when due (provided that Lessor shall not exercise any of its remedies hereunder for such failure to pay unless such monetary Event of Default continues to exist after Lessor has provided Lessee with five (5) days written notice of XxxxxxxxLessee’s intention failure to terminate this Lease on a date specified in timely pay such sums and provided that Lessor is obligated to provide such written notice no more than two times for any consecutive twelve (which date 12) month period before exercising its remedies) or (2) fail to observe or perform any other provision hereof and such non-monetary failure shall be no sooner than continue for thirty (30) days after written notice to Lessee of such failure (provided that, in the date case of any such failure which cannot be cured by the payment of money and cannot with diligence be cured within such thirty (30) day period, if Lessee shall commence promptly to cure the same and thereafter prosecute the curing thereof with diligence, the time within which such failure may be cured shall be extended for such period not to exceed one hundred and eighty (180) days as is necessary to complete the curing thereof with diligence); (ii) If any representation or warranty of Lessee set forth in any certificate provided by Lessee pursuant to this Lease, shall prove to be incorrect in any material adverse respect as of the notice). Provided that Tenant time when the same shall have been made in a way adverse to Lessor and Lessor shall suffer a loss or detriment as a result thereof, including, without limitation, the taking of any action (including, without limitation, the demise of the Premises to Lessee herein) in reliance upon such representation or warranty and, in each case, the facts shall not be conformed to the representation and warranty as soon as practicable in the circumstances (but in no event to exceed thirty (30) days) after written notice to Lessee from Lessor of such inaccuracy and Lessor restored to the position it would have enjoyed had such representation or warranty been accurate at the time it was made; (iii) If Lessee shall file a petition in bankruptcy or for reorganization or for an arrangement pursuant to any federal or state law or shall be adjudicated a bankrupt or become insolvent or shall make an assignment for the benefit of creditors, or if a petition proposing the adjudication of Lessee as a bankrupt or its reorganization pursuant to any federal or state bankruptcy law or any similar federal or state law shall be filed in any court and Lessee shall consent to or acquiesce in the filing thereof or such petition shall not be discharged or denied within ninety (90) days after the filing thereof; (iv) If a receiver, trustee or conservator of Lessee or of all or substantially all of the assets of Lessee or of the Premises or Lessee’s or estate therein shall be appointed in any proceeding brought by Lessee, or if any such receiver, trustee or conservator shall be appointed in any proceeding brought against Lessee and shall not be discharged within ninety (90) days after such appointment, or if Lessee shall consent to or acquiesce in such appointment; (v) If the Premises shall have been abandoned for a period of ten (10) consecutive days; (vi) If a Letter of Credit has not cured all Events been posted as the Security Deposit or other security hereunder, and the issuer of the Letter of Credit cancels, terminates or refuses to honor it, and Lessee shall fail to renew the Letter of Credit within thirty (30) days or shall fail to post a cash equivalent amount of the Letter of Credit or a replacement letter of credit within fifteen (15) days after notice of such cancellation, termination or refusal; and (vii) If an Event of Default prior occurs under this Lease more than three (3) times within any consecutive twelve (12) month period, irrespective of whether or not such Event of Default is cured. (b) If an Event of Default shall have happened and be continuing, Lessor shall have the right to give Lessee notice of Lessor’s termination of the date specified in Landlord’s Term. Upon the giving of such notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate on such date as fully and completely and with the same effect as if such date were the date hereinabove herein fixed for the expiration of the Term, and all rights of Lessee hereunder shall expire and terminate, but Tenant Lessee shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (iic) Landlord mayIf an Event of Default shall have happened and be continuing, Lessor shall have the immediate right, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the noticesubsection 7.01(b), at which time Tenant shall surrender to reenter and deliver possession of repossess the Leased Premises and the right to Landlordremove all persons and property (subject to Section 3.02) therefrom by summary proceedings, ejectment or any other legal action or in any lawful manner Lessor determines to be necessary or desirable. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord Lessor shall be under no liability for or by reason of any such entryreentry, repossession or removal. No such entry reentry, repossession or repossession removal shall be construed as an election by Landlord Lessor to terminate this Lease the Term unless Xxxxxxxx gives a written notice of such intention termination is given to Tenant Lessee pursuant to clause (isubsection 7.01(b) aboveor unless such termination is decreed by a court. (iiid) After At any time or from time to time after a reentry, repossession of the Leased Premises or removal pursuant to clause (ii) abovesubsection 7.01(c), whether or not this Lease the Term shall have been terminated pursuant to clause (i) abovesubsection 7.01(b), Landlord Lessor may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance account of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as LandlordLessee, in its reasonable discretion, the name of Lessee or Lessor or otherwise. Lessor may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. Lessor shall not be liable for any failure to relet the Premises or for any failure to collect any rent due upon any such reletting. Notwithstanding the foregoing, Lessor agrees to make reasonable efforts to mitigate its damages under this Lease in the event Lessee actually vacates or advises Lessor that it is, as of a specified date, to vacate the Premises. The rents received on such reletting phrase “reasonable efforts,” as it relates to Lessor’s duty to attempt to relet the Premises, shall be applied require Lessor to do only the following: (Ai) first to notify Lessor’s management company, if any, in writing of the reasonable and actual expenses availability of such the Premises for reletting and collectionauthorize same to advertise as appropriate, including without limitation necessary renovation and alterations (ii) post Lessor’s leasing contact telephone number in an appropriate area of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (Biii) thereafter toward payment show the Premises to any prospective lessee interested in the Premises and to any prospective lessee specifically referred to Lessor by Lessee. Under any requirement of Lessor to use “reasonable efforts” as described herein, (i) Lessor shall not be required to relet the Premises ahead of any other properties in the same market not producing any income to Lessor; (ii) Lessor shall be entitled to consider lessee quality, lessee-mix, the financial condition of any prospective lessee, the nature of the Premises, the proposed use of the Premises by any prospective lessee, and any rights of existing sublessees located in the Premises, in making any leasing decision without being deemed to have violated its mitigation requirement hereunder; and (iii) under any new lease entered into by Lessor, Lessor may relet all sums due or any portion of the Premises to become due Landlord create an appropriate block of space for a new lessee, may relet for a greater or lesser term than that remaining at that time under this Lease, and may include free rent, concessions, inducements, alterations and upgrades in the new lease. If a reletting occurs, Lessor shall recoup all of its expenses of reletting (including, without limitation, all expenses relating to remodeling, alterations, repairs, capital improvements, brokerage fees, decorating fees, and fees for architects, designers, space planners and attorneys) before Lessee is entitled to a credit on the damages owed by Lessee hereunder. If a sufficient amount to pay such expenses and sums Lessor shall not be realized or secureddo all the foregoing then, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided anything in this Lease, but such excess or any statute, or common law rule to the contrary notwithstanding, Lessor shall reduce any accrued present be deemed to have met its duty (if any) to mitigate its damages hereunder. (e) No expiration or future obligations termination of Tenant hereunder. Landlord’s re-entry the Term pursuant to subsection 7.01(b), by operation of law or otherwise, and no reentry, repossession or removal pursuant to subsection 7.01(c) or otherwise, and no reletting of the Leased Premises without termination pursuant to subsection 7.01(d) or otherwise, shall relieve Lessee of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demandliabilities and obligations hereunder, all reasonable expenses incurred by Landlord in obtaining possessionof which shall survive such expiration, in performing Alterations and in reletting any of the Leased Premisestermination, including fees and commissions of attorneysreentry, architectsrepossession, agents and brokersremoval or reletting. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (bf) In the event of any expiration or termination of this Lease the Term or reentry or repossession of any the Premises or removal of the Leased Premises persons or property therefrom by reason of the occurrence of an Event of Default, Tenant Lessee shall pay to Landlord Lessor all Basic Rent Rent, additional rent and all Additional Rent other sums required to be paid by Tenant Lessee, in each case to and including the date of such expiration, termination termination, reentry, repossession or repossession removal, and, thereafter, Tenant Lessee shall, until the end of what would have been the Term in the absence of such expiration, termination termination, reentry, repossession or repossession, removal and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for Lessor for, and shall pay to Landlord Lessor, as liquidated and agreed current damages: (i) all Basic Rent Rent, all additional rent and Additional Rent other sums which would be payable under this Lease by Tenant Lessee in the absence of any such expiration, termination termination, reentry, repossession or removal, together with all expenses of Lessor in connection with such reletting (including, without limitation, all repossession from time to time as costs, brokerage commissions, reasonable attorneys’ fees and expenses (including, without limitation, fees and expenses of appellate proceedings), employee’s expenses, alteration costs and expenses of necessary preparation for such Basic Rent and Additional Rent become duereletting), less (ii) the net proceeds, if any, of any reletting effected for the account of Lessee pursuant to Paragraph 19(a)(iiisubsection 7.01(d), after deducting from . Lessee shall pay such proceeds all of Landlord’s reasonable expenses liquidated and agreed current damages on the dates on which rent would be payable under this Lease in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery absence of such damages. Nothing herein contained expiration, termination, reentry, repossession or removal, and Lessor shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b)recover the same from Lessee on each such date. (cg) At any time after any such expiration or sooner termination of this Lease the Term or reentry or repossession of the Premises or removal of persons or property therefrom by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered reason of the Leased Premises, as the case may beoccurrence of an Event of Default, whether or not Landlord Lessor shall have recovered collected any amounts under Paragraph 19(a)(iii) or 19(bliquidated and agreed current damages pursuant to subsection 7.01(f), Landlord Lessor shall be entitled to recover from Tenant Lessee, and Tenant Lessee shall pay to Landlord, Lessor on demand, as and for liquidated and agreed final damages for TenantLessee’s default, default and in lieu of all liquidated and agreed current damages beyond the Basic Rent reserved hereunder for date of such demand (it being agreed that it would be impracticable or extremely difficult to fix the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%actual damages), minus an amount equal to the net proceedsexcess, if any, of any reletting pursuant to Paragraph 19(a)(iii(a) received by Landlord prior to the aggregate of all Basic Rent, additional rent and other sums which would be payable under this Lease, in each case from the date of payment such demand (or, if it be earlier, to date to which Lessee shall have satisfied in full its obligations under subsection 7.01(f) to pay liquidated and agreed current damages) for what would be the then unexpired Term in the absence of such damagesexpiration, minus termination, reentry, repossession or removal, discounted at the rent reserved Reference Rate, over (b) the then fair rental value of the Premises, discounted at the Reference Rate for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlordsame period. If any statute or rule law shall limit the amount of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord Lessor shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 2 contracts

Samples: Lease Agreement (M/a-Com Technology Solutions Holdings, Inc.), Lease Agreement (M/a-Com Technology Solutions Holdings, Inc.)

Conditional Limitations; Default Provisions. Section 19.1. In the event Lessee shall violate, fail to perform or be in breach of: (a) If any Event of Default covenant to pay base rent, additional rent, or any other amount due hereunder and for more than five (5) days after the same is due, or (b) any other term, condition or covenant hereof and shall have occurred, Landlord shall have fail to cure the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than same within thirty (30) days after being given notice by Lessor, then Lessor may, without further notice to Lessee, either (c) re-enter the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire Premises and terminate as if Lessee's right to possession thereof, without terminating this lease or (d) re-enter the Premises and terminate both Lessee's right to possession thereof and this lease. Such re-entry may be affected without further notice to Lessee or judicial proceedings and upon such date were re-entry The Lessor shall have the date hereinabove fixed for right to remove all persons and personal property from the expiration Premises. Lessor may, in its sole discretion, store any personal property so removed at the sole cost and expense of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)Lessee. (ii) Landlord maySection 19.2. Upon such re-entry, whether or not Lessor shall terminate this lease, Lessee shall pay to Lessor upon demand (a) all base rent, additional rent and any other amount due to Lessor at the Term time of such re-entry and (b) all costs and expenses incurred by Lessor to effect such re-entry, including, without limitation, reasonable attorneys' fees, and costs to repair the Premises and remodel it for re-letting (hereinafter "Re-entry Costs"). No such re-entry shall be deemed a termination of this lease unless Lessor notifies Lessee that this lease is terminated; and any such termination shall be effective only as of the date set forth in such notice. Section 19.3. If Lessor, following such reentry, shall terminate this lease by such notice, or if this lease shall be terminated by the order or decree of any court of competent jurisdiction, Lessee shall pay the Lessor upon demand, in addition to the amounts set forth in (a) and (b) of the preceding paragraph hereof, base rent and additional rent for the period between such re-entry and such termination, including, but not by way of limitation, payment by Lessee of all rent payments that are then due, and an aggregate sum which at the time of such termination of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender represents the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after then present worth, discounted at the date rate of 4% per annum, of the notice), at which time Tenant shall surrender and deliver possession excess of (a) the amount of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability basic rent and additional rent that would have accrued for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason term of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. over (b) In the event of any expiration or termination of this Lease or repossession of any aggregate rental value of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of balance for such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c)term, Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If unless any statute or rule of law governing a the proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than of such claim capable of being so proved, in which case, the amount above agreed upon, Landlord Lessor shall be entitled to prove and as for liquidated damages by reason of such breach and termination of this Lease, the maximum amount allowable which may be allowed by or under any such statute or rule of law. Section 19.4. Following any re-entry, Lessor may, if it does not terminate this lease, re-let the Premises or any part thereof for the account of Lessee for such term or terms (whether longer or shorter than the unexpired initial or option period term of this lease), at such rent and upon such conditions and covenants as Lessor, in its sole discretion, may reasonably deem advisable. Upon each such re-letting, all rent received by Lessor shall be applied to the following obligations of Lessee to the extent not then satisfied: first, to Re-entry Costs; second, to any costs and expenses incurred by Lessor in re-letting the Premises or part thereof, including, without limitation, the costs of reasonable brokers' and attorneys' fees; third, to the payments of base rent, additional rent and liquidated damages unpaid and due to Lessor at the time of such re-letting; fourth, to any other unpaid amount then due from Lessee to Lessor; and the balance, if any, shall be held by Lessor and applied in payment of base rent, additional rent and liquidated damages as the same shall become due hereunder. If the rent received upon such re-letting during any calendar month shall be less than the total of (i) base rent that would have been paid by Lessee for that month plus (ii) the liquidated damage amount payable therewith, Lessee shall pay the deficiency to Lessor, such deficiency being calculated and paid monthly. Section 19.5. Lessee hereby grants to Lessor a lien and security interest under the Uniform Commercial Code in all property of Lessee now or hereafter placed on the Premises, including but not limited to leasehold improvements, trade fixtures, furnishings and inventory. Lessee agrees to execute such financing statements as Lessor may from time to time request in order to perfect this security interest. Lessor may at its election file a copy of this Lease as a financing statement. Lessor, as secured party, shall be entitled to all of the rights and remedies available to a secured party under the Uniform Commercial Code. Lessor's lien and security interest is and shall remain subject and subordinate to any lien securing bona fide purchase money financing of any of the property in question in favor of a party unaffiliated with Lessee. Section 19.6. No remedy provided to Lessor hereunder shall be deemed an exclusive remedy and the election by Lessor of any such remedy shall not bar Lessor from pursuing any other remedy, for damages or otherwise, whether available to Lessor hereunder or existing at law or in equity. Section 19.7. In the event Lessee's interest under this lease be assigned by operation of law, or in event of the bankruptcy, insolvency, voluntary or involuntary liquidation or winding up of the affairs of Lessee, or in event of any corporate reorganizations or arrangements under the bankruptcy or insolvency laws of the United States of any State involving the interest of Lessee hereunder, Lessor may, at its election, by thirty (30) days' written notice to Lessee, the trustee in bankruptcy, the receiver, or other legal representative in charge of the interest of Lessee hereunder, terminate and cancel this lease.

Appears in 2 contracts

Samples: Lease Agreement (Liqtech International Inc), Lease Agreement (Liqtech International Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, in addition to any other remedies available to Landlord at law or in equity, each and all of which shall be cumulative and nonexclusive, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice); provided that any such notice delivered by Landlord shall be in lieu of, and not in addition to, any notice required under California Code of Civil Procedure Section 1161 or any similar or successor law. Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but in which event Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to immediately surrender the Leased Premises to Landlord, and Landlord on a date specified in may recover from Tenant the following: (A) The worth at the time of award of any unpaid rent which has been earned at the time of such notice termination; plus (which date shall be no sooner than thirty (30B) days after The worth at the date time of award of the notice), amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; plus (C) The worth at which the time Tenant shall surrender and deliver possession of award of the Leased Premises to Landlord. Upon or at any time after taking possession of amount by which the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability unpaid rent for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason Lease Term after the time of award exceeds the amount of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then rental loss that Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers.proves could have been reasonably avoided; plus (ivD) Any other amount necessary to compensate Landlord may exercise any other right or remedy now or hereafter existing for all the detriment proximately caused by law or in equity. (b) In the event of any expiration or termination of Xxxxxx's failure to perform its obligations under this Lease or repossession which in the ordinary course of any things would be likely to result therefrom; and (E) At Landlord's election, such other amounts in addition to or in lieu of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to foregoing as may be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession permitted from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b)applicable Law. (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 2 contracts

Samples: Lease Agreement (Plumas Bancorp), Lease Agreement (Plumas Bancorp)

Conditional Limitations; Default Provisions. 16.1 This lease and the demised term are subject to the limitation that, if at any time after the date hereof, any one of the following events (hereinafter called an "event of default") shall occur, that is to say: (a) If Tenant shall make an assignment for the benefit of its creditors; or (b) If any Event petition shall be filed by or against Tenant in any court, whether or not pursuant to any statute of Default any State, in an reorganization, composition, extension arrangement or insolvency proceedings, and the same is not dismissed in 30 days as respects a petition filed against Tenant provided during such period Tenant continues to pay all rent, Impositions and other charges and perform all of its obligations under this lease; or (c) If, Tenant, or a trustee or custodian appointed for all or a substantial portion of Tenant's property pursuant to the provisions of any insolvency, bankruptcy, reorganization or other law then in effect, shall have occurredfail within the time provided by law and order of a court having competent jurisdiction to provide Landlord with adequate protection as the item is used in 11 USC 361 and specifically the "indubitable equivalent" of Landlord's interest in the Demised Premised as Premises as provided in 11 USC (3) ; or (d) If Tenant shall assign, mortgage or encumber this Lease, or sublet the whole or any part of the Demised Premises, otherwise than as expressly Permitted hereunder; or (e) If Tenant shall fail to pay any installment of the Fixed Rent set forth in this lease provided for in Article 4 and Article 39 of this Lease, or in any part thereof when same is due and payable; or (f) If Tenant shall fail to pay any item of additional rent or any other charge required to be paid by Tenant hereunder (other than the payment of the rental as set forth in said Article 4) and such failure shall continue for ten (10) days after notice thereof, from Landlord to Tenant; or (g) If Tenant shall have fail to perform or observe any other requirement of this lease (not hereinbefore in this paragraph 16.1 specifically referred to ) on the right at its optionpart of Tenant to be performed or observed and such failure shall continue for fifteen (15) days after written notice, then or at any time thereafterthereof from Landlord to Tenant (subject, however, to do the provisions of paragraph 16.6);or (h) If Tenant shall abandon the Premises or fail to keep the Premises occupied to the extent necessary to maintain fire insurance coverage; or (i) If a petition or a proceeding is filed of commenced by or against Tenant or a substantial portion of Tenant's property whereupon the Premises shall be, or attempted to be , taken or occupied by someone other than Tenant; or (j) If a petition or a proceeding is filed of commenced by or against Tenant for its dissolution or liquidation (other than in connection with any merger provided same as is consented to or permitted hereunder), or if it property is taken by any governmental authority in connection with a dissolution or liquidation, and if filed or commenced against Tenant the same is not dismissed within (30) days; (k) If Tenant shall fail to pay to Landlord or an affiliated entity any amount due in connection with orders for extra work, material and/or equipment made by Tenant in connection with the construction of finishing of the Building and if said default is not cured by Tenant within fifteen (15) days of written notice from Landlord or contested by the institution of appropriate proceedings; or (l) If Tenant shall breach any of its obligations or covenants contain in Article 35 of this lease; Then upon the happening of any one or more of the following without demand upon or notice to Tenant: (i) aforementioned events of default, and the expiration of the period of time for curing the same, Landlord may give to Tenant a notice (hereinafter called "notice of Xxxxxxxx’s intention to terminate this Lease on termination") and at the expiration of such fifteen (15) days, the term hereof, a date specified s well as all of the right, title and interest of Tenant hereunder, shall wholly cease and expire in such notice (which date shall be no sooner than thirty (30) days after the same manner and with the same force and effect as if the date of the notice). Provided that Tenant has not cured all Events expiration of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date fifteen (15) days period were the date hereinabove fixed originally specified herein for the expiration of this Lease and the Termdemised term, but and Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) 16.2 If this lease shall not be terminated as in the preceding paragraph 16.1 hereof provided, Landlord mayor Landlord's agents or servants, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon may immediately or at any time after taking possession thereafter re-enter the Demised Premises and remove therefrom Tenant , its agents, employees, servants, licensees, and any subtenants and other persons, firms, or corporations, and all or any of the Leased its or their property therefrom, either by summary dispossess proceedings or by any suitable action or proceeding at law, without being liable to indictment, prosecution or damages therefore, and repossess and enjoy said Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason together with all additions, alterations and improvements thereto. 16.3 In case of any such entrytermination, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx or dispossess by summary proceedings or otherwise, Tenant agrees to pay Landlord, as Additional that: (a) The Fixed Rent, immediately upon demandadditional rents, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent Impositions and all Additional Rent other charges required to be paid by Tenant hereunder shall thereupon become due and be paid up to and including the date of time such expirationtermination, termination re-entry or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossessiondispossess, and whether or not any of the Leased Premises Tenant shall have been relet, be liable to Landlord for and shall also pay to Landlord as liquidated all reasonable expenses which Landlord may then or thereafter incur for legal expenses attorneys' fees, brokerage commissions, and agreed current damages: all other costs paid or incurred by Landlord for restoring the Demised Premises to good order and condition and for altering and otherwise preparing the same for reletting. (ib) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expirationLandlord may, termination or repossession at any time from time to time time, relet the Demised Premises, in whole or in part, either in its own name or as such Basic Rent agent of Tenant, for a term or terms which, at Landlord's option, may be for the remainder of the current term of this lease, or for any longer or shorter period and Additional Rent become duegrant free rent concessions in connection therewith. (c) Tenant shall be obligated to and agree to pay to Landlord, less (ii) upon demand, ad Landlord shall be entitled to recover from Tenant, damages in an amount equal to the net proceedsexcess, if any, of all Fixed Rent, additional rents, Impositions and other charges and items as would be required hereunder to be paid to be paid by Tenant for each calendar month had this lease and the demised term been so terminated, or had Landlord not so re-entered, over the rents, if any reletting , collected by Landlord in respect of such calendar month pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for any reletting), plus (iii) all Additional Payments paid or . Said damages shall be payable by Tenant to the Landlord in monthly installments in the same manner as Fixed Rent hereunder, and any suite or action brought to collect the amount of the deficiency for any month shall not prejudice in any way the right if Landlord to collect the deficiency for any subsequent month by a similar proceeding. (d) If the statute or rule of law governing Landlord. Tenant hereby agrees to be and remain liable 's claim for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for shall limit the recovery amount of such damagesclaim capable of being so proved and allowed, Landlord shall be entitled to prove as and for liquidated damages and have allowed an amount equal to the maximum allowed by or under any such statute or rule of law. 16.4 In Connection with any leasing, Landlord at its option, may make such alterations, repairs and/or decorations in the Demised Premises as in its reasonable judgment Landlord considers advisable and necessary, and the making of such alterations, repairs and/or decorations shall not operate or be construed to release Tenant from liability hereunder. Nothing Landlord shall be in no event be liable in any way whatsoever for failure to relet, for failure to collect rent thereof under such reletting; and in no event shall Tenant be entitled to receive any excess of such annual rents over the sums payable by Tenant to Landlord from time to time at is election, and nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings postpone suite until the date when the Term term of this Lease would have expired if it had not been terminated under the provisions of this Lease, or under any provision of law, or had Landlord not re-entered into or upon the Demised Premises. 16.5 Tenant, for itself an any and all persons claiming through or under Tenant, including but not limited to its creditors, upon the termination of this lease and of the demised term in accordance with the terms hereof, or in the event of entry of judgment for the recovery of the possession of the Demised Premises by limitation had there process o flaw or otherwise, hereby waives any right or redemption provided or permitted by any statute, law or decision now or hereafter in force, and does hereby waive, surrender and give up all rights an privileges which it or they may or might have under and by reason of any present or future law or decision, to redeem the Demised Premises or for a continuation of this Lease after having been no dispossessed or ejected therefrom by process of law, or otherwise. Tenant waives all right to trial by jury in any action or summary other judicial proceeding hereafter instituted by Landlord against Tenant in respect of the Demised Premises. 16.6 Anything in this Article 16 to the contrary notwithstanding, it is expressly understood that, with respect to any event of default within the purview of subdivision (g) of Article 16 hereof, if such Event event of Default. If Xxxxxx has paid default cannot for reasons beyond Tenants control be cured within the amount period of damages due pursuant to Paragraph 19(cforty-five (45) days provided for in said subdivision (g), the Landlord shall not be entitled to claim serve a notice of termination up Tenant, as provided in said Article 16.1, if Tenant shall commence the curing of such default promptly upon the cessation of the reasons beyond Tenant's control which prevented Tenant from curing the default not susceptible of being cured with due diligence within such period of (45) days, time of Tenant within which to cure the same shall be extended for such period as may be necessary to complete the dame with all due diligence. 16.7 The words "re-inter" and "re-entry" as used herein are not restricted to their technical legal meeting. 16.8 In the event that a petition shall be filed by or against Tenant in any further amounts bankruptcy, reorganization, composition, arrangement, or insolvency proceeding pursuant to this Paragraph 19(b). (c) At the provisions of the present bankruptcy Code or any time after such expiration subsequent Act similar thereto or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premisesamending same, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord demand shall be entitled to recover deemed automatically made for relief from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion imposition of the Term demised herein automatic stay presently imposed by 11 USC 362 or such later Section as if this Lease had not expired shall be deemed the request of Landlord for a hearing to be held with regard to the modification, termination, or been terminated, discounted to present worth at the annual rate lifting of four percent (4%), minus the net proceeds, if any, said stay and shall be deemed effective as of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment filing of such damages, minus the rent reserved for the unexpired portion said stay and shall be deemed effective as of the Term demised herein as if this Lease had not expired date of filing of said petition or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawagainst Tenant.

Appears in 1 contract

Samples: Lease Modification Agreement (Comfort Systems Usa Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafterthereafter (so long as Landlord commences one or more of the remedies set forth below at a time when an Event of Default is continuing), to do any one or more of the following without demand upon or notice to Tenant: (i) : Landlord may give Tenant notice of Xxxxxxxx’s Landlord's intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) provided. Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) . After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys' fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s 's re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) . If Tenant shall fail to make payment of any installment of Basic Rent or any Additional Rent after the date when each such payment is due, Tenant shall pay to Landlord, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or Additional Rent was due until the date paid. Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) . In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s 's reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees, employees' expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s 's default, an amount equal to the Basic Rent and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (Old National Bancorp /In/)

Conditional Limitations; Default Provisions. (a) a. If any Event of Default shall have occurredoccurred and be continuing, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) i. Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all of its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) . Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may may, upon due process under any Legal Requirements and not otherwise, remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) . After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may shall use reasonable efforts to relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collectioncollection (appropriately prorated if the reletting extends for beyond the expiration date of the Term), including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokersbrokers (all appropriately prorated if the reletting extends for beyond the expiration date of the Term). (iv) . Landlord may exercise any other right or remedy now or hereafter existing by law Legal Requirements or in equity. (b) b. In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlordappropriately prorated if the reletting extends for beyond the expiration date of the Term). Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) c. At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law Legal Requirements or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the amount by which the sum of (i) Basic Rent, and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, and (ii) all of Landlord’s reasonable and documented expenses incurred in connection with Tenant’s default hereunder (including all reasonable repossession costs, brokerage commissions, legal expenses, attorney’s fees, costs of alteration and expenses for preparation of re-letting), exceeds the then fair and reasonable rental value of the Leased Premises for the same period, each such amount discounted to present worth of the 10-Year Treasury Rate then in effect (or imputed rate, if such bonds trade at a premium or a discount, measured to the annual rate nearest 1/100th of four percent 1%) as published in Bloomberg (4%)or equivalent news service) or such other equivalent index that may replace the 10-Year Treasury Rate, minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law Legal Requirements governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawLegal Requirements. Landlord shall have no duty to mitigate its damages under this Paragraph 19, and Tenant waives any right of Landlord to mitigate its damages after reentry into the Leased Premises. The limitations set forth in this Paragraph 19(c) shall not restrict Landlord’s right to recover, to the extent not previously recovered, all accrued and unpaid Basic Rent, Additional Rent and any damages to Landlord arising or accruing through the date of such demand.

Appears in 1 contract

Samples: Real Estate Sale Agreement (Axcelis Technologies Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant Xxxxxx to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (Finward Bancorp)

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Conditional Limitations; Default Provisions. (a) If 15.1 In case the Term or any Event of Default the goods and chattels of the Tenant shall have occurred, Landlord shall have the right at its option, then or be at any time thereafter, to do any one seized in execution or more attachment by a creditor of the following Tenant or the Tenant shall make any assignment for the benefit of creditors or become bankrupt or insolvent or take the benefit of any Act now or hereafter in force for bankrupts or insolvent debtors, or, if the Tenant is a corporation and any order shall be made for the winding-up of the Tenant, or other termination of the corporate existence of the Tenant or a Receiver or Receiver-Manager is appointed for the Tenant under any Debenture or other security or by Court Order or otherwise, then in any such case the Lease shall at the option of the Landlord immediately cease and terminate and the Term shall immediately become forfeited and void and the then current month's rent and the next ensuing three (3) month's rent shall immediately become due and be paid and the Landlord may, without demand upon notice, re-enter and take possession of the Demised Premises as though the Tenant or other occupant or occupants of the Demised Premises was or were holding over after the expiration of the Term of Lease without any right whatsoever. 15.2 During the Term, or any renewal, the Tenant shall make default in the payment of any rent due under the Lease, and such default shall continue for three (3) days after notice thereof by the Landlord, the Lease shall cease and come to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease an end on a the date specified in such notice (the said notice, which date shall not be no sooner less than thirty three (303) days after the date delivery of such notice, and the Tenant will then quit and surrender the Demised Premises to the Landlord. 15.3 During the Term or any renewal thereof the Tenant shall not observe, perform or keep any of the notice). Provided that Tenant has not cured all Events of Default prior other covenants in the Lease and such default shall continue for three (3) days after written notice thereof by the Landlord to the date Tenant, or if the Tenant fails to proceed promptly and with all due diligence to cure such default, then and in any such case, unless the default upon which said notice was based has been cured in the meantime the Lease shall cease and come to an end on the day specified in Landlord’s the said notice, the Term which date shall not be less than three (3) days after delivery of such notice, and the estate hereby granted Tenant will then quit and surrender the Demised Premises to the Landlord, provided that in the event of a default which is capable of being cured but which cannot with due diligence be cured within a period of three (3) days, the three (3) day period shall be extended for such time as shall allow the Tenant proceeding promptly and with all rights due diligence a reasonable opportunity to cure such default. 15.4 All costs, charges and expenses incurred by the Landlord in recovering or enforcing payment of Tenant monies owing hereunder shall expire or in enforcing the terms and terminate as if such date were the date hereinabove fixed for the expiration conditions of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord mayLease, whether or not any default be cured within the Term time allowed, including the costs of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord as between solicitor and own client on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date lump sum basis, expenses of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession Demised Premises and realizing upon goods and chattels of the Leased Premises pursuant to clause (ii) aboveTenant, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained sums shall be deemed to require be rent payable under the Lease. 15.5 No remedy conferred upon or reserved to the Landlord herein or by law or otherwise shall be considered exclusive of any other remedy, but the same shall be cumulative with and in addition to wait every other remedy available to begin the Landlord, and all such action or other legal proceedings until remedies may be exercised concurrently as well as individually from time to time, and as often as the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b)deem fit. (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (El Grande Com Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafterthereafter during the continuance of such Event of Default, to do any one or more of the following following, without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days Business Days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but and Landlord may exercise its right to recover from Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided set forth in Paragraphs Paragraph 19(b) and (c)below. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above above, give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days Business Days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisableadvisable in connection with Landlord’s reletting of the Leased Premises. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Landlord may recover from Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: following: (i) Basic the worth at the time of award of any unpaid Rent and Additional Rent (as defined below) which would be payable under this Lease by Tenant in had been earned at the absence time of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less termination; (ii) the net proceeds, if any, worth at the time of the award of the amount by which the unpaid Rent which would have been earned after termination until the time of award exceeds the amount of such Rent loss that Tenant proves could have been reasonably avoided (after taking into account any reletting pursuant amounts that Landlord would reasonably be obligated to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expend or expenses that Landlord would be reasonably likely to incur in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for relettingavoidance), plus ; plus (iii) all Additional Payments paid or payable the worth at the time of award of the amount by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant which the unpaid Rent for the recovery balance of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event after the time of Default. If Xxxxxx has paid award exceeds the amount of damages due pursuant such rental loss that Tenant proves could be reasonably avoided (after taking into account any amounts that Landlord would reasonably be obligated to Paragraph 19(cexpend or expenses that Landlord would be reasonably likely to incur in connection with such avoidance), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b).; plus (civ) At any time after such expiration or sooner termination of other actual amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease by Landlord pursuant or which, in the ordinary course of things, would be likely to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premisesresult therefrom, as the case may beincluding, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b)without limitation, Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawPayments.

Appears in 1 contract

Samples: Lease Agreement (DreamWorks Animation SKG, Inc.)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx Tenant has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four five and one-half percent (45.50%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four five and one-half percent (45.50%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (Susquehanna Bancshares Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s Landlord's intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys' fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s 's re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) If Tenant shall fail to make payment of any installment of Basic Rent or any Additional Rent after the date when each such payment is due, Tenant shall pay to Landlord, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or Additional Rent was due until the date paid. (v) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossessionrepossession (excluding any Renewal Term that has not then commenced), and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii19 (a)(iii), after deducting from such proceeds all of Landlord’s 's reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees, employees' expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s 's default, the amount by which the Basic Rent and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminatedterminated (excluding any Renewal Term that has not then commenced) exceeds the then fair and reasonable rental value of the Leased Premises for the same period, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease (Performance Food Group Co)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) : Landlord may give Tenant notice of Xxxxxxxx’s Landlord's intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) provided. Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) . After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys' fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s 's re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) . If Tenant shall fail to make payment of any installment of Basic Rent or any Additional Rent after the date when each such payment is due, Tenant shall pay to Landlord, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or Additional Rent was due until the date paid. Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) . In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii19 (a)(iii), after deducting from such proceeds all of Landlord’s 's reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees, employees' expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s 's default, the amount by which the Basic Rent and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminatedterminated exceeds the then fair and reasonable rental value of the Leased Premises for the same period, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law. If an Event of Default shall have occurred and be continuing, whether or not this Lease shall have been terminated pursuant to this Paragraph 19 and whether or not Landlord shall have collected any liquidated damages pursuant to Paragraph 19(b), Landlord shall have the right to recover, by demand to Tenant and at Landlord's election, and Tenant shall pay to Landlord, as and for final liquidated damages (which, if requested, shall be paid concurrently), and in lieu of all liquidated damages beyond the date of such demand (it being agreed that it would be impossible accurately to determine actual damages) the Termination Value together with all Additional Payments. Upon payment of the Termination Value together with all Additional Payments, Tenant shall be entitled to receive from Landlord, either at Tenant's request or upon Landlord's election, in either case at Tenant's cost, an assignment of Landlord's entire right, title and interest in and to the Leased Premises, Land, Improvements, Equipment and all components thereof, in each case in recordable form and otherwise in conformity with local custom and free and clear of the lien of this Lease (including without limitation the release of any memoranda of Lease and/or any lease supplement recorded in connection therewith). The Leased Premises shall be conveyed to Tenant by special warranty deed (or local equivalent) and in their then present physical condition. The special warranty deed (or local equivalent) shall convey title, free from encumbrances other than (A) Permitted Encumbrances, (B) liens or encumbrances created or suffered by Tenant or arising by reason of the failure of Tenant to observe or perform any of the terms, covenants or agreements herein provided to be observed and performed by Tenant, (C) any installments of Impositions then affecting the Leased Premises, and (D) this Lease. If any statute or rule of law shall limit the amount of such final liquidated damages to less than the amount agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law; provided, however, Tenant shall not be entitled to receive an assignment of Landlord's interest in the Leased Premises, Land, the Improvements, Equipment or the components thereof unless Tenant shall have paid in full the Termination Value together with all Additional Payments. Tenant specifically acknowledges and agrees that its obligations under this Section 19(d) shall be absolute and unconditional under any and all circumstances and shall be paid and/or performed, as the case may be, without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever. Notwithstanding anything to the contrary contained herein, if an Event of Default shall have occurred and, as a result thereof, Lender shall require Landlord, as borrower under the Loan, to purchase from Lender the Note or Notes evidencing the Loan and otherwise pay off the Loan in full, Tenant shall have the right to elect, at Tenant's sole cost and expense, to either (i) (x) purchase the Note or Notes directly from Lender and pay to Lender such amount required to pay off the Loan in full, together with any "make-whole" or other premiums under the Loan, and (y) thereafter pay to Landlord as Basic Rent under this Lease, the Basic Rent as set forth on Exhibit B-3 of this Lease less an amount equal to the monthly debt service that would have been payable under the Loan each month during the term hereof ((x) and (y) collectively, the "Note Purchase"), in which event, at Landlord's election, this Lease shall remain in full force and effect or (ii) pay to Landlord the Termination Value, together with all Additional Payments and any principal amount then outstanding under the Loan (to the extent such principal amount is not included as part of the Additional Payments) (the "Property Purchase"). Upon payment of the Termination Value together with all Additional Payments, Tenant shall be entitled to receive from Landlord, either at Tenant's request or upon Landlord's election, in either case at Tenant's cost, an assignment of Landlord's entire right, title and interest in and to the Leased Premises, Land, Improvements, Equipment and all components thereof, in each case in recordable form and otherwise in conformity with local custom and free and clear of the lien of this Lease (including without limitation the release of any memoranda of Lease and/or any lease supplement recorded in connection therewith). The Leased Premises shall be conveyed to Tenant by special warranty deed (or local equivalent) and in their then present physical condition. The special warranty deed (or local equivalent) shall convey title, free from encumbrances other than (A) Permitted Encumbrances, (B) liens or encumbrances created or suffered by Tenant or arising by reason of the failure of Tenant to observe or perform any of the terms, covenants or agreements herein provided to be observed and performed by Tenant, (C) any installments of Impositions then affecting the Leased Premises, and (D) this Lease. If any statute or rule of law shall limit the amount of such final liquidated damages to less than the amount agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law; provided, however, Tenant shall not be entitled to receive an assignment of Landlord's interest in the Leased Premises, Land, the Improvements, Equipment or the components thereof unless Tenant shall have paid in full the Termination Value together with all Additional Payments. Tenant shall consummate the Note Purchase or the Property Purchase, as the case may be, in each instance within the time periods, if any, required for Landlord to pay off the Loan under the loan documents evidencing or otherwise securing the Loan. Tenant specifically acknowledges and agrees that its obligations under this Section 19(e) shall be absolute and unconditional under any and all circumstances and shall be paid and/or performed, as the case may be, without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever.

Appears in 1 contract

Samples: Lease (Performance Food Group Co)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurredoccurred and be continuing (except as expressly provided in clause (x) of the definition of “Event of Default” in Appendix A hereto, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all of its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may may, upon due process under any Legal Requirements and not otherwise, remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may shall use reasonable efforts to relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collectioncollection (appropriately prorated if the reletting extends for beyond the expiration date of the Term), including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokersbrokers (all appropriately prorated if the reletting extends for beyond the expiration date of the Term). (iv) Landlord may exercise any other right or remedy now or hereafter existing by law Legal Requirements or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlordappropriately prorated if the reletting extends for beyond the expiration date of the Term). Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law Legal Requirements or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the amount by which the sum of (i) Basic Rent, and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, and (ii) all of Landlord’s reasonable and documented expenses incurred in connection with Tenant’s default hereunder (including all reasonable repossession costs, brokerage commissions, legal expenses, attorney’s fees, costs of alteration and expenses for preparation of re-letting), exceeds the then fair and reasonable rental value of the Leased Premises for the same period, each such amount discounted to present worth of the 10-Year Treasury Rate then in effect (or imputed rate, if such bonds trade at a premium or a discount, measured to the annual rate nearest 1/100th of four percent 1%) as published in Bloomberg (4%)or equivalent news service) or such other equivalent index that may replace the 10-Year Treasury Rate, minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law Legal Requirements governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of lawLegal Requirements. Landlord shall have no duty to mitigate its damages under this Paragraph 19, and Tenant waives any right of Landlord to mitigate its damages after reentry into the Leased Premises. The limitations set forth in this Paragraph 19(c) shall not restrict Landlord’s right to recover, to the extent not previously recovered, all accrued and unpaid Basic Rent, Additional Rent and any damages to Landlord arising or accruing through the date of such demand.

Appears in 1 contract

Samples: Lease Agreement (Axcelis Technologies Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) : Landlord may give Tenant notice of Xxxxxxxx’s Landlord's intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) provided. Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) . After repossession of any of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys' fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s 's re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) . If Tenant shall fail to make payment of any installment of Basic Rent or any Additional Rent after the date when each such payment is due, Tenant shall pay to Landlord, as Additional Rent, interest on the unpaid amount of Basic Rent or Additional Rent, at the Default Rate, such interest to accrue from the date such item of unpaid Basic Rent or Additional Rent was due until the date paid. Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) . In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii19 (a)(iii), after deducting from such proceeds all of Landlord’s 's reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees, employees' expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s 's default, the amount by which the Basic Rent and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminatedterminated exceeds the then fair and reasonable rental value of the Leased Premises for the same period, discounted to present worth at the annual rate of four six percent (46%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law. If an Event of Default shall have occurred and be continuing, whether or not this Lease shall have been terminated pursuant to this Paragraph 19 and whether or not Landlord shall have collected any liquidated damages pursuant to Paragraph 19(b), Landlord shall have the right to recover, by demand to Tenant and at Landlord's election, and Tenant shall pay to Landlord, as and for final liquidated damages (which, if requested, shall be paid concurrently), and in lieu of all liquidated damages beyond the date of such demand (it being agreed that it would be impossible accurately to determine actual damages) the Termination Value together with all Additional Payments. Upon payment of the Termination Value together with all Additional Payments, Tenant shall be entitled to receive from Landlord, either at Tenant's request or upon Landlord's election, in either case at Tenant's cost, an assignment of Landlord's entire right, title and interest in and to the Leased Premises, Land, Improvements, Equipment and all components thereof, in each case in recordable form and otherwise in conformity with local custom and free and clear of the lien of this Lease (including without limitation the release of any memoranda of Lease and/or any lease supplement recorded in connection therewith). The Leased Premises shall be conveyed to Tenant by special warranty deed (or local equivalent) and in their then present physical condition. The special warranty deed (or local equivalent) shall convey title, free from encumbrances other than (A) Permitted Encumbrances, (B) liens or encumbrances created or suffered by Tenant or arising by reason of the failure of Tenant to observe or perform any of the terms, covenants or agreements herein provided to be observed and performed by Tenant, (C) any installments of Impositions then affecting the Leased Premises, and (D) this Lease. If any statute or rule of law shall limit the amount of such final liquidated damages to less than the amount agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law; provided, however, Tenant shall not be entitled to receive an assignment of Landlord's interest in the Leased Premises, Land, the Improvements, Equipment or the components thereof unless Tenant shall have paid in full the Termination Value together with all Additional Payments. Tenant specifically acknowledges and agrees that its obligations under this Section 19(d) shall be absolute and unconditional under any and all circumstances and shall be paid and/or performed, as the case may be, without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever. Notwithstanding anything to the contrary contained herein, if an Event of Default shall have occurred and, as a result thereof, Lender shall require Landlord, as borrower under the Loan, to purchase from Lender the Note or Notes evidencing the Loan and otherwise pay off the Loan in full, Tenant shall have the right to elect, at Tenant's sole cost and expense, to either (i) (x) purchase the Note or Notes directly from Lender and pay to Lender such amount required to pay off the Loan in full, together with any "make-whole" or other premiums under the Loan, and (y) thereafter pay to Landlord as Basic Rent under this Lease, the Basic Rent as set forth on Exhibit B-3 of this Lease less an amount equal to the monthly debt service that would have been payable under the Loan each month during the term hereof ((x) and (y) collectively, the "Note Purchase"), in which event, at Landlord's election, this Lease shall remain in full force and effect or (ii) pay to Landlord the Termination Value, together with all Additional Payments and any principal amount then outstanding under the Loan (to the extent such principal amount is not included as part of the Additional Payments) (the "Property Purchase"). Upon payment of the Termination Value together with all Additional Payments, Tenant shall be entitled to receive from Landlord, either at Tenant's request or upon Landlord's election, in either case at Tenant's cost, an assignment of Landlord's entire right, title and interest in and to the Leased Premises, Land, Improvements, Equipment and all components thereof, in each case in recordable form and otherwise in conformity with local custom and free and clear of the lien of this Lease (including without limitation the release of any memoranda of Lease and/or any lease supplement recorded in connection therewith). The Leased Premises shall be conveyed to Tenant by special warranty deed (or local equivalent) and in their then present physical condition. The special warranty deed (or local equivalent) shall convey title, free from encumbrances other than (A) Permitted Encumbrances, (B) liens or encumbrances created or suffered by Tenant or arising by reason of the failure of Tenant to observe or perform any of the terms, covenants or agreements herein provided to be observed and performed by Tenant, (C) any installments of Impositions then affecting the Leased Premises, and (D) this Lease. If any statute or rule of law shall limit the amount of such final liquidated damages to less than the amount agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law; provided, however, Tenant shall not be entitled to receive an assignment of Landlord's interest in the Leased Premises, Land, the Improvements, Equipment or the components thereof unless Tenant shall have paid in full the Termination Value together with all Additional Payments. Tenant shall consummate the Note Purchase or the Property Purchase, as the case may be, in each instance within the time periods, if any, required for Landlord to pay off the Loan under the loan documents evidencing or otherwise securing the Loan. Tenant specifically acknowledges and agrees that its obligations under this Section 19(e) shall be absolute and unconditional under any and all circumstances and shall be paid and/or performed, as the case may be, without notice or demand and without any abatement, reduction, diminution, setoff, defense, counterclaim or recoupment whatsoever. Additional Rights of Landlord and Tenant. No right or remedy conferred upon or reserved to Landlord in this Lease is intended to be exclusive of any other right or remedy; and each and every right and remedy shall be cumulative and in addition to any other right or remedy contained in this Lease. No delay or failure by Landlord or Tenant to enforce its rights under this Lease shall be construed as a waiver, modification or relinquishment thereof. In addition to the other remedies provided in this Lease, Landlord and Tenant shall be entitled, to the extent permitted by applicable law, to injunctive relief in case of the violation or attempted or threatened violation of any of the provisions of this Lease, or to specific performance of any of the provisions of this Lease. Tenant hereby waives and surrenders for itself and all those claiming under it, including creditors of all kinds, any right and privilege which it or any of them may have under any present or future law to redeem any of the Leased Premises or to have a continuance of this Lease after termination of this Lease or of Tenant's right of occupancy or possession pursuant to any court order or any provision hereof. Landlord hereby waives any right to distrain or levy upon Trade Fixtures or any property of Tenant and any Landlord's lien or similar lien upon Trade Fixtures and any other property of Tenant regardless of whether such lien is created or otherwise. Landlord agrees at the request of Tenant, to execute a waiver of any Landlord's or similar lien for the benefit of any present or future holder of a security interest in or landlord of any of Trade Fixtures or any other personal property of Tenant. Landlord acknowledges and agrees in the future to acknowledge (in a written form reasonably satisfactory to Tenant) to such persons and entities at such times and for such purposes as Tenant may reasonably request that the Trade Fixtures are Tenant's property and not part of the Improvements (regardless of whether or to what extent such Trade Fixtures are affixed to the Improvements) or otherwise subject to the terms of this Lease.

Appears in 1 contract

Samples: Lease Agreement

Conditional Limitations; Default Provisions. (a) If 13.01 In case the term of this Lease or any Event of Default the goods and chattels of the Tenant shall have occurred, Landlord shall have the right at its option, then or be at any time thereafter, to do any one seized in execution or more attachment by a creditor of the following Tenant or the Tenant shall make any assignment for benefit of creditors or any bulk sale or become bankrupt or insolvent or take the benefit of any Act now or hereafter in force for bankrupt or insolvent debtors, or, if the Tenant is a corporation and any order shall be made for the winding-up of the Tenant, or other termination of the corporate existence of the Tenant, or a Receiver or Receiver-Manager is appointed for the Tenant under any debenture or other security or lease shall at the option of the Landlord, immediately cease and terminate and the term shall immediately become forfeited and void and the then month's rent and the next ensuing three (3) months rent shall immediately become due and be paid and the Landlord may, without demand upon notice, re-enter and take possession of the Demised Premise as though the Tenant or other occupant or occupants of the demised premise was or were holding over after the expiration of the term without any right whatsoever. 13.02 If, during the term of this Lease, or any renewal thereof, the Tenant shall make default in the payment of any rent due under this Lease, and such default shall continue for ten (10) days after notice to Tenant: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate thereof by the Landlord, this Lease shall, at the option of the Landlord, cease and come to an end on a date to be specified in such notice (the said notice, which date shall not be no sooner less than thirty five (305) days after the date delivery of such notice. The Tenant will then quit and surrender the notice). Provided that Tenant has not cured all Events of Default prior demised premise to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may13.03 If, whether or not during the Term term of this Lease or any renewal thereof, the Tenant shall have not observe, perform or keep any of the other covenants in this Lease and such default shall continue for ten (10) days after written notice thereof by the Landlord to the Tenant, or if the Tenant fails to proceed promptly and with all due diligence to cure such default after service of notice by the Landlord of such default, then and in any such case, unless the default upon which said notice was based has been terminated pursuant cured in the meantime, this Lease shall cease and come to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord an end on a date day to be specified in such notice (the said notice, which date shall not be no sooner less than thirty ten (3010) days after days, the date ten (10) day period shall be extended for such time as shall allow the Tenant proceeding promptly and with all due diligence a reasonable opportunity to cure such default. 13.04 All costs, charges and expenses incurred by the Landlord in recovering or enforcing payment of monies owing hereunder, in enforcing the terms and conditions of this Lease, and in preparing this agreement, including the costs of the notice)Landlord as between solicitor and client on a lump sum basis, at which time Tenant shall surrender and deliver possession expenses of the Leased Premises to Landlord. Upon or at any time after taking possession of the Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession demised premise and realizing upon goods and chattels of the Leased Premises pursuant to clause (ii) above, whether or not this Lease tenant shall have been terminated pursuant to clause (i) above, Landlord may relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained sums shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to rent payable under this Paragraph 19(b)Lease. (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (Fortune Oil & Gas Inc)

Conditional Limitations; Default Provisions. (a) If any Event of Default by Tenant shall have occurredoccurred and be continuing, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: following: (i) Landlord may give Tenant notice of Xxxxxxxx’s intention to terminate this Lease by written notice to Tenant and recover possession of the Leased Premises on a the date specified set forth in such notice (notice, which date shall be no sooner than thirty (30) days after the date of the such notice). Provided that Tenant has not cured all Events of Default prior to the date specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term, but Tenant shall remain liable for all its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c). (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty (30) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the Leased Premises to Landlord in the condition required pursuant to this Lease, or (ii) continue this Lease in effect and recover Rent as it becomes due. Acts of maintenance or preservation or efforts to relet the Leased Premises or the appointment of a receiver upon initiative of Landlord does not constitute a termination of Tenant’s right to possession or the termination of this Lease, unless written notice of termination is given by Landlord to Tenant. (b) If an Event of Default by Tenant exists and is continuing, then the following clauses shall be in effect: (i) Landlord shall have the exclusive right to adjust and compromise claims under any insurance carried by Tenant for which Landlord is an additional insured or loss payee. (ii) All insurance proceeds and other proceeds related to any casualty or a Taking shall be paid to Lender to be applied in accordance with the documents governing its Loan, or if there is no Lender at such time, then to Landlord who may use such proceeds, at Landlord’s option exercised in its sole discretion, to apply to any amounts due and payable by Tenant under this Lease or apply same to the cost of Restoration. (iii) Mention in this Lease to a particular remedy shall not preclude Landlord from exercising any other remedy available at law or in equity, including, without limitation, the right of injunction. Upon Tenant waives any right of redemption granted by applicable laws if Xxxxxx is evicted or dispossessed of the Leased Premises as a result of an Event of Default. Notwithstanding anything to the contrary, neither Landlord nor Tenant shall be responsible for any incidental, special, punitive or consequential damages with respect to any matters related or arising from this Lease. (c) If Landlord terminates this Lease pursuant to this Section 19, Landlord may recover from Tenant, and Tenant shall pay to Landlord, on demand, as liquidated damages for Tenant’s default, the following amount: (i) all Basic Rent and Additional Rent payable by Tenant under this Lease prior to the date that Tenant surrenders the Leased Premises to Landlord in accordance with the provisions of this Lease that has not previously been paid by Xxxxxx, including any default interest thereon, plus (ii) the positive difference, if any, between (A) the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not been terminated (the “Remainder Term”), discounted to present worth at the annual rate of seven and one-half percent (7.5%), and (B) the rent payable under any time after taking possession replacement lease entered into by Landlord for the Leased Premises for the Remainder Term, discounted to present worth at the annual rate of seven and on-half percent (7.5%), or if Landlord has not so relet the Leased Premises, Landlord may remove any persons or property therefrom. Landlord the fair market rent for the Leased Premises, in its then condition, for the Remainder Term, discounted to present worth at the annual rate of seven and one-half percent (7.5%), in each case, such discounted amount net of all of Landlord’s reasonable expenses in connection with such reletting, including all reasonable repossession costs, brokerage commissions, legal expense, attorneys’ fees and expenses of preparation for reletting (it being understood that if the amount described in this clause (B) exceeds the amount set forth in clause (A), then the amount for this subparagraph (ii) shall be under no liability for deemed to be zero); plus (iii) all out-of-pocket costs paid or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election payable by Landlord as a result of the related Event of Default or the exercise of its remedies hereunder, including any fees or other costs payable to terminate this Lease unless Xxxxxxxx gives a written notice of such intention to Tenant pursuant to clause (i) aboveLender. (iiid) After repossession of the Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) the clauses above, Landlord may shall use good faith and reasonable efforts to relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rent) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or securedrealized, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the Leased Premises in excess of the rent Rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the Leased Premises, including fees and commissions of attorneys, architects, agents and brokers. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent and all Additional Rent required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent and Additional Rent which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become due, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the Basic Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted to present worth at the annual rate of four percent (4%), minus the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii), discounted to present worth at the annual rate of four percent (4%), plus any Additional Payments paid or payable by Landlord. If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law.

Appears in 1 contract

Samples: Lease Agreement (NuStar Energy L.P.)

Conditional Limitations; Default Provisions. (a) If any Event of Default shall have occurred, Landlord shall have the right at its option, then or at any time thereafter, to do any one or more of the following without demand upon or notice to Tenant: (i) Landlord may give Tenant written notice of XxxxxxxxLandlord’s intention to terminate this Lease on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice). Provided that Tenant has not cured all Events of Default prior to Upon the date therein specified in Landlord’s notice, the Term and the estate hereby granted and all rights of Tenant hereunder shall expire and terminate as if such date were the date hereinabove fixed for the expiration of the Term (but not any unexercised Renewal Term), but Tenant shall remain liable for all of its obligations hereunder through the date hereinabove fixed for the expiration of the Term, including its liability for Basic Rent and Additional Rent as hereinafter provided in Paragraphs 19(b) and (c)provided. (ii) Landlord may, whether or not the Term of this Lease shall have been terminated pursuant to clause (i) above give Tenant written notice to surrender the Leased Premises to Landlord on a date specified in such notice (which date shall be no sooner than thirty ten (3010) days after the date of the notice), at which time Tenant shall surrender and deliver possession of the each Individual Leased Premises to Landlord. Upon or at any time after taking possession of the each Individual Leased Premises, Landlord may remove any persons or property therefrom. Landlord shall be under no liability for or by reason of any such entry, repossession or removal. No such entry or repossession shall be construed as an election by Landlord to terminate this Lease unless Xxxxxxxx Landlord gives a written notice of such intention to Tenant pursuant to clause (i) above. (iii) After repossession of the any of each Individual Leased Premises pursuant to clause (ii) above, whether or not this Lease shall have been terminated pursuant to clause (i) above, Landlord may shall use commercially reasonable efforts to relet the Leased Premises or any part thereof to such tenant or tenants for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term) for such rent, on such conditions (which may include concessions or free rentrent if reasonable given then current market conditions) and for such uses as Landlord, in its reasonable discretion, may determine; and Landlord shall collect and receive any rents payable by reason of such reletting. The rents received on such reletting shall be applied (A) first to the reasonable and actual expenses of such reletting and collection, including without limitation necessary renovation and alterations of the Leased Premises, reasonable and actual attorneys’ fees and any reasonable and actual real estate commissions paid, and (B) thereafter toward payment of all sums due or to become due Landlord hereunder. If a sufficient amount to pay such expenses and sums shall not be realized or secured, then Tenant shall pay Landlord any such deficiency monthly, and Landlord may bring an action therefor as such monthly deficiency shall arise. Landlord shall not, in any event, be required to pay Tenant any sums received by Landlord on a reletting of the each Individual Leased Premises in excess of the rent provided in this Lease, but such excess shall reduce any accrued present or future obligations of Tenant hereunder. Landlord’s re-entry and reletting of the each Individual Leased Premises without termination of this Lease shall not preclude Landlord from subsequently terminating this Lease as set forth above. Landlord may make such Alterations as Landlord in its reasonable discretion may deem advisable. Xxxxxx Tenant agrees to pay Landlord, as Additional Rent, immediately upon demand, all reasonable expenses incurred by Landlord in obtaining possession, in performing Alterations and in reletting any of the each Individual Leased Premises, including fees and commissions of attorneys, architects, agents and brokers, but not Alterations made by Landlord to the extent the cost of which will be passed along or included in the recovery by Landlord from any subsequent tenant. (iv) Landlord may exercise any other right or remedy now or hereafter existing by law or in equity. (b) In the event of any expiration or termination of this Lease or repossession of any of the each Individual Leased Premises by reason of the occurrence of an Event of Default, Tenant shall pay to Landlord Basic Rent, Additional Rent and all Additional Rent other sums required to be paid by Tenant to and including the date of such expiration, termination or repossession and, thereafter, Tenant shall, until the end of what would have been the Term in the absence of such expiration, termination or repossession, and whether or not any of the each Individual Leased Premises shall have been relet, be liable to Landlord for and shall pay to Landlord as liquidated and agreed current damages: (i) Basic Rent, Additional Rent and Additional Rent all other sums which would be payable under this Lease by Tenant in the absence of such expiration, termination or repossession from time to time as such Basic Rent and Additional Rent become duerepossession, less (ii) the net proceeds, if any, of any reletting pursuant to Paragraph 19(a)(iii), after deducting from such proceeds all of Landlord’s reasonable expenses in connection with such reletting (including all reasonable repossession costs, brokerage commissions, legal expenses, attorneys’ fees, employees’ expenses, costs of Alteration (but not Alterations made by Landlord to the extent the cost of which will be passed along or included in the recovery by Landlord from any subsequent tenant) and expenses of preparation for reletting), plus (iii) all Additional Payments paid or payable by Landlord. Tenant hereby agrees to be and remain liable for all sums aforesaid and Landlord may recover such damages from Tenant and institute and maintain successive actions or legal proceedings against Tenant for the recovery of such damages. Nothing herein contained shall be deemed to require Landlord to wait to begin such action or other legal proceedings until the date when the Term would have expired by limitation had there been no such Event of Default. If Xxxxxx has paid the amount of damages due pursuant to Paragraph 19(c), Landlord shall not be entitled to claim any further amounts pursuant to this Paragraph 19(b). (c) At any time after such expiration or sooner termination of this Lease by Landlord pursuant to Paragraph 19 or pursuant to law or if Landlord shall have reentered the Leased Premises, as the case may be, whether or not Landlord shall have recovered any amounts under Paragraph 19(a)(iii) or 19(b), Landlord shall be entitled to recover from Tenant and Tenant shall pay to Landlord, on demand, as and for liquidated and agreed final damages for Tenant’s default, the amount by which the sum of (i) Basic Rent, and all Additional Rent reserved hereunder for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated, discounted and (ii) all of Landlord’s reasonable and documented expenses incurred in connection with Tenant’s default hereunder (including all reasonable repossession costs, brokerage commissions, legal expenses, attorney’s fees, costs of Alteration (but not Alterations made by Landlord to present worth at the annual rate extent the cost of four percent (4%which will be passed along or included in the recovery by Landlord from any subsequent tenant) and expenses for preparation of re-letting), minus exceeds the net proceeds, if any, then fair and reasonable rental value of any reletting pursuant to Paragraph 19(a)(iii) received by Landlord prior to the date of payment of such damages, minus the rent reserved each Individual Leased Premises for the unexpired portion of the Term demised herein as if this Lease had not expired or been terminated in any lease entered into by Landlord for the Leased Premises or any portion thereof pursuant to Paragraph 19(a)(iii)same period, discounted to present worth at the annual rate of four eight percent (48%), plus minus any Additional Payments paid or payable by Landlordsuch monthly deficiencies previously recovered from Tenant under Paragraph 19(a)(iii). If any statute or rule of law governing a proceeding in which such liquidated final damages provided for in this Paragraph 19(c) are to be proved shall validly limit the amount thereof to an amount less than the amount above agreed upon, Landlord shall be entitled to the maximum amount allowable under such statute or rule of law. Without limiting Landlord’s obligation to use commercially reasonable efforts to relet the Leased Premises, Landlord shall have no duty to mitigate its damages under this Paragraph 19. The limitations set forth in this Paragraph 19(c) shall not restrict Landlord’s right to recover, to the extent not previously recovered, all accrued and unpaid Basic Rent, Additional Rent and any damages to Landlord arising or accruing through the date of such demand.

Appears in 1 contract

Samples: Master Lease Agreement (CVSL Inc.)

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