Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or (b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 8 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Damages. In the event of any termination of If this Lease lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Demised Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of of: (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which Rent which, had this lease not terminated, would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date; over (2) the aggregate fair rental value of the premises Demised Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease lease not so terminated, terminated or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Demised Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or lease and of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, under this lease; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and ; (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting; and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Demised Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryDemised Premises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term or a renewal thereof would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 5 contracts
Samples: Lease Agreement (1847 Goedeker Inc.), Lease Agreement (1847 Goedeker Inc.), Lease Agreement (1847 Goedeker Inc.)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Xxxxxx had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 4 contracts
Samples: Lease Agreement, Lease Agreement, Lease Agreement
Damages. In Whether or not this Lease or Tenant’s right of possession is terminated following such Default, Tenant nevertheless shall remain liable for:
(a) all Basic Monthly Rent and Additional Rent (including, without limitation, all damages sustained by Landlord by reason of the event Default) which have become due until the expiration of the Term or sooner termination of the Lease (less the amount of rental, if any, that Landlord actually receives during such period from others to whom the Premises is rented (other than any Additional Rent received by Landlord as a result of any termination failure of this Lease under such other person to perform any of its obligations to Landlord)), and all costs, fees and expenses (including, without limitation, reasonable attorneys’ fees, brokerage fees, and expenses incurred in placing the provisions Premises in first-class rentable condition including, without limitation, alterations of Article 16 hereof the Premises), incurred by Landlord in pursuit of its remedies hereunder or in renting the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event Premises to others from time to time (all such Basic Monthly Rent, Additional Rent, damages, costs, fees and expenses are herein called “Accrued Damages”); and
(b) additional damages commencing as of the termination of this Lease day following the last day Accrued Damages are applicable (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)herein called “Termination Damages”, Tenant will pay to Landlord as damageswhich, at the election of Landlord, either:
shall be either (aprovided that Landlord may initially elect under Section 21.2.2(b)(i), and subsequently at any time elect under Section 21.2.2(b)(ii) a sum at which for the remaining applicable period at the time of such termination of this Lease or at election):
(i) An amount equal to the time of any such re-entry by Landlord, as Basic Monthly Rent and Additional Rent that would have become due during the case may be, represents the then value remainder of the excessTerm, and, to the extent not included in Accrued Damages above, all costs, fees and expenses (including, without limitation, reasonable attorneys’ fees, brokerage fees, and expenses incurred in placing the Premises in first-class rentable condition including, without limitation, alterations of the Premises), incurred by Landlord in pursuit of its remedies hereunder or in renting the Premises to others from time to time, less the amount of rental, if any, that Landlord actually receives during such period from others to whom the Premises is rented (other than any Additional Rent received by Landlord as a result of (1) any failure of such other person to perform any of its obligations to Landlord), in which case such Termination Damages shall be computed and payable in monthly installments, in advance, on the aggregate first day of each calendar month following the fixed rent last day Accrued Damages are applicable and continuing until the additional rent under Article 24 hereof date on which the Term would have been paid hereunder by Tenant had this Lease not so terminated, expired but for the period commencing with such earlier termination of this Lease Tenant’s Default. Separate suits or the date of actions may be brought to collect any such re-entry, as the case may beTermination Damages for any month or months, and ending with such separate suits or action shall not in any manner prejudice the date hereinbefore set right of Landlord to collect any Termination Damages for any subsequent month or months by similar proceedings, or Landlord may defer any suits or actions until after the expiration of the full term granted, over Term; or
(2ii) The amount determined by subtracting (A) the aggregate present value (as of the first date Termination Damages are applicable) of the fair rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate remainder of the fixed rent Term (in determining such fair rental value, the Basic Monthly Rent and operating cost charges then being paid by tenants for comparable space in comparable buildings in equally desirable locations in the additional rent under Article 24 hereof Fredericksburg regional area shall be considered), from (if anyB) which the present value (as of the first date Termination Damages are applicable) of all Basic Monthly Rent and Additional Rent that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered become due during the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration remainder of the full term hereby granted; providedTerm (with such present values being determined using a discount rate of eight percent (8%) per annum), howeverwhich Termination Damages shall be payable to Landlord in one lump sum on demand. For this purpose, Additional Rent shall be calculated on the basis that if Landlord Tenant’s Proportionate Share of increases in Operating Expenses and Taxes would increase at the rate such expenses have generally increased in the Fredericksburg regional area for comparable Buildings during the preceding five (Landlord5) years, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be as reasonably determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantLandlord.
Appears in 3 contracts
Samples: Commercial Office Lease, Commercial Office Lease (Technest Holdings Inc), Commercial Office Lease (Technest Holdings Inc)
Damages. In the event of any termination of a) If this Lease and the demised term shall expire and come to an end by or under the provisions of Article 16 hereof any summary proceeding, or in the event that Landlord any other action or proceeding or if landlord shall re-enter the demised premises, by or under any summary proceedings or any other action or proceeding, then, in any of said events:
(i) Tenant shall pay to landlord all rent, additional rent and other charges payable under this Lease by tenant to landlord to the date upon which this Lease and the demised term shall have expired and come to an end or to the date of re-entry upon the demised premises by landlord, as the case may be; and
(ii) Tenant shall also be liable for and shall pay to landlord, as damages, any deficiency (referred to as "Deficiency") between the rent and additional rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the demised terms and the net amount, if any, of rents collected under any reletting effected or any part of such period (first deducting from the provisions rents collected under any such reletting of Article 17 hereof or all landlord's expenses in the event of connection with the termination of this Lease (or of landlord's re-entry upon the demised premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorney's fees, alteration costs and other expenses of preparing shall be paid in monthly installments by or under tenant on the days specified in this Lease for payment of installments of rent. Landlord shall be entitled to recover from tenant each monthly deficiency as the same shall arise, and no suit to collect the amount of the deficiency for any summary dispossess or other proceeding or action or month shall prejudice landlord's rights to collect the deficiency for any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:subsequent month by a similar proceeding; and
(aiii) a sum at which at At any time after the time of such termination of this Lease demised term shall have expired and come to an end or at the time of any such landlord shall have re-entry by Landlordentered upon the demised premises, as the case may be, represents whether or not landlord shall have collected any monthly deficiencies as aforesaid, landlord shall be entitled to recover from tenant, and tenant shall pay to landlord, on demand, as and for liquidated and agreed final damages, a sum equal to the then value of amount by which the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had reserved in this Lease not so terminated, for the period commencing of the demised term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of demised premises so relet during the term of the reletting.
b) If the demised premises, or any part thereof, shall be relet together with other space in the building, the rents collected or reserved under any such earlier termination reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this article. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the rent reserved in this Lease. Solely for the purposes of this Article, the term "rent" shall mean the rent in effect immediately prior to the date upon which this Lease and the demised term shall have expired and come to an end, or the date of any such re-entryentry upon the demised premises by landlord, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the plus any additional rent under Article 24 hereof (if any) which would have been payable by Tenant had immediately preceding such event. Nothing contained in this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery by landlord from tenant of such damages, the maximum amount allowed to be obtained as damages by any statute or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord which landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentitled.
Appears in 3 contracts
Samples: Commercial Lease (Sybari Software Inc), Commercial Lease (Sybari Software Inc), Commercial Lease (Sybari Software Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-re- entry by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Xxxxxx had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-re- letting, including altering and preparing the premises for new tenants, brokers' ’ commission, attorneys' ’ fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-re- letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-re- letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 3 contracts
Samples: Store Lease, Commercial Lease, Commercial Lease
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) : a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) or sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damages. 2.1 In the event of any termination of this Lease Agreement under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will or in the event that Grantor shall re-enter the Grantee Space under the provisions of this Agreement, Grantee shall pay to Landlord Grantor as damages, at the election of LandlordGrantor, either:
(ai) a sum at which at the time of such termination of this Lease Agreement or at the time of any such re-entry replacement of Grantee by LandlordGrantor, as the case may be, represents the then value of the excess, if any, of (1a) the aggregate of the fixed rent installments of Base Colocation Fees and the additional rent under Article 24 hereof Additional Colocation Fees (if any) which would have been paid payable hereunder by Tenant Grantee, had this Lease Agreement not so terminated, for the period commencing with such earlier termination of this Lease Agreement or the date of any such re-entryreplacement of Grantee, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, hereby granted over (2b) the aggregate rental colocation license value of the premises Grantee Space for the same period, period (the amounts of each of clauses (a) and (b) being first discounted to present value at an annual rate equal to the then prevailing discount rate announced by the Federal Reserve Bank); or
(bii) sums equal to the aggregate of the fixed rent installments of Base Colocation Fees and the additional rent under Article 24 hereof Additional Colocation Fees (if any) which would have been payable by Tenant Grantee had this Lease Agreement not so terminated, or had Landlord Grantor not so re-entered the premisesGrantee Space and replaced Grantee, payable upon the due dates therefor specified herein following such termination or such re-entry replacement of Grantee by Grantor and until the date hereinbefore herein before set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated Grantor shall grant any third party the right to do so) shall re-let all or any part of use the premises for all or any part of Grantee Space during said period, Landlord Grantor shall credit Tenant Grantee with the net rents actually colocation fees received by Landlord Grantor from such re-lettingthird party’s use, such net rents fees to be determined by first deducting from the gross rents fees as and when received by Landlord Grantor from such re-letting use the expenses, including attorneys fees, expenses incurred or paid by Landlord Grantor in terminating this Lease and/or Agreement and of re-entering the premises Grantee Space and of securing possession thereof, including actual attorneys’ fees and costs of removal and storage of Grantee’s property, as well as the expenses of re-lettingusing the space, including altering repairing, restoring and preparing improving the premises Grantee Space for new tenantsoccupants, brokers' commission’ commissions, advertising costs, actual attorneys' ’ fees and disbursements, and all other similar or dissimilar expenses properly chargeable against the premises Grantee Space and the rental fees therefrom in connection with such re-lettinguse, it being understood that any such re-letting use may be for a period equal to, less than to or shorter or longer than the remaining term of this LeaseAgreement; provided, and provided further, that (ia) in no event shall Tenant Grantee be entitled to receive any excess or of such net rents fees over the sums payable by Tenant Grantee to Landlord hereunderGrantor under this Agreement, (iib) in no event shall Tenant Grantee be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (bii) to a credit in respect of any net rents fees from a re-letting third party’s use except to the extent that such net rents fees are actually received by Landlord Grantor prior to the commencement of such suit, and (iiic) if the premises Grantee Space or any part thereof should be re-let used in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent colocation fees received from such re-letting use and of the expenses of re-letting. using the space, or if re-used for a period longer than the remaining term of this Agreement, the expenses of re-using shall be apportioned based on the respective periods.
2.2 For the purposes of subparagraph (aSubdivision 2.1(i) of this Article 18Exhibit “D”, the amount of additional rent Additional Colocation Fees which would have been payable by Tenant under Article 24 hereof Grantee for each year, as therein provided, ending after such termination of this Agreement or such replacement of Grantee by Grantor, shall be deemed to be an amount equal to the amount of such additional rent Additional Colocation Fees payable by Tenant Grantee for the applicable period calendar year ending immediately preceding such termination of this Lease Agreement or such re-entryreplacement of Grantee by Grantor. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord Grantor from time to time at its Grantor’s election, and nothing contained herein shall be deemed to require Landlord Grantor to postpone suit until the date when the term of this Lease Agreement would have expired if it had not been terminated under the provisions of Article 16 hereofthis Exhibit “D”, or under any provision of law, or had the Landlord Grantor not re-entered the premises. Grantee Space and replaced Grantee.
2.3 Nothing herein contained in this Exhibit “D” shall be construed as limiting or precluding the recovery by Landlord Grantor against Tenant Grantee of any sums payments or damages to which, in addition to the damages particularly provided above, Landlord Grantor may lawfully be entitled by reason of any default hereunder on the part of TenantGrantee. The failure or refusal of Grantor to grant a license to use the Grantee Space or any part or parts thereof to a third party, or the failure of Grantor to collect the colocation fees thereof under such re-use, shall not release or affect Grantee’s liability for damages.
2.4 Grantee hereby knowingly and voluntarily waives, after advice of competent counsel, any duty of Grantor (and any affirmative defense based upon such duty) following any default to mitigate Grantor’s damages arising from such default. Notwithstanding the foregoing, Grantor agrees to use commercially reasonable efforts to mitigate its damages in connection with a default by Grantee.
Appears in 2 contracts
Samples: Colocation Agreement, Colocation Agreement (Telx Group, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed basic annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission’ commissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting. Only to the extent mandated by a Legal Requirement, Landlord shall endeavor to exercise reasonable efforts to mitigate damages. Notwithstanding the foregoing, Landlord shall be under no obligation in re-letting the demised premises to: (i) give priority to the rental thereof over other available space in the Building, (ii) modify the tenant mix in the Building that Landlord seeks to achieve, (iii) contract with a party at a rental below fair market value, as determined by Landlord, (iv) contract with a party which fails to meet Landlord’s standards of adequate creditworthiness, (v) contract with a party which does not meet the requirements of any Superior Instruments (defined in Section 25.01.(a) hereof), (vi) contract with a party which could impose an increased burden on the services or facilities of the Building, or (vii) contract with a party represented by a broker, agent or salesperson who requests of Landlord a commission on terms unacceptable to Landlord. If the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot basis shall be made of the rent received from such re-letting and of the expenses of re-letting
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 2 contracts
Samples: Sublease Agreement (Scynexis Inc), Office Lease (Optimer Pharmaceuticals Inc)
Damages. In (a) Member acknowledges that Acquiror would not have entered into this Agreement or the event Merger Agreement in the absence of any termination of this Lease under the Member's agreement to the provisions of Article 16 hereof this Section 9 and the Covenants and Member further acknowledges that such compliance with such Covenants is an important factor to the continued success of the Firm's operations and its future prospects. Member and Acquiror agree that upon the occurrence of any of the following events, the damages to the Firm would be material, but that the amount of such damages would be uncertain and not readily ascertainable. Accordingly, Member and Acquiror agree that, if, prior to the fifth anniversary of the date of this Agreement, Member breaches any of the Covenants set forth in Section 6, 7 or 8, as determined by the Board of Directors of Acquiror (the "Board") in its good faith judgment, Acquiror will be entitled to receive immediately following such determination and written demand therefor, and Member will make, within ten business days after written demand has been received, a payment in cash or Acquiror Common Stock (valued at the average closing per share price of Acquiror Common Stock for the five trading days immediately preceding the date of payment under this Section 9(a)) in such combination of cash and/or Acquiror Common Stock as the Member shall determine as and for liquidated damages (the "Liquidated Damages") in the event that Landlord shall re-enter the premises amount set forth next to such Member's name in Exhibit C (under the provisions heading "Liquidated Damages") attached hereto, which amount shall be the aggregate amount of Article 17 hereof liquidated damages due for all such breaches prior to the fifth anniversary of this Agreement. The payment of any amount as liquidated damages will not be construed as a release or waiver by Acquiror of the right to prevent the continuation of any such violation of such Covenants in equity or otherwise. In addition, Member and Acquiror agree that it would be too speculative to attempt to determine any amount of liquidated damages that would be applicable following the fifth anniversary of the date of this Agreement, and that any damages payable as a result of any breach following such date shall be determined without regard to this Section 9.
(b) Member and Acquiror agree that the Liquidated Damages are reasonable in proportion to the probable damages likely to be sustained by the Firm if Member breaches at any time prior to the fifth anniversary of this Agreement any of the Covenants set forth in Sections 6, 7 and 8 hereof, that the amount of actual damages to be sustained by the Firm in the event of the termination such breach is incapable of this Lease (precise estimation and that such cash payments are not intended to constitute a penalty or of re-entry by or under punitive damages for any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:purposes.
(ac) Member acknowledges and agrees that Member's payment obligations under this Section 9 will be full recourse obligations and will be secured pursuant to a sum at which at Pledge Agreement, in substantially the time form set forth as Exhibit F hereto (the "Pledge Agreement"). Member agrees to execute and deliver to Acquiror a Pledge Agreement prior to the Closing.
(d) Member acknowledges and agrees that any cash payment of such termination Liquidated Damages pursuant to this Section 9 shall be in addition to, and not in lieu of, any forfeitures of this Lease or at awards (required pursuant to the time terms of any such re-entry by Landlord, as awards) that may be granted to Member in the case may be, represents the then value future under one or more of the excess, if any, of (1) the aggregate of the fixed rent Firm's compensation and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantbenefit plans.
Appears in 2 contracts
Samples: Merger Agreement (Goldman Sachs Group Inc), Member Agreement (Goldman Sachs Group Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Recurring Additional Charges shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of Recurring Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 2 contracts
Samples: Lease (Intercept Pharmaceuticals Inc), Lease (Intercept Pharmaceuticals Inc)
Damages. In the event of any termination of (a) If this Lease is terminated under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)Section 7.03, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value (discounted to present value using Base Rate) of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such re-entry, as termination to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same period, or
period (bfor the purposes of this clause (a) sums equal to the aggregate amount of the fixed rent and the additional rent under Article 24 hereof (if any) Additional Charges which would have been payable by Tenant under Sections 3.04 and 3.05 shall, for each calendar year ending after such termination, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination shall occur), or
(ii) sums equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' legal fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 7.05(a)(ii), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the Premises.
(ab) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 2 contracts
Samples: Lease (Yext, Inc.), Lease (Yext, Inc.)
Damages. In the event of any termination of (1) If this Lease and the Term shall expire and come to an end as provided in Article 15, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination Subsection A of this Lease (Article, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, Additional Rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Subsection A(1) of this Article for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period (which amounts shall first be discounted to present value at an annual rate of four (4%) percent), less the time aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of Subsection B(1)(b) of this Article for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(2) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this Subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in Subsection B(1) of this Article shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 3 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year immediately preceding such earlier termination of this Lease event. Nothing contained in Article 15 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in Subsection B(1) of any default hereunder on the part of Tenantthis Article.
Appears in 2 contracts
Samples: Lease Agreement (Compass, Inc.), Lease Agreement (Urban Compass, Inc.)
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed rent Basic Annual Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of Taxes and Property Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Basic Annual Rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-re- entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes Demised Premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 2 contracts
Samples: Office Lease (Exodus Communications Inc), Office Lease (Exodus Communications Inc)
Damages. In the event of any termination of that this Lease under be terminated pursuant to Article 20 as a result of an Event of Default on the provisions part of Article 16 hereof the Tenant and whether or in not the event that Premises be relet, Landlord shall re-enter be entitled to retain all monies, if any, paid by Tenant to Landlord, whether as advance rent or otherwise, but such monies shall be credited by Landlord against any rent due at the premises under the provisions time of Article 17 hereof such termination, or in the event of the termination of this Lease (or of re-entry at Landlord’s option, against any damages payable by or under any summary dispossess or other proceeding or action or any provision of law)Tenant, and Landlord shall be entitled to recover from Tenant, and Tenant will shall pay to Landlord as damages, at the election of Landlord, eitherfollowing:
(a) a sum at All Rent to the date upon which at this Lease and the time Term shall have terminated, and
(b) All expenses reasonably incurred by Landlord in recovering possession of such the Premises (including summary proceedings), restoring the Premises to good order and condition, maintaining the Premises in good order and condition while vacant, altering or otherwise preparing the same for reletting, and in reletting the Premises (including brokerage commissions and legal expenses), plus all costs and expenses incurred by Landlord in applying for Landlord’s Permits, the same to be paid by Tenant to Landlord on demand, and
(c) The amount by which the Rent which, but for the termination of this Lease, would have been payable under this Lease or at from the time date of any such re-entry by Landlord, as termination to the case may be, represents Expiration Date exceeds the then value of the excessrental and other income, if any, of (1) the aggregate collected by Landlord in respect of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminatedPremises, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part thereof, subject nevertheless to the provisions of the premises for all or any part of Section 20.5, said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents amount to be determined by first deducting from the gross rents as due and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for on the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment several days on a square foot area basis shall be made of which the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of reserved in this Lease would have expired if it had not been terminated under become due and payable for the provisions period which otherwise would have constituted the unexpired portion of Article 16 hereofthe Term (that is to say, or under any provision upon each of law, or had such days Tenant shall pay to Landlord the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant amount of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantdeficiency then existing).
Appears in 2 contracts
Samples: Lease Agreement (ProPhase Labs, Inc.), Lease Agreement (ProPhase Labs, Inc.)
Damages. 21.3.1 In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), or in the event that Landlord shall reenter the Premises under the provisions of this Lease, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent (if any) which would have been paid payable hereunder by Tenant Tenant, had this Lease not so terminatedterminated or had Landlord not reentered the Premises, for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set forth initially for the expiration of the full term grantedof this Lease pursuant to Articles 1 and 2, over (2ii) the aggregate rental value of the premises Premises for the same period, period (the amounts of each of clauses (i) and (ii) being first discounted to present value at an annual rate of six (6%) percent); or
(b) sums equal to the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore Expiration Date originally set forth in this Lease for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering reentering the premises Premises and of securing possession thereof, including reasonable attorneys’ fees and costs of removal and storage of Tenant’s property, as well as the expenses of re-lettingreletting, including altering repairing, restoring and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, advertising costs, reasonable attorneys' fees ’ fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, provided further, that (i1) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii2) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (b) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, or if relet for a period longer than the purposes of subparagraph (a) remaining Term of this Article 18Lease, the amount expenses of additional rent which would have been payable by Tenant under Article 24 hereof reletting shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder apportioned based on the part of Tenantrespective periods.
Appears in 2 contracts
Samples: Office Lease (GrubHub Inc.), Office Lease (Learning Tree International Inc)
Damages. In the event that this Lease is terminated, the Tenant covenants to pay to the Landlord punctually all the sums (“Periodic Payments”) and perform all the obligations which the Tenant covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated, and all of the Landlord’s expenses in connection with reletting the Premises including, without limitation, all repossession costs, brokerage commissions, fees for legal services and expenses of preparing the Premises for such reletting. However, the Landlord may elect, at any time, to demand in lieu of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event further obligations to make Periodic Payments, and payments on account 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord’s reletting costs thereafter accruing, as compensation, an amount (the case may be, represents the then value of “Lump Sum Payment”) equal to the excess, if any, of (1) the aggregate discounted present value of the fixed total rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, reserved for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration then remainder of the full term granted, Term over (2) the aggregate then discounted present fair rental value of the premises Premises for the same period, or
(b) sums equal then remainder of the Term. The discount rate for calculating such sum shall be the then current rate of United States Treasury securities having a maturity date as close as possible to the aggregate end of the fixed rent and Term (had the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so been terminated). In calculating the rent reserved, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis there shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to whichincluded, in addition to the damages particularly provided aboveAnnual Fixed Rent and all Additional Rent, the value of all other considerations agreed to be paid or performed by the Tenant over the remainder of the Term. In calculating the Periodic Payments to be made by the Tenant under the foregoing covenant, the Tenant shall be credited with the net proceeds of any rent obtained by reletting the Premises, after deducting all the Landlord’s expenses in connection with such reletting, including, without limitation, all repossession costs, brokerage commissions, fees for legal services and expenses of preparing the Premises for such reletting. The Landlord may lawfully (i) relet the Premises, or any part or parts thereof, for a term or terms which may, at the Landlord’s option, exceed or be equal to or less than the period which would otherwise have constituted the balance of the Term, and may grant such concessions and free rent as the Landlord in its reasonable commercial judgment considers advisable or necessary to relet the same and (ii) make such alterations, repairs and improvements in the Premises as the Landlord in its reasonable commercial judgment considers advisable or necessary to relet the same. No action of the Landlord in accordance with foregoing or failure to relet or to collect rent under-reletting shall operate to release or reduce the Tenant’s liability. The Landlord shall be entitled by reason to seek to rent other properties of any default hereunder on the part of TenantLandlord prior to reletting the Premises. Notwithstanding the foregoing, the Landlord shall offer such Premises to lease in the same manner as the Landlord offers other vacant space for lease in University Park.
Appears in 2 contracts
Samples: Sublease Agreement (Immunogen Inc), Sublease Agreement (Aveo Pharmaceuticals Inc)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry, which date shall be the last day of the next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Net Taxes Additional Charges which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Net Taxes Additional Charges to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Net Taxes Additional Charges which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises (which date shall be the last day of the full term hereby grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23); provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term, which date shall be the last day of this Leasethe next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, except as may be required by then applicable Legal Requirements, Landlord shall have been no obligation to relet the Premises or mitigate damages if this lease shall terminate in accordance with Article 22 and Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal reduced by the fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such fair market rental value over the amounts, if any, actually paid by Landlord or such Affiliate in connection with such use or occupancy). Notwithstanding anything to the amount contrary contained herein, Landlord shall not commence any action for, nor require Tenant to pay damages calculated in accordance with the provisions of such additional rent payable by Tenant for paragraph (a) above prior to the applicable period ending immediately preceding such termination date upon which any rights of this Lease or such re-entryany Leasehold Mortgagee pursuant to Article 43 (if applicable) to cure Tenant’s default and to request and receive a new lease have expired.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Except as expressly provided in this lease, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease.
24.03. [Intentionally Omitted]
24.04. In addition, if this lease is terminated under the provisions of Article 22, or if Landlord shall reenter the Premises under the provisions of Article 23, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.04, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.05. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any installment of Fixed Rent or of any Additional Charges payable hereunder by Tenant to Landlord is not paid (x) in the case of Fixed Rent, on or prior to the due date thereof, or (y) in the case of Additional Charges payable to Landlord within five (5) Business Days after the due date thereof, the same shall bear interest at the Interest Rate from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder; provided, that, if for the month in which there is an increase in Fixed Rent pursuant to Section 1.04(a), Tenant fails to pay the adjusted amount of Fixed Rent (but pays at least the amount of Fixed Rent for the immediately preceding month), interest under this Section 24.05 shall not accrue unless Tenant fails to pay the amount of such shortfall within seven (7) Business Days after receiving notice thereof from Landlord, and if Tenant fails to pay such shortfall within said seven (7) Business Day period, interest shall accrue only on the amount of such shortfall from the day such Fixed Rent was first due and payable until the date such shortfall is paid. Landlord shall provide Tenant with notice of any failure of Tenant to pay Fixed Rent and/or Additional Charges; it being understood and agreed that the delivery of any such notice shall not be a condition to the imposition of interest pursuant to this Section 24.05. For the purposes of this Section 24.05, a rent xxxx sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein but no such demand shall be required as a condition to the payment thereof. To the extent that Tenant is required under this lease to make any payments directly to third parties on behalf of Landlord, Tenant shall be responsible for any late charges or interest imposed by such third parties in the event that Tenant does not make such payments in a timely manner.
Appears in 2 contracts
Samples: Lease Agreement (Citigroup Inc), Lease (Citigroup Inc)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease adjusted to reflect any increase or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages decrease pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had 28 hereof for the Landlord not re-entered the premises. Nothing herein contained shall be construed Comparison Year (as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, defined in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.said
Appears in 2 contracts
Samples: Lease Agreement (Intralinks Inc), Lease Agreement (Intralinks Inc)
Damages. In the event of any termination of that this Lease is terminated, the Tenant covenants to pay to the Landlord all the sums ("Periodic Payments") and perform all the obligations which the Tenant covenants in this Lease to pay and to perform in the same manner and to the same extent and at the same time as if this Lease had not been terminated (in calculating the amounts to be paid by the Tenant under the provisions of Article 16 hereof or in foregoing covenant, the event that Landlord Tenant shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant be credited with the net rents actually received proceeds of any rent obtained by Landlord from such re-lettingreletting the Premises, such net rents to be determined by first after deducting from all the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the Landlord's expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting may be including, without limitation, all repossession costs, brokerage commissions, fees for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, legal services and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For preparing the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of Premises for such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryreletting). Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it the Lease had not been so terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesPremises. Nothing herein contained Landlord may, at its election made at any time after this Lease is terminated, require Tenant to pay an amount (the "Lump Sum Payment") equal to the excess, if any, of the discounted present value of the total rent reserved for the remainder of the Term over the then discounted present fair rental value of the Premises for the remainder of the Term (in calculating the rent reserved, there shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to whichincluded, in addition to the damages particularly provided aboveAnnual Fixed Rent and all Additional Rent, the value of all other considerations agreed to be paid or performed by the Tenant over the remainder of the Term). Upon payment of the Lump Sum Payment, Tenant shall not thereafter be responsible for Periodic Payments. Landlord may lawfully (i) relet the Premises, or any part or parts thereof, for a term or terms which may, at the Landlord's option, exceed or be equal to or less than the period which would otherwise have constituted the balance of the Term, and may grant such concessions and free rent as the Landlord in its reasonable commercial judgment considers advisable or necessary to relet the same and (ii) make such alterations, repairs and improvements in the Premises as the Landlord in its reasonable commercial judgment considers advisable or necessary to relet the same. No action of the Landlord in accordance with the foregoing or failure to relet or to collect rent under reletting shall operate to release or reduce Tenant's liability. The Landlord shall be entitled by reason to seek to rent other properties of any default hereunder on the part of TenantLandlord prior to reletting the Premises.
Appears in 2 contracts
Samples: Lease Agreement (Praecis Pharmaceuticals Inc), Lease Agreement (Praecis Pharmaceuticals Inc)
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of an Event of Default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) in a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlordlump sum, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums an amount equal to the aggregate of the fixed rent Fixed Base Rent and the additional rent under Article 24 hereof (if any) Additional Rent payable hereunder which would have been payable by Tenant for the remainder of the Term had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon discounted to present value at the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration rate of the full term hereby grantedfour percent (4%) per annum; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually (including additional rent) received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryreletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default Event of Default hereunder on the part of Tenant.
26.03. In addition to the foregoing and without regard to whether this Lease is terminated, if an Event of Default occurs then Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney’s fees, with respect to any lawsuit instituted or any action taken by Landlord to enforce all or any of the provisions of this Lease after such Event of Default.
26.04. If an Event of Default occurs which results in Landlord's recovering possession of the Demised Premises, Landlord shall utilize commercially reasonable efforts to mitigate its damages. Landlord may relet the Demised Premises or any portion thereof for such term or terms (which may be greater or less than the period which would otherwise have constituted the balance of the Term of this Lease) and on such conditions (which may include concessions or free rent and alterations to the Premises) as Landlord, in its commercially reasonable discretion, may determine; provided, however, that Landlord shall be under no obligation whatsoever to (i) prefer the Demised Premises over any other space in the Building or other properties in the geographic area owned by Landlord or its affiliates which is then available or is expected to become available within the following six (6) months; (ii) accept any lease on terms materially less favorable to Landlord than those contained herein; (iii) accept any lease proposal for less than the then current fair rental value of the Demised Premises, as reasonably determined by Landlord; or (iv) accept any lease with a tenant unless such tenant will be obligated to use the Demised Premises for a use that will not detract from, and will maintain, the reputation of the Building, as determined in Landlord’s sole discretion. Landlord shall in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof, or for any failure to collect any rent due upon such reletting. Landlord need not give Tenant notice of reletting prior to such reletting.
26.05. Landlord waives the right to assert any statutory liens against Tenant’s property.
26.06. This Article 26 shall survive the termination of this Lease.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Aralez Pharmaceuticals Inc.)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises; over
(2ii) the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenantsTenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 2 contracts
Samples: Lease Agreement (Angion Biomedica Corp.), Lease (Angion Biomedica Corp.)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by Landlord, under, any of the provisions of this Article 17 or under any summary dispossess or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of the present value (1discounted at 5% per annum) of:
(i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises over
(2ii) the aggregate fair market rental value of the premises Demised Premises for the same period, ; or
(b2) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasetherefrom; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof17, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled in any case other than those particularly provided for above other than punitive or consequential damages, which are hereby waived by reason of any default hereunder on the part of TenantLandlord.
Appears in 2 contracts
Samples: Lease Agreement (G Iii Apparel Group LTD /De/), Lease Agreement (G Iii Apparel Group LTD /De/)
Damages. In the event of any termination of 24.01. If this Lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to 7-year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the greater of subparagraph ten (a10) years or the unexpired portion of the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease or such re-entryLease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
Appears in 2 contracts
Samples: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-re entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 2 contracts
Samples: Lease (Y-mAbs Therapeutics, Inc.), Lease (Y-mAbs Therapeutics, Inc.)
Damages. In the event of any termination of 26.1 If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.dates
Appears in 2 contracts
Samples: Lease Agreement (Globespan Semiconductor Inc), Lease Agreement (Paradyne Corp)
Damages. In Whether or not Landlord shall elect to terminate this Lease pursuant to Subsection 24(b)(iii) above, notwithstanding reentry upon the Premises by Landlord and in addition to and without limiting Landlord’s right to other damages, upon the occurrence of an event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord default Tenant shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay be and remain liable to Landlord in an amount computed as damages, at the election of Landlord, either:
follows: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount sum of such additional rent all Rent then in arrears plus the aggregate of all Rent which is payable by Tenant under this Lease for the applicable period ending immediately preceding such termination balance of this Lease or such re-entry. Suit or suits for the recovery Term, computed as if no event of such damages, or default had occurred and any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it reentry had not been terminated made; plus (b) all costs and expenses incurred by Landlord in connection with the event of default and any reletting of the Premises, including, without limitation, (i) costs of reentry, repair and renovation, (ii) the value of all inducements granted or paid to new tenants of the Premises in connection with reletting including, without limitation, construction allowances and the value of rent-free periods, (iii) brokers’ commissions and advertising expenses, (iv) watchman’s wages and any sheriff’s, xxxxxxxx’s, constable’s or other officials’ commissions, chargeable to Landlord; plus (c) interest accrued on the aggregate of the aforesaid sums from the date each was payable (or, with respect to sums owing under clause (b) from the provisions date each was incurred by Xxxxxxxx) until paid by Xxxxxx (whether before or after judgment) at the rate of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained Interest; which sum shall be construed as limiting or precluding the recovery credited with (d) all rentals actually received by Landlord against during the remainder of the Term from any replacement Tenant of any sums or damages to which, in addition to which the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises are relet.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Damages. In the event of any termination of (a) If this Lease is terminated under the provisions of Article 16 hereof 12, or in the event that if Landlord shall re-enter the premises Leased Premises under the provisions of Article 17 hereof 12, or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) On demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess (discounted to present value) of (1i) the aggregate of the fixed rent Annual Fixed Rent and the additional rent under Article 24 hereof Additional Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming Additional Rent to be the same as was payable for the twelve (12) month period immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the Premises, over (2ii) the aggregate fair market rental value (calculated as of the premises date of such termination or re-entry) of the Premises for the same period, or
(bii) sums Sums equal to the aggregate of the fixed rent Annual Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Rent payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesLeased Premises (conclusively presuming Additional Rent to be the same as was payable for the twelve (12) month period immediately preceding such termination), payable monthly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Leased Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such reletting. Such net rents to shall be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Leased Premises and of in securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises Leased Premises or any portion or portions thereof for new tenants, brokers' commission’ commissions, advertising expenses, reasonable attorneys' fees ’ fees, concessions of free rent as reasonably determined by Landlord, and all other similar or dissimilar expenses properly chargeable against the premises Leased Premises and the rental therefrom in connection with such re-letting, it being therefrom. It is understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Section 13.1 to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord. Landlord prior shall use commercially reasonable efforts to relet the commencement of such suitLeased Premises, and (iii) if in so doing, Landlord may take into consideration all factors which a Landlord similarly situated could take into consideration including, without limitation, tenant mix and the premises proposed tenant’s financial status. If the Leased Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting.
(b) If the purposes Leased Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount fair and reasonable rental value of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesLeased Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had the reletting (unless such space is relet to any Party related to or affiliated with Landlord, in which event the rent shall not been terminated under be prima facie evidence of fair market rent). Landlord, however, shall in no event and in no way be responsible or liable for any failure to relet the provisions of Article 16 hereofLeased Premises or any part thereof or for failure to collect any rent due upon any such reletting, provided however that in all cases Landlord shall use reasonable efforts to relet the Leased Premises and to collect the rent.
(c) Notwithstanding anything herein to the contrary, except with respect to claims for such damages made by third parties, Landlord and Tenant each waive any consequential, punitive, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantspecial damages.
Appears in 1 contract
Samples: Lease Agreement (CarGurus, Inc.)
Damages. A. In the event of any termination of this Lease under the provisions of Article 16 hereof or 19 in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 20 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) 1. a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, using a discount rate of the prime interest rate set by Citibank, if any, of (1i) the aggregate of the fixed all rent and the additional rent under Article 24 hereof which would have been paid payable hereunder by Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2ii) the aggregate rental value of all rent of the premises for the same period, period based upon the then local market rental value of the premises; or
(b) 2. sums equal to the aggregate of the fixed all rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had has this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of or re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. .
B. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit suite until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. .
C. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder beyond any applicable notice and/or cure on the part of Tenant.
D. In addition to the amounts set forth above, in the event of the non payment of any monies due pursuant to this Lease, whether the same be deemed rent or otherwise, after the expiration of any applicable grace period, Tenant shall pay to Landlord interest at a rate, which is the lesser of eighteen (18%) percent per annum or the maximum permitted pursuant to the laws of the state of New Jersey. It is expressly acknowledged and agreed between the parties that said default rate shall continue beyond entry of judgment until such time as such monies are paid. Additionally, Tenant shall reimburse Landlord for any costs and expenses, including reasonable attorneys' fees incurred in connection with the enforcement of Landlord's rights pursuant to the terms of this Lease.
Appears in 1 contract
Damages. In the event of any termination of 30.01 If this Lease is terminated under the provisions of Article 16 hereof 21, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:,
(a) A. on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises, over (2) the aggregate market rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or,
(b) B. sums equal to the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Term, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, advertising expenses, attorneys' fees fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) Lease but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in to any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Demised Premises, or part thereof, so relet during the term of the reletting. Landlord however, shall in on event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such termination of this Lease or such re-entry. reletting.
30.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 30.01.
30.03 Anything in this Lease to the contrary notwithstanding, if Tenant shall at any time be in default hereunder, whether or not Landlord shall institute an action or summary proceeding against Tenant based upon such default and whether or not such default results from non-payment of Base Rent or additional rent, or if Tenant requests Landlord to review or execute documents (including, without limitation, any sublease or occupancy documents) in connection with this Lease, or otherwise if it is reasonably prudent for Landlord to contact counsel, then Tenant shall reimburse Landlord, as additional rent, for the expense of attorneys' fees and disbursements thereby incurred by Landlord, so far as the same are reasonable.
Appears in 1 contract
Samples: Lease Agreement (International Telecommunication Data Systems Inc)
Damages. In the event of any termination of 18.1 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the present value (which present value shall be calculated at a discount rate equal to the then value legal rate of interest on judgments in New York State) of the excess, if any, of of
(1i) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2ii) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re- letting. If the demised premises or any part thereof be re-letting. For let by Landlord for the purposes unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and ----- ----- reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.1.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entrythe reletting.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01.
26.03. In addition to the foregoing and without regard to whether this Lease is terminated, Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney's fees, with respect to any lawsuit instituted or defended or any action taken by Landlord to enforce all or any of the provisions of this Lease.
Appears in 1 contract
Damages. In the event of any termination of If this Lease lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the demised premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) all Rent and other amounts due to Landlord and unpaid as of the date of termination or re-entry, plus, a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beentry, represents the then value (using a discount rate equal to the Base Rate minus one percent (1%)) of the excess, if any, of of: (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which Rent which, had this lease not terminated, would have been paid payable hereunder by Tenant had this Lease (and not so terminated, paid under Subsection (b) below) for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date; over (2) the aggregate fair rental value of the demised premises for the same period, or
as reasonably determined by Landlord (bfor the purposes of this clause (a) sums equal to the aggregate amount of the fixed rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or
(b) all Rent and other amounts due to Landlord and unpaid as of the date of termination or re-entry, plus, sums equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease lease not so terminated, terminated or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the demised premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, either alone or with other premises (all of which Landlord may do in its sole and absolute discretion) Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or lease and of re-entering the demised premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the demised premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, under this lease; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and ; (iii) if the demised premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting; and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18demised premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entrydemised premises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premisesentry. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully bring suit under Subsection (a) above at any time, and suits brought under Subsection (b) above shall not be entitled by reason deemed a waiver of any default hereunder on the part of TenantLandlord’s right to subsequently bring suit under Subsection (a) above.
Appears in 1 contract
Samples: Lease
Damages. In the event of any termination of this Lease under the provisions of pursuant to Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease 19 (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of lawa "Default Termination"), Tenant will pay to Landlord as damages, at the election of Landlord, either:,
(a) a sum at which Landlord may recover from Tenant the total of:
(i) the worth at the time of award of the unpaid fixed rent and additional rent earned to the date of such termination of this Lease or Default Termination;
(ii) the worth at the time of any such re-entry by Landlord, as the case may be, represents the then value award of the excess, if any, of (1) amount by which the aggregate of the unpaid fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or earned after the date of any such re-entry, as Default Termination until the case may be, and ending with time of award exceeds the date hereinbefore set for amount of such rental loss that Tenant proves could have been reasonably avoided;
(iii) the expiration worth at the time of award of the full term granted, over (2) amount by which the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the unpaid fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had earned for the balance of the term of this Lease not so terminated, or had after the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;
(iv) any other amount necessary to compensate Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration all of the full term hereby granted; provideddetriment proximately caused by Tenant's failure to observe or perform any of its covenants and agreements under this Lease or which in the ordinary course of events would be likely to result therefrom, howeverincluding, that if Landlord (Landlordwithout limitation, however, not being obligated to do so) shall re-let all or any part the payment of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereofof the Premises and in the reletting thereof (including, as well as the expenses of re-lettingwithout limitation, including altering and preparing the premises Premises for new tenants, tenants and brokers' commission); and
(v) at Landlord's election, attorneys' fees and all such other similar amounts in addition to or dissimilar expenses properly chargeable against in lieu of the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting foregoing as may be for a period equal to, less than or longer than permitted from time to time under applicable California laws.
(b) The "worth at the remaining term time of this Lease; provided, further, that award" is computed (i) in paragraphs (a)(i) and (ii) above, by allowing interest at the rate of ten percent (10%) per annum (but in no event shall Tenant be entitled to receive any in excess or such net rents over of the sums payable maximum rate permitted by Tenant to Landlord hereunder, law) and (ii) in no event paragraph (a)(iii) above, by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%).
(c) For purposes of computing unpaid rental which would have accrued and become payable under this Lease, unpaid rental shall Tenant be entitled in any suit consist of the sum of:
(i) the total fixed rent for the collection balance of damages pursuant the term, plus
(ii) a computation of the Tenant's Share of additional rent due under the Lease including, without limitation, Tenant's share of operating expenses (including real estate taxes) for the balance of the term. For purposes of computing increases such additional rent for the calendar year of the default and each future calendar year in the term shall be assumed to this subparagraph (b) to a credit in respect of any net rents from a re-letting except be equal to the extent that such net rents are actually received by Landlord additional rent for the calendar year prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let year in combination with other space, then proper apportionment on which default occurs compounded at a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount rate equal to the amount mean average rate of such additional rent payable by Tenant inflation for the applicable period ending immediately preceding such termination five calendar years as determined by the United States Department of this Lease or such reLabor, Bureau of Labor Statistics Consumer Price Index (All Urban Consumers, all items, 1982-entry. Suit or suits 84 equals 100) for the recovery metropolitan area or region of which Los Angeles, California is a part. If such damagesindex is discontinued or revised, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein the average rate of inflation shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery determined by Landlord against Tenant of any sums or damages to which, in addition reference to the damages particularly provided above, Landlord may lawfully be entitled index designated as the successor or substitute index by reason the government of any default hereunder on the part of TenantUnited States.
Appears in 1 contract
Damages. In the event of any termination of (a) If this Lease is terminated under the provisions of Article 16 hereof or in the event that Landlord Section 7.03 Tenant shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(ab) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value (discounted to present value using Base Rate) of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such re-entry, as termination to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same period, or
period (bfor the purposes of this clause (a) sums equal to the aggregate amount of the fixed rent and the additional rent under Article 24 hereof (if any) Additional Charges which would have been payable by Tenant under Sections 3.04 and 3.05 shall, for each calendar year ending after such termination, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination shall occur), or
(c) sums equal to the Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' legal fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (bSection 7.05(b) , to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. In the event of any termination of 24.01. If this Lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to 7-year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Initial Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of 67 68 date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entryLease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
24.03. In addition, if this Lease is terminated under the provisions of Article 22 hereof,
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this Lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
24.04. In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely affecting any of Landlord's rights and remedies under Article 22, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within seven (7) days after the due date thereof, the same shall bear interest at the Interest Rate (as defined in Article 35 hereof) plus two (2%) percent or the maximum rate permitted by law, whichever is less, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent bill xxxt by first class mail, to the address to which notices are to be given under this Lease, shall be deemed a proper demand for the payment of the amounts set forth therein.
Appears in 1 contract
Samples: Lease (Medsite Com Inc)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)25, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, lease represents the then present value of the excess, if any, of (discounted at the prime rate per annum, of:
1) . the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, lease and ending with the date hereinbefore set for the expiration of the full term grantedExpiration Date, over (had this lease not so terminated over
2) . the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such 77 net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises lease and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Samples: Lease Agreement (Ivillage Inc)
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof hereof, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof hereof, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing commending with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should shall be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation or proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01 hereof.
18.03 Notwithstanding anything contained in this Article 18 or elsewhere in this Lease, neither Landlord nor Tenant shall have any liability to the other for so-called consequential (as opposed to actual) damages under this Lease.
Appears in 1 contract
Damages. In the event of any termination of (a) 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of any default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at sums equal to Landlord's costs in connection with the election leasing of the Demised Premises (as well as any additional space leased to Tenant pursuant to Article 42 herein)to Tenant, including, but not limited to any and all cost in connection with (i)Landlord's Work, (ii) leasing commissions paid in connection with this Lease, (iii)the Relocation Allowance set forth in Article 45 herein, (iv)the Holdover Rent set forth in Article 44 herein, (v)the Work Allowance set forth in Article 41 herein and the cost of restoring the Demised Premises to its original condition (herein collectively referred to as "Landlord, either:'s Costs"). The amount of said damage shall be reduced annually on a straight line basis over the term of this Lease. The parties hereto acknowledge that the above referenced damages are due and payable upon default so that the same is to be collected immediately.
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof (if anyas above presumed) which payable hereunder that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that Landlord shall make commercially reasonable effort to mitigate its damages and re-let the Demised Premises during said period and if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, actual reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, reasonable attorneys' fees and disbursements, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this LeaseLease and that Landlord may grant concessions and free rent; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents actually are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For Landlord in no event shall be liable in any way whatsoever for failure to re-let the purposes Demised Premises nor shall such failure affect Tenant's liability for damages, it being expressly understood and agreed that Landlord has no obligation to mitigate Tenant's damages hereunder. If the Demised Premises or any part thereof shall be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. Suit or suits letting, prima facie, shall be the fair and reasonable rental value for the recovery of such damagesDemised Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so re-let during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantletting.
Appears in 1 contract
Damages. In EXCEPT FOR SELLER’S INDEMNITY OBLIGATIONS PURSUANT TO SECTION 24 AND 25, IN NO EVENT SHALL EITHER PARTY BE LIABLE FOR ANY INCIDENTAL SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, LOSS OF PROFITS, REVENUES OR BUSINESS, OR LOSSES OR COSTS INCURRED BY OR PAYMENT ALLOWANCES TO OTHERS, WHETHER OR NOT ARISING OUT OF A PARTY’S NEGLIGENCE. All claims for alleged shortage, or claims that the event goods do not meet the warranty specified above, shall be deemed waived unless made in writing within [***] days after Buyer’s receipt of any termination the goods; failure to make such claims within such stated period shall constitute an irrevocable acceptance of this Lease under the provisions goods. If, after receipt of Article 16 hereof a written notice asserting noncompliance, Seller determines that goods did not meet the warranty specified above, Buyer may, at Seller’s expense and upon receiving prior written authorization from Seller, deliver such goods to a facility designated by Seller, Seller shall promptly correct the defect in such goods or, at its option replace the goods or return to Buyer a check in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event amount of the termination price paid for the goods. This repair, replacement or refund does not apply to goods misused or to damage because of this Lease accident or improper handling, shipping damage, or alterations outside of Sellers’s facilities, Seller’s liability, and Buyer’s exclusive remedy, for goods, whether under warranty, contract, tort (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of lawincluding negligence), Tenant will pay or otherwise, is expressly limited to Landlord as damagesthe foregoing, at and shall not in any event exceed the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value original invoiced price of the excess, if any, of (1) the aggregate of the fixed rent goods. As herein provided and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for upon the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor period specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantall such liability shalt terminate.
Appears in 1 contract
Samples: Supply Agreement (Beyond Meat, Inc.)
Damages. In If Landlord shall not elect to terminate this Lease pursuant to Subsection 29(b)(iv) above, notwithstanding reentry upon the Premises by Landlord and in addition to and without limiting Landlord’s right to other damages, upon the occurrence of an event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord default Tenant shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay be and remain liable to Landlord in an amount computed as damages, at the election of Landlord, either:
follows: (a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount sum of such additional rent all Rent then in arrears plus the aggregate of all Rent which is payable by Tenant under this Lease for the applicable period ending immediately preceding such termination balance of this Lease or such re-entry. Suit or suits for the recovery Term, computed as if no event of such damages, or default had occurred and any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it reentry had not been terminated made (including, without limitation, Tenant’s Proportionate Share of Operating Expenses which would be owing for the remainder of the Term, as reasonably estimated by Landlord); plus (b) all costs and expenses incurred by Landlord in connection with the event of default and any reletting of the Premises, including, without limitation, (i) costs of reentry, repair and renovation, (ii) the value of all inducements granted or paid to new tenants of the Premises in connection with reletting including, without limitation, construction allowances and the value of rent-free periods, (iii) brokers’ commissions and advertising expenses, (iv) watchman’s wages and any sheriff’s, marshall’s, constable’s or other officials’ commissions, whether chargeable to Landlord or Tenant, and (v) attorneys’ fees, costs and expenses; plus (c) interest accrued on the aggregate of the aforesaid sums from the date each was payable (or, with respect to sums owing under clause (b) from the provisions date each was incurred by Landlord) until paid by Tenant (whether before or after judgment) at the rate of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained Interest; which sum shall be construed as limiting or precluding the recovery credited with (d) all rentals actually received by Landlord against during the remainder of the Term from any replacement Tenant of any sums or damages to which, in addition to which the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises are relet.
Appears in 1 contract
Samples: Office Space Lease (Clearpoint Business Resources, Inc)
Damages. In 60.1 Notwithstanding anything to the event of any termination of this Lease under the provisions of contrary contained in Article 16 hereof or in the event that 18 hereof, if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 18, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) equals the aggregate of the fixed rent and the additional rent under Article 24 hereof Adjusted Minimum Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes and Building Operating Costs shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period not so terminated, to exceed 3 years prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTermination Date, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, terminated or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord Demised Premises plus (Landlord, however, not being obligated to do soii) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission, attorneys' commissions, attorney's fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any thereof. Any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting except to reletting. If the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with the other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. .
60.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Any indemnity of Tenant shall survive the expiration or earlier termination of this Lease. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 60.1.
Appears in 1 contract
Samples: Office Lease (American Business Financial Services Inc /De/)
Damages. In the event of any a termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)Lease, per Section 18.1, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent Rent under Article 24 hereof (if any) ARTICLE 2 which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set forth for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination and ending on the date hereinbefore set forth for the expiration of the Term, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such when received, net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, of expenses incurred or paid by Landlord in terminating this Lease and/or of and re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Landlord be liable for failure to relet the Premises or any part thereof or be liable for failure to collect any rent due upon such reletting, provided that Landlord shall use reasonable efforts to mitigate damages; (ii) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (iiiii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 19.2 to a credit in m respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitLandlord, and (iiiiv) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantreletting.
Appears in 1 contract
Samples: Purchase and Sale Agreement (American Realty Capital New York Recovery Reit Inc)
Damages. In If Landlord elects to terminate Tenant's right to possession of the event Premises under section 7.1 following an Event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Default, Landlord shall may re-enter and take possession of the premises under Premises, with or without legal process, whether by force or otherwise, and Tenant shell be obligated to pay to Landlord as damages upon demand, and Landlord shall be entitled to recover of and from Tenant, (a) all Annual Base Rent and Additional Rent payable to the provisions date of Article 17 hereof termination of Tenant's right to possession, plus (b) the cost to Landlord of all reasonable legal and other expenses and costs (including attorney's fees) incurred by Landlord in obtaining possession of the Premises, in enforcing any provision of this lease, in preserving the Premises during any period of vacancy, in making any repairs as Landlord may reasonably deem necessary or advisable in operating and maintaining the Premises, and in reletting the Premises, including all reasonable brokerage commissions therefor, plus (c) either (i) in the event of Landlord's giving notice of its intention to re-enter and take possession without terminating this lease, damages (payable in monthly installments, in advance, on the first day of each calendar month following the giving of such notice and continuing until the date originally fixed herein for the expiration of the then current Term of this lease) in amounts equal to the Base Rent and Additional Rent herein reserved, less the net amount of rent, if any, which may be collected and received by Landlord from the Premises for and during the balance of the Term; Landlord may relet the Premises, or any part or parts thereof (but in no event shall Landlord be obligated to do so), for a term or terms which may at Landlord's option be less than or exceed the period constituting the balance of the Term hereof, and Landlord may grant concessions or charge a rental in excess of that provided in this lease (Tenant shall have no right to any excess); or (ii) in the event of Landlord's giving notice of termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision of law)lease, Tenant will pay to Landlord as damagesan award for liquidated damages in an amount which, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlordtermination, as the case may be, represents the then value of is equal to the excess, if any, of (1) the installments of Base Rent and the aggregate of all sums payable hereunder as Additional Rent (for such purpose considering the fixed rent and annual amount of Additional Rent to equal the additional rent under Article 24 hereof which would amount thereof payable for the 12 months immediately preceding the termination, or the annualized portion of Additional Rent payable from the Commencement Date to the date of the termination if this lease then shall have been paid in effect for less than 12 months) reserved hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination which would otherwise have constituted the unexpired portion of the then current Term of this Lease lease, plus the value of all other considerations to be paid or the date of any performed by Tenant during such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedperiod, over (2) the aggregate fair rental value of the premises for the same periodPremises, or
(b) sums equal to the aggregate as of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminateddate of such termination, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following for such termination or such re-entry and until the date hereinbefore set for the expiration unexpired portion of the full term hereby granted; providedthen current Term of this lease, however, that if Landlord (Landlord, however, not being obligated said liquidated damage amount to do so) shall re-let all or any part be discounted at the then "generic" prime rate of interest as set forth in the most recently published Wall Street Journal to determine its present value at the time of the premises for all or any part of said period, Landlord shall credit Tenant with award. If the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Entire Premises or any part thereof should be re-let in combination with other spacerelet by Landlord for the unexpired Term or any part thereof before presentation of proof of liquidated damages to any court, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when Premises so relet during the term of the reletting. Prior to Tenant's full payment of any liquidated damages awarded to Landlord, Tenant shall continue to pay punctually to Landlord all Base Rent and Additional Rent to the same extent and at the same time as if this Lease would have expired if it lease had not been terminated under and receive full credit for such payments against the award for liquidated damages. If Landlord shall elect to re-enter and take possession without terminating this lease, Landlord shall have the right at any time thereafter to terminate this lease for the previous default, whereupon the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages this subsection with respect to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenanttermination will thereafter apply.
Appears in 1 contract
Samples: Lease Agreement (Rti Inc)
Damages. In the event of any termination of 27.01. If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over (2) the aggregate rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly, in advance, but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; providedExpiration Date, provided however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this the Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commissioncommissions, attorneys' fees advertising expenses, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting, and Landlord shall have the right to grant reasonable rent concessions to attract one or more new tenants and to permit the term of any new lease covering part or all of the Demised Premises to be for a shorter or longer period than provided for herein. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so relet during the term of the reletting. Landlord however shall in no event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such reletting.
27.02. In the event Landlord elects to collect damages from Tenant under Article 24 hereof Section 27.01(b), at any time subsequent to such election and upon ten days prior written notice to Tenant, Landlord may elect to collect a lump sum under Section 27.01(a), crediting Tenant with amounts theretofore received by Landlord as damages. Landlord shall be deemed have no obligation to be an amount equal relet part or all of the Demised Premises subsequent to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this the Lease or such re-entryupon Tenant's default.
27.03. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
27.04. The foregoing Sections of this Article shall apply even if the default by Tenant has occurred prior to the Commencement Date and/or prior to Tenant taking possession of the Demised Premises. The parties acknowledge that this instrument is a lease and not a contract to make a lease.
27.05. The Tenant agrees that any legal action or suit brought against Tenant by reason of any matter whatsoever arising out of or in any way connected with this Lease, the relationship of Landlord and Tenant created hereby, Tenant’s use or occupancy of the Premises or any claim for injury or damage or default under this Lease shall be brought in the Courts of the State of Connecticut or any Federal Court sitting therein and the Tenant consents to the non-exclusive jurisdiction of such courts and to service of process in any such legal action or suit being made upon Tenant by mail at the address specified under Article 32 of this Lease. The Tenant waives any objection that it may now have or hereafter have to the venue of any such legal action or suit or any such court or that such legal action or suit was brought in an inconvenient court.
Appears in 1 contract
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "DEFICIENCY") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's actual out-of-pocket expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(l)(b) of this Article 18 for the same period.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Samples: Lease Agreement (Viatel Inc)
Damages. A. In the event of any termination of this Lease under the provisions of Article 16 hereof or 19 in the event that Landlord shall re-enter the premises Premises under the provisions of Article 17 hereof 20 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) 1. a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1I) the aggregate of the fixed all rent and the additional rent under Article 24 hereof which would have been paid payable hereunder by Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term Term hereby granted, over (2ii) the aggregate of all rent of the Premises for the same period based upon the then local market rental value of the premises for the same period, Premises; or
(b) 2. sums equal to the aggregate of the fixed all rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term Term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of re-letting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term Term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. .
B. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term Term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. Premises.
C. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Samples: Lease Agreement (Fundtech LTD)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) Whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Samples: Lease Agreement (Thrupoint Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this Section 6.05(a) the amount of Additional Charges which would have been payable by Tenant under Sections 2.04 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until in this Lease, plus interest at the Interest Rate on the amount unpaid, computed from the date hereinbefore set for such payment became due and payable to and including the expiration date of payment and a late payment charge equal to five percent (5%) of the full term hereby grantedunpaid amount; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering including, without limitation, altering, preparing and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees legal, design and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, as well as the unamortized amount of Landlord’s costs to alter, prepare and improve the Premises for Tenant and brokerage commissions, legal, design and all other expenses in connection with this Lease, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. In the event of any termination of 26.01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of damages sums equal to the fixed rent and the additional rent under Article 24 hereof which would have been paid (as above presumed) payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. Damages shall also include the commencement unamortized portion of such suit, the cost of Landlord's Work and (iii) if any brokerage fees or commissions paid by Landlord. If the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunals the amount of additional rent which would reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof so relet during the term of the reletting. Landlord agrees that it shall exert commercially reasonable efforts to mitigate damages by attempting to relet the Demised Premises. However, in the exercise of such efforts, Tenant acknowledges that Landlord shall have been payable no obligation to Tenant to offer the Demised Premises, or any part thereof, in any manner, shape, form, or pursuant to any program different from any other space in any building owned by Tenant under Article 24 hereof shall be deemed Landlord in the Metro Park Complex then sought to be an amount equal to the amount of such additional rent payable leased by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryLandlord.
26.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof24, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to seek and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 26.01. Except with respect to the amount of fixed rent or Tenant's finally determined Proportionate Share of Operating Expenses (which shall be governed by Article 5) any payment by Tenant may be accompanied by a letter from Tenant protesting such payment or reserving its rights under the Lease with respect to such payment. Any such protest or reservation be made along with the payment and must be detailed and specific as to the nature of such protest or reservation. If Tenant fails to implement litigation proceedings within ninety (90) days of its reservation or protest, Tenant shall be deemed to have waived its protest and reservation. If Landlord accepts, or is otherwise as a result of litigation, required to reimburse or repay Tenant in connection with such reservation or protest, such reimbursement shall be accompanied by interest at First Union Prime Plus 2.5% per annum, which shall run from the date of protest through the date of payment by Landlord.
26.03. In addition to the foregoing and without regard to whether this Lease is terminated, Tenant shall pay to Landlord upon demand, all costs and expenses incurred by Landlord, including reasonable attorney's fees, with respect to any lawsuit instituted or defended or any action taken by Landlord to enforce all or any of the provisions of this Lease to the extent Landlord is successful. Landlord agrees that, if, after implementing proceedings or litigation, Tenant is successful therein, then Landlord shall pay Tenant's reasonable costs and expenses, including reasonable attorney fees.
Appears in 1 contract
Samples: Sublease Agreement (I Many Inc)
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excessexcess (discounted using the same rate as U.S. Treasury Bills with a term equivalent to the period of time between the date of termination of the Lease and the date the Lease would have expired absent such termination), if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and the Wage Rate shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate fair rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises in a Building Standard manner for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Samples: Lease Agreement (Innovo Group Inc)
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, discounted to present value at the rate of six (6%) percent per annum, of:
1) . the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, Xxxxxx (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over (Demised Premises; over
2) . the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant Xxxxxx had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-re- entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Samples: Lease (Promotions Com Inc)
Damages. In the event of any termination of 19.01 If this Lease is terminated under the provisions of Article 16 hereof or in the event that any other provision of this Lease, or if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof or any other provision of this lease, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of:
(1i) the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2ii) the aggregate fair rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Annual Rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes Demised Premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the Demised Premises, or part thereof, so re-let during the term of the re-letting.
19.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then net present value of the excessexcess (discounted at an annual rate of 8%), if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate fair rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the commercially reasonable expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord in any arms-length transaction for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Samples: Lease Agreement (Enernoc Inc)
Damages. Section 14.01 In the event of any termination a Default Termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)Lease, Tenant will pay to Landlord as damages, at the election of the Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, Default Termination represents the then value of the excess, if any, of the Present Value, as hereinafter defined, of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term grantedscheduled Expiration Date, over (2) the aggregate fair rental value of the premises Premises for the same periodperiod as determined by an independent real estate appraiser reasonably satisfactory to Tenant and Landlord and employed at Tenant’s expense, in which case such liquidated damages shall be accelerated to be due and payable to Landlord in one lump sum on demand at any time commencing with the day following the date of such Default Termination and shall bear interest at the Default Rate, as herein defined, until paid; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been due and payable by Tenant during the remainder of the term had this Lease not so terminatedterminated by such Default Termination, or had Landlord not so re-entered in which case such liquidated damages shall be computed and payable in monthly installments, in advance, on the premises, payable upon the due dates therefor specified herein first day of each calendar month following such termination or such re-entry Default Termination of this Lease and continuing until the date hereinbefore set scheduled Expiration Date but for the expiration of the full term hereby grantedsuch Default Termination; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting until the scheduled Expiration Date, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises and Premises and, to the extent applicable, of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that further that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, ; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph clause (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, Landlord; and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper appropriate apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of subparagraph (a) of Landlord shall have no obligation whatsoever to mitigate its damages upon Tenant’s default under this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Lease and Landlord shall not be deemed to be an amount equal to the amount of such additional rent payable by Tenant liable in any way whatsoever for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, failure to relet all or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until portion of the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Samples: Lease (Warner Music Group Corp.)
Damages. In the event of any termination a Default Termination of this Lease under Lease, the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to the Landlord as damages, at the election of the Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may beDefault Termination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof which would have been paid hereunder by Tenant (if any) and the percentage rent (if any) which, had this Lease not so terminated, would have been payable hereunder by the Tenant for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and rent, the additional rent under Article 24 Twenty-fourth hereof (if any) and the percentage rent (if any) which would have been payable by the Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesterminated by such Default Termination, payable upon the due dates therefor specified herein following such termination or such re-entry Default Termination and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises for all or any part of said periodthe period commencing on the day following the date of such Default Termination and ending on the date hereinbefore set for the expiration of the full term hereby granted, the Landlord shall credit the Tenant with the net rents actually received by the Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by the Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by the Landlord in terminating this Lease and/or and of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents over the sums payable by the Tenant to the Landlord hereunder, (ii) in no event shall the Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of this Article, the amount of the percentage rent (if any) which would have been payable for the period following a Default Termination of this Lease shall be deemed to be an amount, for each calendar month in said period, equal to the monthly average amount of percentage rent (if any) which became payable under this Lease during the term hereof prior to such Default Termination. For the purposes of subparagraph (a) of this Article 18Article, the amount of additional rent which would have been payable by the Tenant under Article 24 Twenty-fourth hereof shall shall, for each Computation Year (as hereinafter defined) ending after such Default Termination, be deemed to be an amount equal to the amount of such additional rent payable by the Tenant for the applicable period ending Computation Year immediately preceding the Computation Year in which such termination of this Lease or such re-entryDefault Termination occurs. Suit or suits for the recovery of such damagesany damages payable hereunder by the Tenant, or any installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein shall be deemed to require the Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesbut for such Default Termination. Nothing herein contained shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided above, the Landlord may lawfully be entitled by reason of any default hereunder on the part of the Tenant.
Appears in 1 contract
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at Upon the time occurrence of any Event of Default, Landlord shall have the right (i) to terminate this Lease and Tenant's right to possession of the Property by any lawful means, upon ten (10) days' Notice of such termination (during which time Tenant shall have the opportunity to cure any such Event of Default) in which case, if Tenant shall fail to cure all Events of Default within the foregoing ten (10) day period, this Lease or at the time shall terminate and all of any such re-entry by Landlord, as the case may be, represents the then value Tenant's rights hereunder shall cease and Tenant shall immediately surrender possession of the excessProperty to Landlord and, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with in such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said periodevent, Landlord shall credit be entitled to recover from Tenant with all damages incurred by reason of Tenant's default, (ii) to terminate Tenant's right to possession of the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in Property without thereby terminating this Lease and/or of re-entering relet the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises Property for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitTenant's account, and (iii) if to enforce all of Landlord's rights and remedies under this Lease, including the premises or right to recover the Rent and other sums owed as such become due hereunder together with interest on such overdue Rent and any part thereof should be re-let in combination with other spaceoverdue amount owed by Tenant, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when due until paid, at the term lesser of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, Overdue Rate or under any provision of the maximum rate permitted by applicable law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed and Tenant further covenants, as limiting or precluding the recovery by Landlord against Tenant of an additional and cumulative obligation after any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled termination by reason of any default hereunder on Event of Default, to pay punctually to Landlord (or such other person entitled thereto) all Rent and punctually to perform all of the part of Tenant.obligations which Tenant covenants in this Lease to pay and perform in the same manner and to the same extent and at the same time as if this Lease had not been
Appears in 1 contract
Damages. 21.3.1 In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), or in the event that Landlord shall reenter the Premises under the provisions of this Lease, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof Additional Rent which would have been paid payable hereunder by Tenant Tenant, had this Lease not so terminatedterminated or had Landlord not reentered the Premises, for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set forth initially for the expiration of the full term grantedTerm of this Lease pursuant to Article 1, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, period (the amounts of each of clauses (i) and (ii) being first discounted to present value at an annual rate of three percent (3%)); or
(b) sums equal to the aggregate of the fixed rent installments of Base Rent and the additional rent under Article 24 hereof (if any) Additional Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore Expiration Date originally set forth in this Lease for the expiration of the full term hereby grantedTerm; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering reentering the premises Premises and of securing possession thereof, including reasonable attorneys’ fees and costs of removal and storage of Tenant’s property, as well as the expenses of re-lettingreletting, including altering repairing, restoring and preparing improving the premises Premises for new tenants, brokers' commission’ commissions, advertising costs, reasonable attorneys' fees ’ fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, provided further, that (i1) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii2) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph Subdivision (b) to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii3) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. reletting, or if relet for a period longer than the remaining Term of this Lease, the expenses of reletting shall be apportioned based on the respective periods.
21.3.2 For the purposes of subparagraph Section (aa)(i) of this Article 18Section 21.3.1, the amount of additional rent Additional Rent which would have been payable by Tenant under Article 24 hereof Articles 4, 7, 8 and 30 for each year ending after such termination of this Lease or such reentry, shall be deemed to be an amount equal to the amount of such additional rent Additional Rent payable by Tenant for the applicable period Fiscal Year and Tax Year ending immediately preceding such termination of this Lease or such re-entryreentry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its Landlord’s election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered reentered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Damages. Section 14.01 In the event of any termination a Default Termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)Lease, Tenant will pay to Landlord as damages, at the election of the Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, Default Termination represents the then value of the excess, if any, of the Present Value, as hereinafter defined, of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term grantedscheduled Expiration Date, over (2) the aggregate fair rental value of the premises Premises for the same periodperiod as determined by an independent real estate appraiser reasonably satisfactory to Tenant and Landlord and employed at Tenant’s expense, in which case such liquidated damages shall be accelerated to be due and payable to Landlord in one lump sum on demand at any time commencing with the day following the date of such Default Termination and shall bear interest at the Default Rate, as herein defined, until paid; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been due and payable by Tenant during the remainder of the term had this Lease not so terminatedterminated by such Default Termination, or had Landlord not so re-entered in which case such liquidated damages shall be computed and payable in monthly installments, in advance, on the premises, payable upon the due dates therefor specified herein first day of each calendar month following such termination or such re-entry Default Termination of this Lease and continuing until the date hereinbefore set scheduled Expiration Date but for the expiration of the full term hereby grantedsuch Default Termination; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting until the scheduled Expiration Date, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises and Premises and, to the extent applicable, of securing possession thereof, as well as the reasonable expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that further that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, ; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph clause (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, Landlord; and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper appropriate apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of subparagraph (a) of Landlord shall have no obligation whatsoever to mitigate its damages upon Xxxxxx’s default under this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Lease and Landlord shall not be deemed to be an amount equal to the amount of such additional rent payable by Tenant liable in any way whatsoever for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, failure to relet all or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until portion of the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Samples: Lease (Warner Music Group Corp.)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to 7-year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; providedPROVIDED, howeverHOWEVER, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall be deemed to be an amount equal constitute a bona-fide arms-length third party transaction. Notwithstanding anything to the amount contrary contained in this lease, Landlord shall use reasonable efforts to relet the Premises, either in the name of Landlord or otherwise, to such additional tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions (that may include concessions and free rent payable by Tenant periods) as Landlord may reasonably determine, PROVIDED, HOWEVER, that Landlord shall not be liable in any way whatsoever for its failure to relet the applicable period ending immediately preceding Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entrylease.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof. Notwithstanding any provisions of this lease to the contrary, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for consequential damages of any -130- kind or nature, even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease; PROVIDED, HOWEVER, that the foregoing shall not be deemed to limit Tenant's obligation to reimburse Landlord for any damages as expressly required pursuant to Article 34 hereof, regardless of whether any court or arbitrator awarding such damages shall regard or classify same as consequential damages.
24.03. In addition, if this lease is terminated under the provisions of Article 22 hereof, or if Landlord shall reenter the Premises under the provisions of Article 23 hereof, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.04. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord's rights and remedies under Article 22 hereof, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within three (3) Business Days after the due date thereof, the same shall bear interest at the Base Rate plus five (5%) percent, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent xxxx sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein.
Appears in 1 contract
Samples: Lease (Citigroup Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by Landlord, under, any of the provisions of this Article 17 or under any summary dispossess or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) of:
i. the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration Demised Premises (discounted to present value using a discount factor equal to the Prime Rate at the time of the full term granteddefault), over (2) over
ii. the aggregate fair market rental value of the premises Demised Premises for the same period, period (discounted to present value using a discount factor equal to the Prime Rate at the time of the default); or
(b2) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses reasonable expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar reasonable expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasetherefrom; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof17, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled by reason of in any default hereunder on the part of Tenantcase other than those particularly provided for above.
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, discounted at the rate of six (16%) percent per annum, of:
(i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises; over
(2ii) the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-re- entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Damages. In the event of any termination of 18.1 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the present value (which present value shall be calculated at a discount rate equal to the then value legal rate of interest on judgments in New York State) of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and Expenses shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed three (3) years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedExpiration Date; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the reasonable expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions comparable to those then being paid in similar transactions, attorneys' fees and all other similar or dissimilar reasonable expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord in an arm's-length transaction for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.1.
Appears in 1 contract
Samples: Lease Agreement (Interliant Inc)
Damages. In 23.01 If this Sublease and the event of Term shall expire and come to an end as provided in Section 21 or by or under any termination of this Lease under the provisions of Article 16 hereof summary proceedings or in the event that Landlord any other action or proceedings, or if Sublessor shall re-enter the premises Subleased Premises as provided in Section 22 or by or under summary proceeding or any other action or proceedings, then, in any of said events: (i) Subtenant shall pay to Sublessor all Fixed Rent, Additional Rent and other charges payable under this Sublease by Subtenant to Sublessor to the date upon which this Sublease and the Term shall have expired and come to an end or to the date of re-entry upon the Subleased Premises by Sublessor, as the case may be; and
(ii) Subtenant shall also be liable for and shall pay to Sublessor, as damages, any deficiency (referred to as "Deficiency") between the Fixed Rent and Additional Rent reserved in this Sublease for the period which otherwise would have constituted the unexpired portion of the Term, and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Article 17 hereof or Section 23.01 for any part of such period (first deducting from the rents collected under any such reletting all of Sublessor's expenses in the event of connection with the termination of this Lease (Sublease or of Sublessor's re-entry upon the Subleased Premises and such reletting including, but not limited to, all repossession costs, brokerage commissions, legal expenses, attorneys' fees, alteration costs and other expenses of preparing the Subleased Premises for such reletting). Any such Deficiency shall be paid in monthly installments by or under Subtenant on the days specified in this Sublease for payment of installments of Fixed Rent. Sublessor shall be entitled to recover from Subtenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any summary dispossess or other proceeding or action or month shall prejudice Sublessor's right to collect the Deficiency for any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:subsequent month by a similar proceeding; or
(aiii) a sum at which at At any time after the time of such termination of this Lease Term shall have expired and come to an end or at the time of any such Sublessor shall have re-entry by Landlordentered upon the Subleased Premises, as the case may be, represents whether or not Sublessor shall have collected any Deficiency as aforesaid, Sublessor shall be entitled to recover from Subtenant, and Subtenant shall pay to Sublessor, on demand, as and for liquidated and agreed final damages, a sum equal to the then amount by which the Fixed Rent and Additional Rent reserved in this Sublease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the fair and reasonable rental value of the excessSubleased Premises for the same period. If, if anybefore presentation of proof of such, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would Subleased Premises, or any part thereof, shall have been paid hereunder relet by Tenant had this Lease not so terminatedSublessor in an "at arms length" transaction, for the period commencing with which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such earlier termination reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part of the whole of the Subleased Premises to relet during the term of the reletting. Subtenant's payment of liquidated and agreed final damages as hereinabove provided shall be reduced by the rent actually received by Sublessor upon such reletting.
23.02 Subtenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the rent reserved in this Lease Sublease. Solely for the purposes of the Section 23, the terms Fixed Rent as used in Section 23 shall mean the Fixed Rent in effect immediately prior to the date upon which this Sublease and the Term shall have expired and come to an end, or the date of any such re-entryentry upon the subleased Premises by Sublessor, as the case may be, and ending with plus any additional Rent, pursuant to the date hereinbefore set provisions of Section 5 payable for the expiration Lease Year immediately preceding such event (or if less than twelve (12) months have elapsed since the Commencement Date, all of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following calendar months immediately preceding such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereoftermination, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar annualized to reflect a full calendar year). Nothing contained in Sections 21 or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than 22 or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Section 23 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery by Sublessor from Subtenant of such damages, the maximum amount allowed to be obtained as damages by any statute or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Sublessor may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantset forth in this Section 23.
Appears in 1 contract
Samples: Sublease (Asi Solutions Inc)
Damages. In the event of any termination of 29.01 If this Lease is terminated under the provisions of Article 16 hereof 27, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 28, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate amount of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges payable for the year, or if less than 365 days have then elapsed since the Commencement Date, the partial year, immediately preceding such termination of re-entry) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedExpiration Date, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, which amounts shall be discounted to present worth at a rate equal to nine percent (9%) per annum; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if any) Additional Charges which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the 49 53 net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaseperiod ending on the Expiration Date; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subdivision (b) to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord before presentation of subparagraph (a) proof of this Article 18such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Demised Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Demised Premises or any part thereof, or if the Demised Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant's liability for damages or otherwise under this Lease or such re-entry. Lease.
29.02 Suit or suits for the recovery of such damagesdamages or, or any installments thereof, may be brought by Landlord at any time and from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.elec-
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises less (2ii) the aggregate rental value of the premises Demised Premises for the same period, period which resulting sum shall be discounted to present value at the rate of five (5%) percent per annum; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of lease or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this lease or re-entry on the Demised Premises for the default of Tenant under this lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Samples: Lease Agreement (American Realty Capital New York Recovery Reit Inc)
Damages. In the event of any termination of 26.01. If this Lease lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.lease or
Appears in 1 contract
Samples: Lease (Barringer Technologies Inc)
Damages. None of (a) the termination of this Lease pursuant to Section 17.1, (b) the repossession of the Leased Property, (c) the failure of Landlord to relet the Leased Property, (d) the reletting of all or any portion thereof, nor (e) the failure of Landlord to collect or receive any rentals due upon any such reletting, shall relieve Tenant of its liability and obligations hereunder, all of which shall survive any such termination, repossession or reletting. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)such termination, Tenant will shall forthwith pay to Landlord as damagesall Rent due and payable with respect to the Leased Property through and including, the date of such termination. Thereafter, Tenant shall forthwith pay to Landlord, at the election of Landlord's option, either:
(a) a the sum of:
(i) the worth, at the time of the termination, of the amount by which at the unpaid Rent for the balance of the Term after the time of such termination exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; and
(ii) any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant's failure to perform its obligations under this Lease or Lease; provided, that in making the above determination, (A) the worth at the time of any such rethe termination shall be determined using the 90-entry by Landlordday Treasury xxxx rate, (B) the Minimum Rent for the remainder of the Term shall be deemed to be the same as for the then current Lease Year, as determined pursuant to Section 3.2, and (C) Additional Rent for the case may be, represents the then value remainder of the excess, if any, Term shall be deemed to be payable monthly in an amount equal to one-fourth (1/4) of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been amount paid hereunder by Tenant had this Lease not so terminated, for as Additional Rent during the period commencing with such earlier termination of this Lease or Fiscal Quarter immediately preceding the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, termination; or
(b) sums equal with or without termination of Tenant's right to the aggregate possession of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminatedLeased Property, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part each installment of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as Rent and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for as the recovery of such damagessame become due and payable, or any installments thereof, may be brought by Landlord which Rent and other sums shall bear interest at the Overdue Rate from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the due until paid, and Landlord may enforce, by action or otherwise, any other term or covenant of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantLease.
Appears in 1 contract
Samples: Master Agreement (Eldertrust)
Damages. A. In the event of any termination of this Lease under the provisions of Article 16 hereof Section 22 or in the event that the Landlord shall re-enter the premises Premises under the provisions of Article 17 hereof Section 23 or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), the Tenant will pay to the Landlord as damages, at the election of Landlordthe landlord, either:
(a1) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by the Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof all Rent which would have been paid payable hereunder by the Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm hereby granted (not including the Renewal Term, if it was not exercised), over (2ii) the aggregate of all Rent of the Premises for the same period based upon the then local market rental value of the premises for the same period, Premises; or
(b2) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) all Rent which would have been payable by the Tenant had this Lease not so terminated, or had the Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term Term hereby granted; provided, however, that if the Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises Premises for all or any part of said period, the Landlord shall credit the Tenant with the net rents actually Rents received by the Landlord from such re-letting, such net rents Rents to be determined by first deducting from the gross rents Rents as and when received by the Landlord from such re-letting the expenses, including attorneys fees, reasonable expenses incurred or paid by the Landlord in terminating this Lease and/or or of re-entering the premises Premises and of securing possession thereof, as well as the reasonable expenses of re-letting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term Term of this Lease; provided, further, that (i) in no event shall the Tenant be entitled to receive any excess or of such net rents Rents over the sums payable by the Tenant to the Landlord hereunder, (ii) in no event shall the Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents Rents from a re-letting except to the extent that such net rents Rents are actually received by the Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent Rent received from such re-letting and of the expenses of re-letting. .
B. For the purposes of subparagraph (a) of this Article 18Section 24.A., the amount of additional rent Additional Rent which would have been payable by the Tenant under Article 24 Section 5 hereof for such lease year and/or tax year (as those terms are herein defined) ending after such termination of this Lease or such re-entry shall be deemed to be an amount equal to the amount of such additional rent Additional Rent payable by the Tenant for the applicable period lease year and/or tax year (as the case may be) ending immediately preceding such termination of this Lease or such re-entryreentry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by the Landlord from time to time at its election, and nothing contained herein shall be deemed to require the Landlord to postpone suit until the date when the term Term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereofSection 22, or under any provision of law, or had the Landlord not re-entered the premises. Premises.
C. Nothing herein contained shall be construed as limiting or precluding the recovery by the Landlord against the Tenant of any sums or damages to which, in addition to the damages particularly provided above, the Landlord may lawfully be entitled by reason of any default hereunder on the part of the Tenant.
D. Notwithstanding the foregoing, in the event Landlord re-enters the Premises and/or dispossesses Tenant under Sections 22 or 23, Landlord shall use its reasonable efforts to re-let the Premises.
Appears in 1 contract
Samples: Lease Agreement (Integra Lifesciences Holdings Corp)
Damages. Section 14.01 In the event of any termination a Default Termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)Lease, Tenant will pay to Landlord as damages, at the election of the Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, Default Termination represents the then value of the excess, if any, of the Present Value, as herein defined, of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been paid payable hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, Default Termination and ending with the date hereinbefore set for the expiration of the full term grantedscheduled Expiration Date, over (2) the aggregate fair rental value of the premises Premises for the same periodperiod as determined by an independent real estate appraiser named by Landlord and employed at Tenant’s expense, in which case such liquidated damages shall be accelerated to be due and payable to Landlord in one lump sum on demand at any time commencing with the day following the date of such Default Termination and shall bear interest at the Default Rate, as herein defined, until paid, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof 26 (if any) which would have been due and payable by Tenant during the remainder of the term had this Lease not so terminatedterminated by such Default Termination, or had Landlord not so re-entered in which case such liquidated damages shall be computed and payable in monthly installments, in advance, on the premises, payable upon the due dates therefor specified herein first day of each calendar month following such termination or such re-entry Default Termination of this Lease and continuing until the date hereinbefore set scheduled Expiration Date but for the expiration of the full term hereby grantedsuch Default Termination; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting until the scheduled Expiration Date, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commission, attorneys' fees ’ commissions and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, further that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph clause (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such each suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper appropriate apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. Landlord shall have no obligation whatsoever to mitigate its damages upon Tenant’s default under this Lease and Landlord shall not be liable in any way whatsoever for the failure to relet all or any portion of the Premises. For the purposes of subparagraph subdivision (a) of this Article 18Section 14.01, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 26 hereof, for each Tax Year and/or Operating Year (as herein defined) ending after such Default Termination, shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period Tax Year and/or Operating Year (as the case may be) ending immediately preceding such termination of this Lease or such re-entryDefault Termination. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its electionelection commencing at any time following a Default Termination, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.nothing
Appears in 1 contract
Samples: Lease (Crown Media Holdings Inc)
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event (a) Tenant covenants and agrees that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event of the termination of this Lease (or of re-entry by Landlord, under, any of the provisions of this Article 17 or under any summary dispossess or other proceeding or action or any provision pursuant to law, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord Landlord, as damagesdamages with respect to this Lease, at the election of Landlord, either:,
(a1) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, if any, of of:
(1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent which would have been paid hereunder payable by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date of this Lease, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises over
(2ii) the aggregate fair market rental value of the premises Demised Premises for the same period, ; or
(b2) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) Rent which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor days specified herein in this Lease following such termination or such re-entry and until the date hereinbefore set for the expiration Expiration Date of the full term hereby granted; this Lease, provided, however, that if Landlord (Landlord, however, not being obligated to do so) the Demised Premises shall be leased or re-let all or any part of the premises for all or any part of during said period, . Landlord shall credit Tenant with the net rents actually rents, if any, received by Landlord from such leasing or re-letting, such net rents Rent to be determined by first deducting from the gross rents as and when received by Landlord from such leasing or re-letting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or or of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses expense of leasing and re-letting, including altering and preparing any portion of the premises Demised Premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Leasetherefrom; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums Rent, payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph .
(b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such any and all damages, or any installments thereof, provided for hereunder may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of this Article 16 hereof17, or under provisions of any provision of law, or had the Landlord not re-entered the premises. Demised Premises.
(c) Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, which Landlord may lawfully be entitled by reason of in any default hereunder on the part of Tenantcase other than those particularly provided for above.
Appears in 1 contract
Samples: Lease Agreement (Heelys, Inc.)
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof 3 which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof (if any) 3 which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, Landlord shall use reasonable efforts to relet the Premises, either in the name of Landlord or otherwise, to such tenant or tenants, for such term or terms ending before, on or after the Expiration Date, at such rental or rentals and upon such other conditions (that may include concessions and free rent periods) as Landlord may reasonably determine, provided, however, that Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal reduced by the fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such fair market rental value over the amounts, if any, actually paid by Landlord or such Affiliate in connection with such use or occupancy). Notwithstanding anything to the amount contrary contained herein, Landlord shall not commence any action for, nor require Tenant to pay damages calculated in accordance with the provisions of such additional rent payable by Tenant for paragraph (a) above prior to the applicable period ending immediately preceding such termination date upon which any rights of this Lease or such re-entryany Leasehold Mortgagee pursuant to Article 43 (if applicable) to cure Tenant’s default and to request and receive a new lease have expired.
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease lease would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Notwithstanding any provisions of this lease to the contrary, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease.
Appears in 1 contract
Samples: Lease Agreement (Citigroup Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Txxxxx for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to on account of any period that is the commencement subject of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Txxxxx, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Samples: Lease (FaceBank Group, Inc.)
Damages. A. In the event of any termination of this Lease under the provisions of Article 16 hereof or 19, in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 20, or in the event of the termination of this Lease (or of re-entry entry) by or under any summary dispossess or other proceeding or action or any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) 1. a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value of the excess, using a discount rate of the prime interest rate set by Citibank, if any, of (1i) the aggregate of the fixed all rent and the additional rent under Article 24 hereof which would have been paid payable hereunder by Tenant had this Lease not so terminated, terminated for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term hereby granted, over (2ii) the aggregate rental value of all rent of the premises for the same period, period based upon the then local market rental value of the premises; or
(b) 2. sums equal to the aggregate of the fixed all rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had has this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, reasonable expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the reasonable expenses of or re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees commissions and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than to or shorter or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph subsection (b2) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Landlord shall be deemed use commercially reasonable efforts to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. mitigate its damages.
B. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit suite until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof19, or under any provision of law, or had the Landlord not re-entered the premises. .
C. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder beyond any applicable notice and/or cure on the part of Tenant.
D. In addition to the amounts set forth above, in the event of the non payment of any monies due pursuant to this Lease, whether the same be deemed rent or otherwise, after the expiration of any applicable grace period, Tenant shall pay to Landlord interest at a rate, which is the lesser of fifteen (15%) percent per annum or the maximum permitted pursuant to the laws of the state of New Jersey. It is expressly acknowledged and agreed between the parties that said default rate shall continue beyond entry of judgment until such time as such monies are paid. Additionally, Tenant shall reimburse Landlord for any costs and expenses, including reasonable attorneys' fees incurred in connection with the enforcement of Landlord's rights pursuant to the terms of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Qmed Inc)
Damages. In (a) Upon the event occurrence and during the continuance of any termination Event of Default, Landlord shall have the right (i) to terminate this Lease under and Tenant’s right to possession of the provisions Facilities by any lawful means, upon ten (10) days’ Notice of Article 16 hereof or such termination (during which time Tenant shall have the opportunity to cure any such Event of Default) in which case, if Tenant shall fail to cure all Events of Default within the foregoing ten (10) day period, this Lease shall terminate and all of Tenant’s rights hereunder shall cease and Tenant shall immediately surrender 1845797.11-NYCSR07A - MSW possession of the Property to Landlord and, in such event, Landlord shall be entitled to recover from Tenant all damages incurred by reason of such Event of Default determined in the event manner set forth in this Section 17.2, (ii) to terminate Tenant’s right to possession of the Facilities without thereby terminating this Lease (provided that (A) Landlord shall re-enter only be permitted to take such action if, due to Legal Requirements, Landlord is restricted from terminating the premises Lease and thereafter suing for damages and (B) if Landlord takes such action, Tenant shall be immediately released from all obligations under or relating to this Lease except Tenant’s monetary obligations to Landlord) and/or relet the provisions same for Tenant’s account, and (iii) to enforce all of Article 17 hereof or Landlord’s rights and remedies under this Lease, including the right to recover the damages provided for in the event of this Section 17.2. Neither the termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision Tenant’s right to possession of law)the Facilities pursuant to this Section 17.2, Tenant will pay to Landlord as damagesthe repossession of the Facilities, at the election failure of Landlord, either:notwithstanding reasonable good faith efforts, to relet the same, nor the reletting of all or any portion of the Property, shall relieve Tenant of its liability and obligations hereunder (other than its non-monetary obligations), all of which shall survive any such termination, repossession or reletting until Landlord has collected from Tenant the damages due hereunder. Notwithstanding anything to the contrary herein, in the case of an Event of Default described in Section 17.1(b) or (c), that solely relates to one or more single Facilities (the “Terminable Facilities”), Landlord shall only be permitted to exercise the foregoing remedies and terminate this Lease as to the Terminable Facilities; provided, however, following the termination of this Lease as to any two (2) Facilities, upon the occurrence and during the continuance of any subsequent Event of Default, Landlord shall be entitled to either (I) terminate this Lease in its entirety as contemplated above or (II) exercise the foregoing remedies and terminate this Lease solely as to the Terminable Facilities. Following the termination of this Lease as to any Terminable Facility, (x) to the extent Landlord exercises its right to accelerate the payment of Base Rent with respect to such Terminable Facility, thereafter the Base Rent payable shall be reduced by an amount equal to the Allocated Facility Rent for such Terminable Facility (provided that the foregoing Rent reduction shall in no way prevent Landlord from suing for damages in accordance with this Article 17), (y) for the purpose of determining the Lease Coverage Ratio, the Base Rent shall be deemed to be reduced by an amount equal to the Allocated Facility Rent for such Terminable Facility (regardless of whether or not Landlord exercises its right to accelerate the payment of Base Rent with respect to such Terminable Facility) and (y) Tenant shall have no further obligation to perform and observe all of the terms, covenants and conditions of this Lease that it would be otherwise required to undertake as tenant and operator of such Terminable Facility.
(ab) a sum at which at the time of Upon any such termination of this Lease or at the time of Tenant’s right of possession of any such re-entry by Landlord, as the case may be, represents the then value of the excessProperty, if anyTenant shall, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of forthwith pay to Landlord the full term granted, over (2) the aggregate rental value amount of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable Landlord’s damages suffered by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement reason of such suit, and (iii) if the premises or any part thereof should be re-let Event of Default in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount sum of:
(i) the worth at the time of the award of the unpaid Rent due and payable to and including the date of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease termination, repossession or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.reletting;
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, on demand either:,
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the, Demised Premises over (2) the aggregate rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or,
(b) sums a sum equal to the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly or otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Term, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions thereof for new tenants, brokers' commission’ commissions, advertising expenses, attorneys' fees ’ fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant upon such reletting shall, prima facie, be the fair and reasonable rental value for the applicable period ending immediately preceding Demised Premises or any part thereof or evidence of damage for failure to collect any rent due upon any such termination of this Lease or such re-entry. reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions provision of Article 16 hereof26, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder or otherwise on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove and obtain as damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to Section 27.01.
27.03 Anything in this Lease to the contrary notwithstanding, if Tenant shall at any time be in default hereunder, and if Landlord shall institute an action or summary proceeding against Tenant based upon such default, or if such default results from non-payment of Fixed Rent or additional rent whether or not such an action or proceeding is instituted, then Tenant shall reimburse Landlord, as additional rent, for the expense of attorneys’ fees and disbursements thereby incurred by Landlord, so far as the same are reasonable.
Appears in 1 contract
Damages. In the event of any termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at of which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Xxxxxx had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not no so re-re- entered the premises, payable upon the due dates therefor therefore specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' ’ commission, attorneys' ’ fees and all other similar or dissimilar expenses properly property chargeable against the premises and the rental therefrom there from in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, further that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by to Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by to Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits Suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.
Appears in 1 contract
Samples: Commercial Lease
Damages. In the event of any termination of 30.01 If this Lease is terminated under the provisions of Article 16 hereof 21, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26 or in the event of the termination of this Lease (Lease, or of re-entry by or under any summary dispossess proceedings, ejectment or other proceeding or by any suitable action or any provision proceeding at law, or by agreement, or by force or otherwise, by reason of law)default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:.
(a) A. on demand, a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, excess of (1) the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTerm, had this Lease not so terminated or had Landlord not so re-entered the Demised Premises, over (2) the aggregate market rental value (calculated as of the premises date of such termination or re-entry) of the Demised Premises for the same period, or,
(b) B. sums equal to the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable quarterly but otherwise upon the due dates terms therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Term, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all relet the Demised Premises or any part of the premises for all portion or any part of portions thereof during said period, period Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises or any portion or portions' thereof for new tenants, brokers' commissioncommissions, advertising expenses, attorneys' fees fees, and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term of this Lease; provided, further, that (i) Lease but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in to any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission, or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable ----- ----- rental value for the applicable period ending immediately preceding Demised Premises, or any part thereof, so relet during the term of the reletting. Landlord, however, shall in no event and in no way be responsible or liable for any failure to relet the Demised Premises or any part thereof or for failure to collect any rent due upon any such termination of reletting. In the event this Lease or such re-entry. is so terminated, Landlord shall use reasonable efforts to relet the Demised Premises.
30.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof21, or under any provision of law, or had the Landlord not re-entered reentered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on or otherwise an the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of the Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 30.01.
30.03 Anything in this Lease to the contrary notwithstanding, if Tenant shall at any time be in default hereunder, whether or not Landlord shall institute an action or summary proceeding against Tenant based upon such default and whether or not such default results from non-payment of Base Rent or additional rent, or if Tenant requests Landlord to review or execute documents (including, without limitations any sublease or occupancy documents) in connection with this Lease or to grant its consent or approval to the making of Tenant's Changes or any other thing, or otherwise if it is reasonably prudent for Landlord to contact legal counsel, architects, engineers or other representatives or agents as to the form or substance of any of the foregoing, then Tenant shall reimburse Landlord, as additional rent, for all fees, charges and disbursements of such attorneys, architects, engineers or other representatives or agents, thereby Incurred by Landlord.
Appears in 1 contract
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; it before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereot the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Samples: Lease Agreement (Nextvenue Inc)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as "Deficiency") between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord's expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all reasonable repossession costs, brokerage commissions, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term "Rent" as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Samples: Assignment and Amendment of Lease (Talkpoint Communications Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Charges which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses actually incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suitLandlord, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Damages. 18.1 DAMAGES In the event of any a termination of this Lease under the provisions of Article 16 hereof or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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)resulting from Tenant's Default, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then amount discounted to present value of the excess, if any, any of (1i) the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant (making reasonable assumptions with respect to additional rent) which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or the day following the date of any such re-entry, as the case may be, termination and ending with the date hereinbefore set for the expiration of the full term granted, of this Lease over (2ii) the aggregate fair rental value of the premises Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent Base Rent and the additional rent under Article 24 hereof (if anymaking reasonable assumptions with respect to additional rent) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedof this Lease; providedPROVIDED, howeverHOWEVER, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination and ending on the date hereinbefore set for the expiration of the term of this Lease, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating APPLIX, INC. LEASE AGREEMENT this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; providedPROVIDED, furtherFURTHER, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) ), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of or during such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Landlord shall be deemed use commercially reasonable efforts to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entrymitigate damages. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesbut for such termination. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant; PROVIDED, HOWEVER, that Tenant shall not be liable to Landlord for any consequential damages. In the event of a breach or threatened breach on the part of Tenant with respect to any of the covenants or agreements on the part of or on behalf of Tenant to be kept, observed or performed, Landlord shall also have the right to seek injunctive relief. The specified remedies to which Landlord may resort hereunder are cumulative and are not intended to be exclusive of any other remedies or means or redress to which Landlord may lawfully be entitled at any time, and Landlord may invoke any remedy allowed at law or in equity as if specific remedies were not herein provided for. If Tenant shall default, after notice thereof as hereinabove required, in the observance or performance of any conditions or covenants on Tenant's part to be observed or performed under or by virtue of any of the provisions in any section of this Lease, Landlord, without waiving such default, may remedy such default for the account and at the expense of Tenant. If Landlord makes any expenditures or incurs any obligations for the payment of money in connection therewith, including, but not limited to, reasonable attorney's fees in instituting, prosecuting or defending any action or proceeding against Tenant hereunder, or against any other party as a result of Tenant's default hereunder, such sums paid or obligations incurred, with interest at the rate of twelve (12%) per annum and costs, shall be paid to Landlord by Tenant as additional rent.
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Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease by reason of Tenant's default, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value, discounted to present value at the Article 24 Discount Rate (as defined below), of the excess, if any, of of
(1) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof 3 which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 to be the same as were payable for the last 12 calendar months, or if less than 12 calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period (herein called the "COMPUTATION PERIOD") commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of Expiration Date hereof if this lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over over
(2) the aggregate rental value of the premises Premises for the same period, Computation Period; or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof (if any) 3 which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of Expiration Date hereof if this lease had not so terminated or if Landlord had not so reentered the full term hereby grantedPremises; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Leaselease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof should be occupied by Landlord (or, if on other than on an arms' length basis, by Landlord's agents or Affiliates) for the conduct of subparagraph such party's ordinary business (aas distinguished from temporary use for the business of operating and/or leasing the Real Property), then Landlord shall credit Tenant with the fair market rental value of the portion of the Premises so occupied, minus the costs incurred by Landlord (or such agent or affiliate) to prepare such portion for its occupancy. If the Premises or any part thereof be relet by Landlord for the unexpired portion of the term of this Article 18lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesPremises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had the reletting. Landlord shall not been terminated under be liable in any way whatsoever for its failure or refusal to relet the provisions of Article 16 hereofPremises or any part thereof, or if the Premises or any part thereof are relet, for -107- 112 its failure to collect the rent under any provision of lawsuch reletting, and no such refusal or had the Landlord not re-entered the premises. Nothing herein contained failure to relet or failure to collect rent shall be construed as limiting release or precluding the recovery by Landlord against Tenant of any sums affect Tenant's liability or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantor otherwise under this lease.
Appears in 1 contract
Samples: Lease (Global Decisions Group LLC)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, advertising, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or direct damages to which, which Landlord may be entitled in addition to the damages particularly provided aboveset forth in subsection B(i) of this Article 18 but the foregoing shall not include any punitive, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantspecial or consequential damages.
Appears in 1 contract
Damages. In the event of any termination of 27.01 If this Lease is terminated under the provisions of Article 16 hereof 25, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 26, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, discounted to present value at the rate of six (16%) percent per annum, of:
(i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granted, over Demised Premises; over
(2ii) the aggregate rental value of the premises Demised Premises for the same period, ; or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis (for equivalent space) shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination Demised Premises, or part thereof, so relet during the term of this Lease or such re-entry. the reletting.
27.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof25, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry on the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 27.01.
Appears in 1 contract
Damages. In the event of any termination of 24.01. If this Lease lease is terminated under the provisions of Article 16 hereof 22, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23, or in the event of the termination of this Lease (lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to United States Treasury Bonds having a term which most closely approximates the period commencing on the date that this lease is so terminated, or the date on which Landlord re-enters the Premises, as the case may be, and ending on the date on which this lease was scheduled to expire but for such termination or reentry), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof 3 which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 hereof (if any) 3 which would have been payable by Tenant had this Lease lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration date hereof if this lease had not so terminated or if Landlord had not so reentered the Premises, which date shall be the last day of the full term hereby grantednext succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, however, that if Landlord (Landlordshall relet the Premises during said period, however, not being obligated to do so) shall re-let all or receive any part other income or consideration in connection with the use or occupancy of the premises for all Premises or any part otherwise deriving therefrom (including without limitation through the receipt of said periodinsurance or condemnation proceeds), Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting (or the net amounts of such other income or consideration), such net rents and other amounts to be determined by first deducting from the gross rents from such reletting (or the gross amounts of such other income or consideration) as and when received by Landlord from such re-letting the expenses, including attorneys fees, reasonable and actual expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering lease or in reentering the premises Premises and of in securing possession thereof, as well as the reasonable and actual expenses of re-lettingreletting (including, including without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar customary and reasonable expenses properly chargeable against the premises Premises and the rental therefrom in connection with therefrom) or of realizing such re-lettingother income or consideration, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term Term, which date shall be the last day of this Leasethe next succeeding Extension Term if Tenant timely delivered an Extension Election Notice prior to the exercise by Landlord of its rights under Article 22 or 23; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents or other amounts over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting or any net amounts of such other income or consideration, except to the extent that such net rents or other amounts are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been reserved upon such reletting shall, prima facie, be the fair and reasonable rental value for the Premises, or part thereof, so relet during the term of the reletting, provided that such reletting shall constitute a bona-fide arm’s-length third party transaction. Notwithstanding anything to the contrary contained in this lease, Landlord shall not be liable in any way whatsoever for its failure to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such reletting, and no such failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this lease. If Landlord or any Affiliate of Landlord shall use or occupy the Premises or any portion thereof following the termination of this lease under the provisions of Article 22, the damages payable by Tenant under Article 24 hereof pursuant to paragraph (b) above shall be deemed to be an amount equal to reduced by the amount fair market rental value of the Premises or such portion thereof that is so occupied by Landlord or its Affiliate (or by the excess, if any, of such additional rent payable fair market rental value over the amounts, if any, actually paid by Tenant for the applicable period ending immediately preceding such termination of this Lease Landlord or such re-entryAffiliate in connection with such use or occupancy).
24.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law22, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this lease or reentry on the Premises for the default of Tenant under this lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01. Except as otherwise expressly set forth in this lease, Landlord shall not be liable to Tenant, and Tenant shall not be liable to Landlord, for indirect, consequential, special, punitive, exemplary, incidental or other like damages (including, without limitation, damages to Landlord for lost profits or opportunities, or the loss by foreclosure, deed in lieu, or otherwise, of all or any portion of Landlord’s interest in the Premises), even if arising from any act, omission or negligence of such party or from the breach by such party of its obligations under this lease. Subject to Section 9.04, the foregoing shall not limit the recovery of either party under an indemnity in respect of third party claims (excluding for the avoidance of doubts, claims of the respective parties Affiliates).
24.03. [Intentionally Omitted]
24.04. In addition, if this lease is terminated under the provisions of Article 22, or if Landlord shall reenter the Premises under the provisions of Article 23, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this lease for the making of any Alterations or for restoring or rebuilding the Premises or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.04, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by a reputable independent contractor selected by Landlord).
24.05. In addition to any other remedies Landlord may have under this lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any installment of Fixed Rent or of any Additional Charges payable hereunder by Tenant to Landlord is not paid (x) in the case of Fixed Rent, on or prior to the due date thereof, or (y) in the case of Additional Charges payable to Landlord within five (5) Business Days after the due date thereof, the same shall bear interest at the Interest Rate from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder; provided, that, if for the month in which there is an increase in Fixed Rent pursuant to Section 1.04(a), Tenant fails to pay the adjusted amount of Fixed Rent (but pays at least the amount of Fixed Rent for the immediately preceding month), interest under this Section 24.05 shall not accrue unless Tenant fails to pay the amount of such shortfall within seven (7) Business Days after receiving notice thereof from Landlord, and if Tenant fails to pay such shortfall within said seven (7) Business Day period, interest shall accrue only on the amount of such shortfall from the day Fixed Rent was first due and payable until the date such shortfall is paid. Landlord shall provide Tenant with notice of any failure of Tenant to pay Fixed Rent and/or Additional Charges; it being understood and agreed that the delivery of any such notice shall not be a condition to the imposition of interest pursuant to this Section 24.05. For the purposes of this Section 24.05, a rent xxxx sent by first class mail, to the address to which notices are to be given under this lease, shall be deemed a proper demand for the payment of the amounts set forth therein but no such demand shall be required as a condition to the payment thereof. To the extent that Tenant is required under this lease to make any payments directly to third parties on behalf of Landlord, Tenant shall be responsible for any late charges or interest imposed by such third parties in the event that Tenant does not make such payments in a timely manner.
Appears in 1 contract
Samples: Lease (Citigroup Inc)
Damages. In the event of any termination of (a) If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the premises Premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof which payable hereunder that would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedPremises, over over
(2) the aggregate rental value of the premises Premises for the same period, period (each sum in subparagraphs (1) and (2) being first discounted to present value at the rate then being paid by new ten year U.S. Treasury Bonds); or
(bii) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) which payable hereunder that would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Premises for new tenants, brokers' commissioncommissions, attorneys' fees and disbursements, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this LeaseTerm and that Landlord may grant concessions and free rent; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting re- letting, except to the extent that such net rents actually are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For Landlord in no event shall be liable in any way whatsoever for failure to re-let the purposes Premises nor shall such failure affect Tenant's liability for damages.
(b) If the Premises or any part thereof shall be re-let by Landlord for the unexpired portion of subparagraph (a) the Term, or any part thereof, before presentation of this Article 18proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting, prima facie, shall be the fair and reasonable rental value for the Premises, or part thereof, so re-let during the term of the re-letting.
(c) Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered reentered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of TenantPremises.
Appears in 1 contract
Damages. In any case where Landlord has terminated this Lease under Section 9.2.1 or where Landlord has entered and repossessed the event Premises under Section 9.2.3, Landlord, at Landlord's option, may cause the Premises to be redecorated, altered, divided, consolidated with adjoining premises, or otherwise changed or prepared for reletting, and may relet the Premises or any part thereof for any term or terms, and receive the rentals therefor, applying these rentals first to the payment of such reasonable expenses as the Landlord may have incurred in connection with any termination of this Lease under the provisions of Article 16 hereof Section 9.2.1 or in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof or in the event any entry and repossession of the Premises under Section 9.2.3, and any redecoration, altering, dividing, consolidating with adjoining premises or otherwise changing or preparing for reletting and reletting, including attorneys' and brokerage fees, and then to the payment of Landlord's damages hereunder which damages are deemed to equal all rentals and all other payments due and to become due hereunder plus all expenses Of Landlord's performance of Tenant's other covenants as herein provided; Tenant agrees that, upon any such termination of this Lease (or of re-entry by or under any summary dispossess or other proceeding or action or any provision such entry and repossession, and regardless of law)whether or not Landlord has relet, Tenant will shall pay to Landlord as damagesLandlord's damages hereunder equal to all accrued and accelerated rentals and to all other payments herein agreed to be paid by Tenant, at less the election net proceeds of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excessreletting, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in under any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received reletting effected by Landlord prior to the commencement entry of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by judgment against Tenant for said damages. In reletting the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided abovePremises, Landlord may lawfully grant rent concessions and Tenant shall not be entitled by reason credited therewith. No reletting shall constitute a surrender and acceptance or a release of Tenant or of any default guarantor of Tenant from obligations under this Lease. Landlord shall have no obligation to attempt to relet the Premises after any such termination or any such entry and repossession and Landlord shall have no liability to Tenant for any failure to relet or for any failure to collect or to receive rentals from a reletting. Tenant hereby waives and relinquishes any and all claims to any and all proceeds of any reletting which exceed the damages required to be paid to Landlord by Tenant hereunder on the part account of Tenant's default.
Appears in 1 contract
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Charges which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur), or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior Prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Samples: Lease (Open Link Financial, Inc.)
Damages. In the event of any termination of this Lease under (a) If pursuant to the provisions of this Article 16 hereof 16, this Lease is terminated or in the event that if Landlord shall re-enter the premises under the provisions of Article 17 hereof Demised Premises or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) (x) an amount equal to the unamortized portion of the cost of Tenant's Work which was paid for by Landlord, including the Allowance amount (such cost being amortized on a straight-line basis over the Term of this Lease), together with such expenses incurred by Landlord in removing or altering Tenant's Work and Improvements in order to return the Demised Premises to a condition that will allow Landlord to relet the Demised Premises, plus (y) all Rent due and payable by Tenant as of the date of termination, plus a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value as calculated using a discount rate equal to Landlord's cost of funds, of the excess, if any, of of
(1) the aggregate of the fixed rent Fixed Rent and the additional rent under Article 24 hereof Additional Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the Additional Rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term grantedDemised Premises, over over
(2) the aggregate fair market rental value of the premises Demised Premises for the same period, or
(bii) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof Rent (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.herein
Appears in 1 contract
Samples: Lease Agreement (Memberworks Inc)
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Xxxxxx for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date over (2) the aggregate fair rental value of the premises Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Charges which would have been payable by Tenant under Sections 2.04 and 2.05 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to the amount of such Additional Charges payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur) each discounted to present value at the Interest Rate, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; and further provided, further, that (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderunder this Lease, (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting, (iv) if the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof Premises or any part thereof shall be deemed to relet for a term greater than the unexpired term hereof, then the expenses of reletting, including the costs of altering the Premises for the new tenant, broker’s commissions and all other expenses properly chargeable against the Premises, shall be an amount equal to equitably apportioned, based on the amount term of such additional rent payable by reletting between the period prior to and after the Expiration Date and (v) Landlord shall have no obligation to so relet the Premises and Tenant for hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the applicable period ending immediately preceding such termination of this Lease or such re-entryPremises. Suit or suits for the recovery of such damagesany damages payable hereunder by Xxxxxx, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Samples: Lease (LEM America, Inc)
Damages. In 60.1 Notwithstanding anything to the event of any termination of this Lease under the provisions of contrary contained in Article 16 hereof or in the event that 18 hereof, if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 18, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(ai) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1) equals the aggregate of the fixed rent and the additional rent under Article 24 hereof Adjusted Minimum Rent payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming that additional rent on account of increases in Taxes and Building Operating Costs shall increase at the average of the rates of increase thereof previously experienced by Landlord during the period not so terminated, to exceed 3 years prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term grantedTermination Date, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, terminated or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord Demised Premises plus (Landlord, however, not being obligated to do soii) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of or re-letting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' attorney's fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with thereof less any sums actually received by Landlord on account of such re-letting, it being understood that any . Any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to subsection of a credit in respect of any net rents from a re-letting except to reletting. If the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises Demised Premises or any part thereof should be re-let in combination with the other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entry. .
60.2 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premisesDemised Premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Any indemnity of Tenant shall survive the expiration or earlier termination of this Lease. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the Demised Premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law governing the proceedings in which such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 60.1.
Appears in 1 contract
Samples: Office Lease (Ibah Inc)
Damages. In the event of any termination of If this Lease under the provisions of Article 16 hereof shall be terminated as provided in Section 24.03(a) or Tenant shall be dispossessed by summary proceedings or otherwise as provided in the event that Landlord shall re-enter the premises under the provisions of Article 17 hereof 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), Tenant will pay to Landlord as damages, at the election of Landlord, eitherSection 24.03(b) hereof:
(a) a sum at which at the time of such termination of Tenant shall pay to Landlord all Rental payable by Tenant under this Lease (and not yet paid) to the date upon which this Lease and the Term shall have expired and come to an end or at to the time date of any such re-entry upon the Premises by Landlord, as the case may be;
(b) Landlord may complete all construction required to be performed by Tenant hereunder and may repair and alter the Premises in such manner as Landlord may deem necessary or advisable (and may apply to the foregoing all funds, represents if any, then held by Depository pursuant to Article 7, 8, or 9 or by Landlord under the then value Design/Construction Period Letter of Credit) without relieving Tenant of any liability under this Lease or otherwise affecting any such liability, and/or let or relet the Premises or any parts thereof for the whole or any part of the excessremainder of the Term or for a longer period, in Landlord’s name or as agent of Tenant, and out of any rent and other sums collected or received as a result of such reletting Landlord shall: (i) first, pay to itself the reasonable cost and expense of terminating this Lease, re-entering, retaking, repossessing, completing construction and repairing or altering the Premises, or any part thereof, and the cost and expense of removing all persons and property therefrom, including in such costs brokerage commissions, legal expenses and reasonable attorneys’ fees and disbursements, (ii) second, pay to itself the reasonable cost and expense sustained in securing any new tenants and other occupants, including in such costs brokerage commissions, legal expenses and reasonable attorneys’ fees and disbursements and other expenses of preparing the Premises for reletting, and, if Landlord shall maintain and operate the Premises, the reasonable cost and expense of operating and maintaining the Premises, and (iii) third, pay to itself any balance remaining on account of the liability of Tenant to Landlord. Landlord in no way shall be responsible or liable for any failure to relet the Premises or any part thereof, or for any failure to collect any rent due on any such reletting, and no such failure to relet or to collect rent shall operate to relieve Tenant of any liability under this Lease or to otherwise affect any such liability;
(c) if Landlord shall not have declared all Rental due and payable pursuant to Section 24.02 hereof, Tenant shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency”) between the Rental reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of Section 24.04(b) for any part of such period (1) first deducting from the aggregate rents collected under any such reletting all of the fixed rent payments to Landlord described in clauses (i) and the additional rent under Article 24 hereof which would have been (ii) of Section 24.04(b) hereof); any such Deficiency shall be paid hereunder in installments by Tenant had on the days specified in this Lease for the payment of installments of Rental, and Landlord shall be entitled to recover from Tenant each Deficiency installment as the same shall arise, and no suit to collect the amount of the Deficiency for any installment period shall prejudice Landlord’s right to collect the Deficiency for any subsequent installment period by a similar proceeding; and
(d) if Landlord shall not so terminatedhave declared all Rental due and payable pursuant to Section 24.02 hereof, and whether or not Landlord shall have collected any Deficiency installments as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies, as and for liquidated and agreed final damages (it being agreed that it would be impracticable or extremely difficult to fix the actual damage), a sum equal to the amount by which the Rental reserved in this Lease for the period commencing with such earlier termination of this Lease or which otherwise would have constituted the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration unexpired portion of the full term granted, over (2) Term exceeds the aggregate then fair and reasonable rental value of the premises Premises for the same period, or
both discounted to present worth at the rate of six percent (b6%) sums equal per annum less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the aggregate provisions of the fixed rent and the additional rent under Article 24 hereof (if anySection 24.04(c) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration same period; it being agreed that before presentation of proof of such liquidated damages to any court, commission or tribunal, if the full term hereby granted; providedPremises, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the premises for all Term, or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed deemed, prima facie, to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when Premises so relet during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.reletting
Appears in 1 contract
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the xxxx upon which at this Lease and the time Term shall have expired and come to an end or to the date of re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, as damages, any deficiency (referred to as “Deficiency’) between the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection A(i) of this Article 18 for any part of such period (first deducting from the rents collected under any such reletting all of Landlord’s expenses in connection with the termination of this Lease, or Landlord’s reentry upon the Premises and with such reletting including, but not limited to, all repossession costs. brokerage commissions, advertising, legal expenses, attorneys’ fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the Deficiency for any month shall prejudice Landlord’s right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or at not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the time amount by which the Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the Term exceeds the then fair and reasonable rental value of the Premises for the same period, less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the provisions of subsection B(1)(b) of this Article 18 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of rent reserved upon such reletting shall be deemed, prima facie, to be the fair and reasonable rental value for the part or the whole of the Premises so relet during the term of the reletting.
(ii) If the Premises, or any part thereof, shall be relet together with other space in the Building, the rents collected or reserved under any such reletting and the expenses of any such reletting shall be equitably apportioned for the purposes of this subsection B. Tenant shall in no event be entitled to any rents collected or payable under any reletting, whether or not such rents shall exceed the Rent reserved in this Lease. Solely for the purposes of this Article, the term “Rent” as used in subsection B(i) of this Article 18 shall mean the Rent in effect immediately prior to the date upon which this Lease and the Term shall have expired and come to an end, or the date of re-entry upon the Premises by Landlord, as the case may be, represents adjusted to reflect any increase or decrease pursuant to the then value provisions of the excess, if any, of (1) the aggregate of the fixed rent and the additional rent under Article 24 28 hereof which would have been paid hereunder by Tenant had this Lease not so terminated, for the period commencing with Comparison Year (as defined in said Article 28) immediately preceding such earlier termination of this Lease event. Nothing contained in Article 17 or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, over (2) the aggregate rental value of the premises for the same period, or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (a) of this Article 18, the amount of additional rent which would have been payable by Tenant under Article 24 hereof 18 shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease limit or such re-entry. Suit or suits for preclude the recovery of such damages, or any installments thereof, may be brought by Landlord from time Tenant of the maximum amount allowed to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, obtained as damages by any statute or under any provision rule of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, which Landlord may be entitled in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason set forth in subsection B(i) of any default hereunder on the part of Tenantthis Article 18.
Appears in 1 contract
Damages. In the event of any termination of 24.01 If this Lease is terminated under the provisions of Article 16 hereof 22 hereof, or in the event that if Landlord shall re-enter reenter the premises Premises under the provisions of Article 17 hereof 23 hereof, or in the event of the termination of this Lease (Lease, or of re-entry reentry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry reentry by Landlord, as the case may be, represents the then value of the excess, if anyany (assuming a discount at a rate per annum equal to the interest rate then applicable to seven (7) year Federal Treasury Bonds), of (1i) the aggregate amount of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof which would have been paid hereunder payable by Tenant had this Lease not so terminated(conclusively presuming the average monthly Additional Charges under Article 3 hereof to be the same as were payable for the last twelve (12) calendar months, or if less than twelve (12) calendar months have then elapsed since the Commencement Date, all of the calendar months immediately preceding such termination or reentry) for the period commencing with such earlier termination of this Lease or the date of any such re-entryreentry, as the case may be, and ending with the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term grantedPremises, over (2ii) the aggregate fair market rental value of the premises Premises for the same period, or
(b) sums equal to the aggregate of the fixed rent Fixed Rent and the additional rent Additional Charges under Article 24 3 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered reentered the premisesPremises, payable upon the due dates therefor specified herein following such termination or such re-entry reentry and until the date hereinbefore set for contemplated as the expiration of date hereof if this Lease had not so terminated or if Landlord had not so reentered the full term hereby granted; Premises, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting (but in each case, including only with respect to such time period between the date of the termination due to default and what would have been the natural expiration of the Term of the Lease had there been no such default), including, without limitation, altering and preparing the premises Premises for new tenants, brokers' commission’ commissions, attorneys' fees reasonable legal fees, and all other similar or dissimilar expenses properly chargeable against the premises Premises and the rental therefrom in connection with such re-lettingtherefrom, it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subdivision to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the premises Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Premises or any part thereof be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding Premises, or part thereof, so relet during the term of the reletting. Landlord shall not be liable in any way whatsoever for its failure or refusal to relet the Premises or any part thereof, or if the Premises or any part thereof are relet, for its failure to collect the rent under such termination of reletting, and no such refusal or failure to relet or failure to collect rent shall release or affect Tenant’s liability for damages or otherwise under this Lease or such re-entry. Lease.
24.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 22 hereof, or under any provision of law, or had the Landlord not re-entered reentered the premisesPremises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as damages by reason of the termination of this Lease or reentry on the Premises for the default of Tenant under this Lease an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater than any of the sums referred to in Section 24.01 hereof.
24.03 In addition, if this Lease is terminated under the provisions of Article 22 hereof, or if Landlord shall reenter the Premises under the provisions of Article 23 hereof, Tenant agrees that:
(a) the Premises then shall be in the condition in which Tenant has agreed to surrender the same to Landlord at the expiration of the term hereof;
(b) Tenant shall have performed prior to any such termination any covenant of Tenant contained in this Lease for the making of any Alterations or for restoring or rebuilding the Premises or the Building, or any part thereof; and
(c) for the breach of any covenant of Tenant set forth above in this Section 24.03, Landlord shall be entitled immediately, without notice or other action by Landlord, to recover, and Tenant shall pay, as and for liquidated damages therefor, the cost of performing such covenant (as estimated by an independent contractor selected by Landlord).
24.04 In addition to any other remedies Landlord may have under this Lease, and without reducing or adversely affecting any of Landlord’s rights and remedies under Article 22, if any Fixed Rent, Additional Charges or damages payable hereunder by Tenant to Landlord are not paid within seven (7) days after the due date thereof, the same shall bear interest at the rate of one and one-half (1 ½%) percent per month or the maximum rate permitted by law, whichever is less, from the due date thereof until paid, and the amount of such interest shall be an Additional Charge hereunder. For the purposes of this Section 24.04, a rent xxxx sent by first class mail, to the address to which notices are to be given under this Lease, shall be deemed a proper demand for the payment of the amounts set forth therein (but nothing contained herein shall be deemed to require Landlord to send any rent xxxx or otherwise make any demand for the payment of rent except in those cases, if any, explicitly provided for in this Lease).
Appears in 1 contract
Damages. In the event of any termination of 18.01. If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, 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)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damagesdamages (i) the amount required to restore the demised premises to Building Standard; plus (ii) all additional rent accrued but unpaid to such date; plus (iii) the unamortized portion of (x) any real estate brokerage commission paid by Landlord in connection with this Lease and (y) Tenant's reimbursement for Tenant's Extra Work, as set forth in Section 2.02 (each of (x) and (y) to be amortized on a straight line basis over the Term); plus (iv) the unamortized portion of any rent abatement granted by Landlord to Tenant amortized over the term; plus (v) at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of is the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Real Estate Taxes shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if any) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenantstenants (including tenant work letters), brokers' commissioncommissions, attorneys' fees legal fees, and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) in . In no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunderhereunder for the period of such re-letting, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or pursuant to such re-entryletting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02. Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Samples: Sublease Agreement (Idealab)
Damages. In the event of any termination of 26,01. If this Lease is terminated under the provisions of Article 16 hereof 24, or in the event that if Landlord shall re-enter the premises Demised Premises under the provisions of Article 17 hereof 25, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or of any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a A sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then value of the excess, if any, of (1i) the aggregate of the fixed rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease not so terminated, (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so reentered the expiration of the full term grantedDemised Premises, over (2ii) the aggregate rental value of the premises Demised Premises for the same period, or
(b) sums Sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of relet the premises for all or any part of Demised Premises during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of re-entering or in reentering the premises Demised Premises and of in securing possession thereof, as well as the expenses of re-lettingreletting, including altering and preparing the premises Demised Premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-letting, therefrom; it being understood that any such re-letting reletting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event nor shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) Subsection to a credit in respect of any net rents from a re-letting reletting, except to the extent that such net rents are actually received by Landlord prior to Landlord. Damages shall also include the commencement unamortized portion of such suit, the cost of Landlord's Work and (iii) if any brokerage fees or commissions paid by Landlord. If the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-lettingreletting. For If the purposes Demised Premises or any part thereof to be relet by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall reserved upon such reletting shall, prima facie, be deemed to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination of this Lease or such re-entry. Suit or suits for the recovery of such damagesDemised Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when so relet during the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantreletting.
Appears in 1 contract
Samples: Lease Agreement (I Many Inc)
Damages. In the event of any termination of 18.01 If this Lease is terminated under the provisions of Article 16 hereof 16, or in the event that if Landlord shall re-enter the demised premises under the provisions of Article 17 hereof 17, or in the event of the termination of this Lease (Lease, or of re-entry entry, by or under any summary dispossess or other proceeding or action or any provision of law)law by reason of default hereunder on the part of Tenant, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may be, represents the then present value discounted at the rate of a United States Treasury obligation having a maturity equivalent to the then remaining balance of the term of this Lease, of the excess, if any, of of
(1) the aggregate of the fixed annual rent and the additional rent under Article 24 hereof payable hereunder which would have been paid hereunder payable by Tenant had this Lease (conclusively presuming the additional rent to be the same as was payable for the year immediately preceding such termination except that additional rent on account of increases in Taxes and the Wage Rate shall be presumed to increase at the average of the rates of increase thereof previously experienced by Landlord during the period (not so terminated, to exceed 3 years) prior to such termination) for the period commencing with such earlier termination of this Lease or the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for Expiration Date, had this Lease not so terminated or had Landlord not so re-entered the expiration of the full term granteddemised premises, over over
(2) the aggregate rental value of the demised premises for the same period, or
(b) sums equal to the aggregate of the fixed annual rent and the additional rent under Article 24 hereof (if anyas above presumed) payable hereunder which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the demised premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; Expiration Date, provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the demised premises for all or any part of during said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting letting, the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or of or in re-entering the demised premises and of in securing possession thereof, as well as the expenses of re-letting, including altering and preparing the demised premises for new tenants, brokers' commissioncommissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the demised premises and the rental therefrom in connection with such re-letting, thereof; it being understood that any such re-letting may be for a period equal to, less than shorter or longer than the remaining term of this Lease; provided, further, that (i) but in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event or shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) subsection to a credit in respect of any net rents from a re-letting letting, except to the extent that such net rents are actually received by Landlord prior to Landlord. If the commencement of such suit, and (iii) if the demised premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For If the purposes demised premises or any part thereof be re-let by Landlord for the unexpired portion of subparagraph (a) the term of this Article 18Lease, or any part thereof, before presentation of proof of such damages to any court, commission or tribunal, the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or reserved upon such re-entry. letting shall, prima facie, be the fair and reasonable rental value for the demised premises, or part thereof, so re-let during the term of the re-letting.
18.02 Suit or suits for the recovery of such damages, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease would have expired if it had not been so terminated under the provisions of Article 16 hereof16, or under any provision of law, or had the Landlord not re-entered the demised premises. Nothing Except as otherwise expressly provided herein, nothing herein contained shall be construed as limiting to limit or precluding the preclude recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant. Nothing herein contained shall be construed to limit or prejudice the right of Landlord to prove for and obtain as liquidated damages by reason of the termination of this Lease or re-entry of the demised premises for the default of Tenant under this Lease, an amount equal to the maximum allowed by any statute or rule of law in effect at the time when, and governing the proceedings in which, such damages are to be proved whether or not such amount be greater, equal to, or less than any of the sums referred to in Section 18.01.
Appears in 1 contract
Damages. In the event of any termination of If this Lease is terminated under the provisions of Article 16 hereof Section 6.03, or in the event that if Landlord shall re-enter enters the premises Demised Premises under the provisions of Article 17 hereof 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)Section 6.04, Tenant will shall pay to Landlord as damages, at the election of Landlord, either:
(a) a sum at which which, at the time of such termination of this Lease or at the time of any such re-entry by Landlord, as the case may betermination, represents the then value of the excess, if any, of of: (1) the aggregate of the fixed rent and the additional rent under Article 24 hereof which would have been paid hereunder by Tenant Rent which, had this Lease not so terminated, would have been payable hereunder by Tenant for the period commencing with such earlier termination of this Lease or on the day following the date of any such termination or re-entry, as entry to and including the case may be, and ending with the date hereinbefore set for the expiration of the full term granted, Expiration Date; over (2) the aggregate fair rental value of the premises Demised Premises for the same periodperiod (for the purposes of this clause (a) the amount of Additional Rent which would have been payable by Tenant under Sections 2.02 and 2.03 shall, for each calendar year ending after such termination or re-entry, be deemed to be an amount equal to 105% of the amount of such Additional Rent payable by Tenant for the calendar year immediately preceding the calendar year in which such termination or re-entry shall occur in the case of the first such calendar year and the immediately prior calendar year in the case of each succeeding calendar year); or
(b) sums equal to the aggregate of the fixed rent and the additional rent under Article 24 hereof (if any) which Rent that would have been payable by Tenant through and including the Expiration Date had this Lease not so terminated, terminated or had Landlord not so re-entered the premisesDemised Premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby grantedin this Lease; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let relet all or any part of the premises Demised Premises for all or any part of said periodthe period commencing on the day following the date of such termination or re-entry to and including the Expiration Date, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-lettingreletting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting reletting the expenses, including attorneys fees, expenses incurred or paid by Landlord in terminating this Lease and/or and of re-entering the premises Demised Premises and of securing possession thereof, as well as the expenses of re-lettingreletting, including including, without limitation, altering and preparing the premises Demised Premises for new tenants, brokers' commission’ commissions, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises Demised Premises and the rental therefrom in connection with such re-lettingreletting, it being understood that any such re-letting reletting may be for a period equal to, less than to or shorter or longer than the remaining term of this Leasesaid period; provided, further, that that: (i) in no event shall Tenant be entitled to receive any excess or of such net rents over the sums payable by Tenant to Landlord hereunder, under this Lease; (ii) in no event shall Tenant be entitled entitled, in any suit for the collection of damages pursuant to this subparagraph (b) Section 6.05(b), to a credit in respect of any net rents from a re-letting reletting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and ; (iii) if the premises Demised Premises or any part thereof should be re-let relet in combination with other space, then proper apportionment on a square foot rentable area basis shall be made of the rent received from such re-letting reletting and of the expenses of re-letting. For reletting; and (iv) Landlord shall have no obligation to so relet the purposes of subparagraph (a) of this Article 18Demised Premises and Tenant hereby waives any right Tenant may have, at law or in equity, to require Landlord to so relet the amount of additional rent which would have been payable by Tenant under Article 24 hereof shall be deemed to be an amount equal to the amount of such additional rent payable by Tenant for the applicable period ending immediately preceding such termination of this Lease or such re-entryDemised Premises. Suit or suits for the recovery of such damagesany damages payable hereunder by Tenant, or any installments thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until the date when the term of this Lease Term or a renewal thereof would have expired if it had not been terminated under the provisions of Article 16 hereof, but for such termination or under any provision of law, or had the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenantentry.
Appears in 1 contract
Samples: Lease Agreement (1847 Goedeker Inc.)
Damages. In the event of any termination of (i) If this Lease and the Term shall expire and come to an end as provided in Article 17, or by or under the provisions of Article 16 hereof any summary proceeding or in the event that any other action or proceeding, or if Landlord shall re-enter the premises under the provisions of Article 17 hereof or Premises as provided in the event of the termination subsection A of this Lease (Article 18, or of re-entry by or under any summary dispossess or other proceeding or any other action or proceeding, then, in any provision of law), Tenant will pay to Landlord as damages, at the election of Landlord, eithersaid events:
(a) a sum at which at the time of such termination of Tenant shall pay to Landlord all Rent, additional rent and other charges payable under this Lease by Tenant to Landlord to the date upon which this Lease and the Term shall have expired and come to an end or at to the time date of any such re-entry upon the Premises by Landlord, as the case may be;
(b) Tenant also shall be liable for and shall pay to Landlord, represents as damages, any deficiency (referred to as "Deficiency") between the then value Rent reserved in this Lease for the period which otherwise would have constituted the unexpired portion of the excessTerm and the net amount, if any, of rents collected under any reletting effected pursuant to the provisions of subsection (1A)(i) of this Article 18 for any part of such period (first deducting from the aggregate rents collected under any such reletting all of Landlord's reasonable expenses in connection with the termination of this Lease, or Landlord's reentry upon the Premises and with such reletting including, but not limited to, all repossession costs, brokerage commissions, advertising, legal expenses, attorneys' fees and disbursements, alteration costs and other expenses of preparing the Premises for such reletting); any such Deficiency shall be paid in monthly installments by Tenant on the days specified in this Lease for payment of installments of Rent, Landlord shall be entitled to recover from Tenant each monthly Deficiency as the same shall arise, and no suit to collect the amount of the fixed rent Deficiency for any month shall prejudice Landlord's right to collect the Deficiency for any subsequent month by a similar proceeding; and
(c) whether or not Landlord shall have collected any monthly Deficiencies as aforesaid, Landlord shall be entitled to recover from Tenant, and Tenant shall pay to Landlord, on demand, in lieu of any further Deficiencies as and for liquidated and agreed final damages, a sum equal to the additional rent under Article 24 hereof amount by which would have been paid hereunder by Tenant had the Rent reserved in this Lease not so terminated, for the period commencing with such earlier termination of this Lease or which otherwise would have constituted the date of any such re-entry, as the case may be, and ending with the date hereinbefore set for the expiration unexpired portion of the full term granted, over (2) Term exceeds the aggregate then fair and reasonable rental value of the premises Premises for the same period, or
(b) sums equal less the aggregate amount of Deficiencies theretofore collected by Landlord pursuant to the aggregate provisions of the fixed rent and the additional rent under Article 24 hereof (if any) which would have been payable by Tenant had this Lease not so terminated, or had Landlord not so re-entered the premises, payable upon the due dates therefor specified herein following such termination or such re-entry and until the date hereinbefore set for the expiration of the full term hereby granted; provided, however, that if Landlord (Landlord, however, not being obligated to do so) shall re-let all or any part of the premises for all or any part of said period, Landlord shall credit Tenant with the net rents actually received by Landlord from such re-letting, such net rents to be determined by first deducting from the gross rents as and when received by Landlord from such re-letting the expenses, including attorneys fees, incurred or paid by Landlord in terminating this Lease and/or of re-entering the premises and of securing possession thereof, as well as the expenses of re-letting, including altering and preparing the premises for new tenants, brokers' commission, attorneys' fees and all other similar or dissimilar expenses properly chargeable against the premises and the rental therefrom in connection with such re-letting, it being understood that any such re-letting may be for a period equal to, less than or longer than the remaining term of this Lease; provided, further, that (i) in no event shall Tenant be entitled to receive any excess or such net rents over the sums payable by Tenant to Landlord hereunder, (ii) in no event shall Tenant be entitled in any suit for the collection of damages pursuant to this subparagraph (b) to a credit in respect of any net rents from a re-letting except to the extent that such net rents are actually received by Landlord prior to the commencement of such suit, and (iii) if the premises or any part thereof should be re-let in combination with other space, then proper apportionment on a square foot area basis shall be made of the rent received from such re-letting and of the expenses of re-letting. For the purposes of subparagraph (asubsection B(l)(b) of this Article 1818 for the same period; if, before presentation of proof of such liquidated damages to any court, commission or tribunal, the Premises, or any part thereof, shall have been relet by Landlord for the period which otherwise would have constituted the unexpired portion of the Term, or any part thereof, the amount of additional rent which would have been payable by Tenant under Article 24 hereof reserved upon such reletting shall be deemed deemed, prima facie, to be an amount equal to the amount of such additional rent payable by Tenant fair and reasonable rental value for the applicable period ending immediately preceding such termination part or the whole of this Lease or such re-entry. Suit or suits for the recovery Premises so relet during the term of such damagesthe reletting.
(ii) If the Premises, or any installments part thereof, may be brought by Landlord from time to time at its election, and nothing contained herein shall be deemed to require Landlord to postpone suit until relet together with other space in the date when Building, the term of this Lease would have expired if it had not been terminated under the provisions of Article 16 hereof, rents collected or reserved under any provision of law, or had such reletting and the Landlord not re-entered the premises. Nothing herein contained shall be construed as limiting or precluding the recovery by Landlord against Tenant expenses of any sums or damages to which, in addition to the damages particularly provided above, Landlord may lawfully be entitled by reason of any default hereunder on the part of Tenant.such reletting
Appears in 1 contract