Damages in the Event of Termination. Tenant acknowledges that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant would be difficult to estimate or ascertain. In the event Landlord elects to terminate this Lease, Landlord may, in addition to other remedies available at law or in equity, recover from Tenant, as liquidated damages, an amount equal to the sum of the following: (1) all unpaid Rent that is payable by Tenant hereunder and that accrues as of the effective date of termination; plus (2) a sum of money equal to the entire amount of Rent that would be payable under the Lease for the lesser of the following two periods, which amount shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of the date of termination plus one percent (1%): (A) the one year period commencing upon the effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date of the expiration of the Term. For purposes of calculating the amount of Rent that would be payable under this Lease for the period succeeding the effective date of termination, such Rent shall be computed on the basis of the average monthly amount of Rent accruing during the 24 month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received "free" or abated rent concessions); provided, however, if the default occurs prior to the expiration of the first 24 months of this Lease, then the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive of any months in which Tenant received "free" or abated rent concessions). Landlord's failure to relet the Premises shall not affect Tenant's liability. The terms "enter," "entry," "re-enter," and "re-entry" are not limited to their technical meanings.
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Samples: Lease Agreement (Cardionet Inc)
Damages in the Event of Termination. Tenant acknowledges that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant would be difficult to estimate or ascertain. In the event Landlord elects to terminate Upon termination of this Lease, Landlord mayLandlord, in addition at its option, may elect to other remedies available at law or in equity, recover from Tenant, receive as liquidated damages, an amount equal to damages the sum of the followingof: (1) all the amount of the unpaid Rent that is payable owed by Tenant hereunder and that accrues under this Lease as of the effective date of termination; plus (2) a sum the Worth of money equal to the entire amount of unpaid Rent that would be payable have been owed by Tenant under the Lease for the lesser balance of the following two periods, which amount shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of Lease Term after the date of termination plus one percent (1%): (A) minus the one year period commencing upon the effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date Worth of the expiration then-present fair rental value of the Premises for the balance of the Lease Term after termination; and (3) all reasonable costs directly or indirectly incurred by Landlord relating to Tenant’s default and Landlord’s repossession of the Premises, including, but not limited to: reasonable attorneys’ fees and legal costs; collection costs; interest at the Default Rate of Interest; repairs necessary to put the Premises in the condition required hereunder; the unamortized balance of any Tenant Allowance paid to Tenant and the brokerage commissions incurred by Landlord related to the execution of this Lease prorated on a straight line basis plus interest at the Default Rate of Interest over the Term; and the unamortized portion of any abated/credited Rent prorated on a straight line basis over the Term plus interest at the Default Rate of Interest. For purposes of calculating the amount of Rent that would Landlord shall be payable entitled to recover damages under this Lease for subsection in addition to the period succeeding damages collected in the effective date event of terminationreentry to the extent such damages do not duplicate Landlord’s recovery, and all such Rent recoveries shall be computed on the basis of the average monthly amount of Rent accruing during the 24 month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received "free" or abated rent concessions); provided, however, if the default occurs prior subject to the limitation of damages set forth herein. Tenant’s obligations under this subsection shall survive the expiration of the first 24 months or earlier termination of this Lease, then . Landlord shall have no affirmative obligation to mitigate its damages in the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive event of any months in which Tenant received "free" or abated rent concessions). Landlord's failure to relet the Premises shall not affect default by Tenant's liability. The terms "enter," "entry," "re-enter," and "re-entry" are not limited to their technical meanings.
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Damages in the Event of Termination. Tenant acknowledges It is acknowledged that the ----------------------------------- damages that would be incurred by Landlord would incur in connection with terminating the termination of this Lease following a default by Tenant would be difficult to estimate or ascertain. In Notwithstanding any contrary provision herein, in the event Landlord elects to terminate this LeaseLease and re-enter and take possession of the Premises, Landlord may, provided that any action to recover such damages pursuant to this Section 14.2(b) is commenced by Landlord within twelve (12) months following termination of this Lease pursuant to Section 14.1(a), in addition lieu of continuing to other remedies available at law or in equitycollect Rent from Tenant for the remainder of the Term under (a) above, recover from Tenant, as liquidated damages, an amount equal to the sum of the following: (1i) all unpaid Rent that is then payable by Tenant hereunder and that accrues as of the effective date of terminationhereunder; plus (2ii) a sum of money equal to the difference between the (A) entire amount of Rent that would be thereafter payable under the Lease and ending upon the original date of the expiration of the Term, less (B) the fair market rent for the lesser of Premises for the following two periodssame period, which amount difference (if positive) shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis Boston as of the date of termination calculation plus one two percent (12%): (A) the one year period commencing upon the effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date of the expiration of the Term). For purposes of calculating the amount of Rent that would be payable under this the Lease for any future period, the period succeeding Base Rent shall be computed as provided in Section 4.1 and the effective date Additional Rent component of termination, such the Rent shall be computed on the basis of the average monthly amount of Rent accruing during the 24 twenty-four (24) month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received "free" or abated rent concessionsor in which the tax parcel upon which the Land is situated was not fully assessed for the value of the Building); provided, however, if the default occurs prior to the expiration of the first 24 twenty-four (24) months of this the Lease, then the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive of any months in which Tenant received "free" or abated rent concessionsor in which the tax parcel upon which the Land is situated was not fully assessed for the value of the Building). Landlord's failure to relet the Premises shall not affect Tenant's liability. The terms "enter," "entry," "re-enter," and "re-entry" are not limited to their technical meanings.
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Damages in the Event of Termination. Tenant acknowledges that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant an Event of Default would be difficult to estimate or ascertain. “Landlord Costs” as used in this Lease shall mean the following Landlord transaction costs pertaining to this Lease and nothing else: brokerage commissions paid to AREA and CBRE for this Lease, Landlord’s Share of the Architect’s Fees, Landlord’s 50% share of the costs of ADA Compliance Work, $468,173 (representing the first six months’ abated Gross Full Service Rent) (the “Abated Rent”), and the Tenant’s Allowance (without the Additional Allowance, the amortized cost of which is included in the Gross Full Service Rent) all as defined in the Workletter or Lease. In the event Landlord elects to terminate this Lease, Landlord may, in addition to other remedies available at law or in equity, may recover from TenantTenant as it sole monetary remedy following its election to terminate the Lease, as liquidated damages, an amount damages equal to the sum of (i) the following: (1) all unpaid Rent that is payable by Tenant hereunder and that accrues then remaining pro rata portion as of the effective date of terminationsuch early Lease termination of the Landlord Costs computed by multiplying the total Landlord Costs by a fraction, the numerator of which is the number of remaining full calendar months of the initial Lease Term, and the denominator of which is 120; plus and (2ii) a sum of money equal to the entire amount of Gross Full Service Rent that would be payable under the Lease for the lesser 18 full calendar months following the effective date of the following two periodssuch early Lease termination, discounted to its net present value using a monthly amortization approach and a discount rate equal to seven percent (7%) per annum, which amount shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of the date of termination plus one percent (1%): (A) the one year period commencing upon demand; provided however that if the effective date of termination, or (B) such early Lease termination occurs during the period commencing upon the effective date of termination and ending upon the original date last 18 months of the expiration of initial Lease Term, then the Term. For purposes of calculating the amount of sum payable under this subsection (ii) shall be computed using only Gross Full Service Rent that would be payable under this the Lease for the period succeeding remaining full calendar months of the Term. For example, the liquidated damages payable under this section given an effective date of termination, such Rent shall be computed on early Lease Termination during the basis 42nd month of the average monthly amount of Rent accruing during the 24 month period immediately preceding the default to which such termination relates Term would be (exclusive of any months in which Tenant received "free" or abated rent concessions); provided, however, if the default occurs prior to the expiration i) 84/120ths of the first 24 total Landlord Costs, plus (ii) $1,483,946 (the aggregate Gross Full Service Rent payable under the Lease for months of this Lease, then the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all 43 – 60 (6 months preceding the at $85,264.17 per month in which said default occurred (exclusive of any and 12 months in which Tenant received "free" or abated rent concessionsat $87,822.08 per month discounted to its net present value using 7% per annum). Landlord's failure to relet the Premises shall not affect Tenant's liability. The terms "“enter," "” “entry," "” “re-enter," ” and "“re-entry" ” are not limited to their technical meanings.
Appears in 1 contract
Samples: Office Lease Agreement (Cray Inc)
Damages in the Event of Termination. Landlord and Tenant acknowledges agree that the damages Landlord would incur in connection with terminating this Lease following a default by Tenant an Event of Default would be difficult to estimate or ascertain. In the event Landlord elects to terminate terminates this Lease, Landlord may, in addition to other remedies available at law or in equity, may recover from Tenant, as liquidated damages, an amount equal to the sum of the following: (1i) all unpaid Rent that is due and payable by Tenant hereunder and that accrues as of the effective date of termination; plus (2ii) a sum of money equal to the entire amount of Rent that would be payable under the Lease for the lesser of the following two periods, which amount shall be immediately due and payable upon demand but which shall be discounted to present value using a discount rate equal to the discount rate of the Federal Reserve Bank of Minneapolis as of the date of termination plus one percent (1%): percent: (A) the one one-year period commencing upon the effective date of termination, or (B) the period commencing upon the effective date of termination and ending upon the original date of the expiration of the Term. For purposes of calculating the amount of Rent that would be payable under this Lease for the period succeeding the effective date of termination, such Rent shall be computed on the basis of the average monthly amount of Rent accruing during the 24 24-month period immediately preceding the default to which such termination relates (exclusive of any months in which Tenant received "free" or abated rent concessions); provided, however, if the default occurs prior to the expiration of the first 24 months of this the Lease, then the Rent shall be computed on the basis of the average monthly amount of Rent accruing during all months preceding the month in which said default occurred (exclusive of any months in which Tenant received "free" or abated rent concessions). Landlord's failure to relet Landlord and Tenant agree that such sum is a reasonable estimation of the Premises shall damages Landlord would incur in connection with terminating this Lease following an Event of Default, and agree that such sum is not affect Tenant's liability. The terms "enter," "entry," "re-enter," and "re-entry" are not limited to their technical meaningsa penalty.
Appears in 1 contract
Samples: Office Lease (Adesso Healthcare Technology Services Inc)
